Net Avenue Technologies share price sees strong debut. List with gains of 133.3% at ₹42 a piece on the NSE SME | Mint
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Business News/ Markets / Net Avenue Technologies share price sees strong debut. List with gains of 133.3% at 42 a piece on the NSE SME
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Net Avenue Technologies share price sees strong debut. List with gains of 133.3% at ₹42 a piece on the NSE SME

Net Avenue Technologies Share price saw a strong debut on the NSE SME with listing gains of 133.3% at ₹42 compared to issue price of ₹18.

Net Avenue Technologies share price see a strong opening on the NSE SMEPremium
Net Avenue Technologies share price see a strong opening on the NSE SME

Net Avenue Technologies share price made a strong debut on the NSE SME as they listed higher at 42 a piece on Friday, December 8.  The price bank for the IPO stood at 16-18 a share and Net Avenue Technologies share was listed 133.3% higher.

 

Net Avenue Technologies bidding started from November 30, 2023 and ended on December 4, 2023. The allotment for Net Avenue Technologies IPO was finalized on Thursday, December 7, 2023.

 

Also Read- India Shelter IPO price band fixed at 469 to 493. GMP, other details

Net Avenue Technologies IPO GMP today or grey market premium stood at +24. This indicated that Net Avenue Technologies share today was trading at a premium of 24 in the grey market, according to investorgain.com.

Considering the upper end of the IPO price band and the current premium in the grey market, the estimated listing price of  Net Avenue Technologies share price was indicated at 42 apiece, which was 133% higher than the IPO price of 18.

'Grey market premium' indicates investors' readiness to pay more than the issue price.

Net Avenue Technologies was a book building IPO of 10.25 crore. The issue is entirely a fresh issue of 56.96 lakh shares.

 

The minimum lot size for an application was 8000 Shares. The minimum amount of investment required by retail investors was 144,000.

Not more than 50% of the offer was reserved for QIB, not less than 30% reserved for the retail portion and not less than 15% of the offer was reserved for NII (HNI).

Rajesh Nahar and Ritesh Katariya are the promoters of the company.

Also Read-Valuations of mid, smallcaps rich, outperformance may not continue, says Nuvama

Incorporated in 1998, Net Avenue Technologies Limited, previously known as Net Avenue Inc. is engaged in online digital direct-to-consumer business for Indian Ethnic wear and accessories.

Net Avenue Technologies Limited's revenue increased by 5.34% and profit after tax (PAT) dropped by -32.55% between the financial year ending with March 31, 2023 and March 31, 2022.

 

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Published: 08 Dec 2023, 10:03 AM IST
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