The Initial Public Offering (IPO) of the Net Avenue Technologies saw a strong buying interest among Non-institutional and retail investors as the SME IPO was subscribed a total of 510.56 times by the end of its third day today. The retail portion was subscribed the most for 720.47 times, NIIs 616.51 times and QIBs 61.99 times.
The Rs 10.25 crore issue received a total of 1.71 lakh applications worth around Rs 3400 crore in what can only be called a IPO frenzy. Last month witnessed a record setting investment in IPO market with mainline issues likes of Tata Technologies, IREDA and Flair Writing along with SME IPOs such as AMIC Forging and Deepak Chemtex also attracting robust subscriptions. Net Avenue Technologies IPO subscription numbers follow the same trend. In a way, the SME IPOs have a near full attention of IPO investors for around two weeks before mainline IPO of DOMS Industries opens on December 13th.
The company had set the price band at Rs 16 to Rs 18 per share and the lot size as 8,000 shares, making the minimum investment of Rs 1,44,000 per lot. Retail investors were allowed to bid for maximum 2 lots and HNIs for minimum 2 lots.
The basis of allotment for the issue will be finalised on 7th December. The refunds will be initiated on 8th December and the shares will be credited to the Demat accounts of successful allottees by 11th December. The IPO is tentatively poised for listing on NSE on 12th December, 2023.
