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Netweb Technologies India has filed draft red herring prospectus (DRHP) with the market regulator Securities and Exchange Board of India (SEBI) to raise as much as Rs 700 crore through an initial public offering (IPO). The IPO comprises a fresh issue of equity shares worth Rs 257 crore and an offer for sales of 85 lakh equity shares by promoters.

Proceeds of the fresh issue to the tune of Rs 32.77 crore will be used to fund capital expenditure, Rs 128.02 crore to support long-term working capital, Rs 22.5 crore for debt payment, besides, general corporate purposes. Equirus Capital and IIFL Securities are the book-running lead managers to the issue. The equity shares of the company will be listed on the BSE and NSE.

Netweb Technologies is one of the country's leading high-end computing solutions (HCS) providers. It is one of the few original equipment manufacturers (OEMs) in the country and is a recipient of production-linked incentives schemes of the Government of India.