Netweb Technologies Raises ₹1,200 Crore Through QIP

High-end server maker Netweb Technologies India has raised ₹1,200 crore through the qualified institutional placement route, the company said on Tuesday.

Pursuant to the QIP (qualified institutional placement), the company allotted 2,505,219 shares with a face value ₹2 each at an issue price of ₹4,790 per equity share, including a premium of ₹4,788.00 per equity share.

"Netweb Technologies India Limited...announced the successful completion of its qualified institutions placement raising an aggregate of approximately ₹1,200 crore," the company said in a statement The QIP marks the first equity capital raised by the company since its listing on the NSE and BSE in July 2023.

Marquee investors such as Goldman Sachs Asset Management, Nomura Asset Management, Amundi Asset Management, Think Investments, ICICI Prudential MF, Edelweiss MF, Invesco MF, HDFC MF, Kotak MF, Tata MF, Motilal Oswal MF, Bank of India MF, Trust MF and Helios MF participated in the QIP.

"The company intends to utilise the net proceeds of the QIP towards funding its working capital requirements to support the execution of its anticipated growth in the order book and general corporate purposes…," the statement said.

Netweb Technologies Chairman and Managing Director Sanjay Lodha said that the QIP reflects confidence not only in the company's performance but also in the long-term opportunity across AI and high-end computing infrastructure.

"The capital raised strengthens our balance sheet and financial flexibility and enhances our ability to support the working-capital requirements in line with anticipated growth in our scale of operations and order book," he said.