Net Avenue Technologies Shares Debut Strong on NSE SME

Net Avenue Technologies Shares Debut Strong on NSE SME

VoM News Desk | December 8, 2023 | 11:45 AM IST | Breaking News | Follow on Google News

Net Avenue Technologies Shares Debut Strong on NSE SME Image/Mint

Net Avenue Technologies Shares Debut Strong on NSE SME

Net Avenue Technologies shares made a robust debut on the NSE SME as they listed higher at ₹42 per share on December 8. The IPO price band was set at ₹16-18 per share, and the debut saw Net Avenue Technologies shares listed 133.3% higher.

The IPO bidding period started on November 30, 2023, and concluded on December 4, 2023. The allotment for Net Avenue Technologies IPO was finalized on December 7, 2023. The grey market premium (GMP) for Net Avenue Technologies IPO stood at +24, indicating a premium of ₹24 in the grey market.

Considering the upper end of the IPO price band and the current premium in the grey market, the estimated listing price for Net Avenue Technologies shares was ₹42 apiece, marking a 133% increase from the IPO price of ₹18.

Net Avenue Technologies’ IPO was a book-building offering of ₹10.25 crore, consisting entirely of fresh issue shares. The minimum lot size for an application was 8,000 shares, with a minimum retail investment of ₹144,000. The allocation reserved 50% for QIB, at least 30% for retail, and a minimum of 15% for NII (HNI).

Net Avenue Technologies, previously known as Net Avenue Inc., operates in the online digital direct-to-consumer business for Indian ethnic wear and accessories. The company’s revenue increased by 5.34%, while the profit after tax (PAT) dropped by -32.55% between the financial years ending March 31, 2023, and March 31, 2022.

Net Avenue Technologies Shares Debut Strong on NSE SME: For Any Error, rectification of any other questions:

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