After the closure of the initial public offering (IPO) bidding on July 19, the allocation of shares for high-end computing solutions provider, Web Technologies, is likely to be finalized today, July 24.
Web Technologies’ IPO received overwhelming response, with more than 90 times oversubscription, as bids were received for 79.95 crore equity shares, surpassing the offer size of 88.58 lakh equity shares significantly.
Investors who have applied for shares under the IPO can now check their allocation status online on the official registrar’s website, Link Intime India Private Limited. To do so, click on this link: https://linkintime.co.in/mipo/ipoallotment.html and select Web Technologies from the dropdown menu. You will need to provide your PAN details, application ID, or DP (Demat) account number for checking the status.
Alternatively, you can also visit the official website of BSE (Bombay Stock Exchange) and check the allocation status there. Go to https://www.bseindia.com/investors/appli_check.aspx, select ‘Equity’ in the issue type, choose IPO name, and enter your application number and PAN details to check the status.
Due to the heavy oversubscription of the IPO, it is likely that most investors may not receive any shares under the offer. In such cases, the refund process is expected to begin by July 25, and the amount will be credited to investors’ bank accounts.
For those lucky investors who have been allotted shares, they can expect the shares to be credited to their Demat accounts by July 26. The listing on both BSE and NSE is anticipated to take place on July 27.
Web Technologies offered its shares in the IPO, which was open for subscription from July 17 to July 19, with the price range of each share being Rs. 475 to Rs. 500. As per market observers, the stock is trading at an approximate premium of Rs. 360 in the unlisted market, indicating significant listing gains for investors.
The company intends to raise Rs. 631 crores through its public offering, which includes a fresh issue of Rs. 206 crores and an offer for sale (OFS) of Rs. 425 crores by the promoters.
Please note that these dates and details are subject to change, so it’s important to keep an eye on the official sources for any updates. Good luck to all the investors!