The initial public offer for the Delhi-based cloud computing firm E2E Networks Ltd, which is backed by early-stage venture capital firm Blume Ventures, was oversubscribed more than 70 times.
The company, which is planning to list on the the National Stock Exchange’s Emerge platform for small and medium enterprises (SMEs), received bids for nearly 270.84 million shares against the 3.86 million shares on offer.
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Half the IPO was reserved for the non-institutional category comprising corporate bodies and very wealthy individuals, while the other half was for retail investors.
E2E, is promoted by Tarun Dua and wife Srishti Baweja. Promoters and key company individuals are selling small chunks of their holdings via the IPO. Blume Ventures, which has invested in more than 100 firms and 80 active start-ups, is selling about 743,000 shares, or nearly one-third of its stake, through the IPO.
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E2E is engaged in the business of cloud infrastructure in India which includes servers, storage, networking, virtualisation and other open-source software pieces.