Net Avenue Technologies IPO: Check Allotment Status, GMP Today.
Unlisted shares of Net Avenue Technologies are currently trading Rs 18 higher on the gray market, which is a 100 percent listing gain over the public issue.
Net Avenue Technologies IPO: Net Avenue Technologies' IPO, which received a blockbuster response from investors with over 511 subscriptions between November 30 and December 4, is likely to be listed on the NSE SME on December 7 as its allotment has been completed.
The SME IPO worth Rs 10.25 crore received a whopping 511 subscriptions, with bids received for 1,93,81,04,000 shares as against 37,92,000 shares on offer.
The category meant for non-institutional investors received an overwhelming subscription of 616.24 times, while the quota for individual retail investors (RIIs) was subscribed a whopping 721.68 times. The portion for qualified institutional buyers (QIBs) was subscribed 61.99 times.
The price range of the Rs 10.25-crore Net Avenue Technologies SME IPO was set at Rs 16-18 per share.
Net Avenue Technologies IPO GMP today
According to market observers, unlisted shares of Net Avenue Technologies were trading Rs 18 higher than the issue price in the gray market. The gray market premium or GMP of Rs 18 means that the gray market expects a listing gain of 100 percent from the public issue, which means doubling the investors' wealth on the listing day. The GMP is based on market sentiment and continues to change.
The 'gray market premium' indicates that investors are willing to pay more than the issue price.
Net Avenue Technologies IPO: Check Allotment Status
Step 1: Visit https://ipo.bigshareonline.com/IPO_Status.html
Step 2: Select the company 'Net Avenue Technologies Ltd'
Step 3: Under 'Selection Type', choose one option from 'PAN Number', 'Beneficiary ID' and 'Application Number'.
Step 4: Provide relevant details about the option chosen in step 3.
Step 5: Enter Captcha and click the 'Search' button.
You will now get the status of your IPO allocation.
Net Avenue Technologies IPO Details
The IPO included a fresh issue of 37,92,000 equity shares for public subscription of face value of Rs 1 each. The company fixed the price band at Rs 16-18 per equity share for the IPO.
For investors, the minimum lot size for the IPO was 8,000 shares. The minimum investment amount required by retail investors was Rs 1,44,000. The minimum investment for lot size for HNI was 2 lots (16,000 shares), worth Rs 2,88,000.
Proceeds from the issuance will be used for customer acquisition, marketing and awareness, financing working capital needs, general corporate purposes and issuance expenses.
Shreni Shares Limited is the lead manager of the Net Avenue Technologies IPO, while Bigshare Services Pvt Ltd is the registrar for the issue. The market maker for the IPO of Net Avenue Technologies is Shreni Shares.
The company's revenue in FY23 stood at Rs 34.51 crore, while profit after tax stood at Rs 1.76 crore.