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Zetwerk raises Rs 2,251 Cr from anchor investors ahead of IPO

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Zetwerk raises Rs 2,251 Cr from anchor investors ahead of IPO

Zetwerk Manufacturing Businesses, a manufacturing platform, has raised Rs 2,251.23 crore from anchor investors ahead of its initial public offering (IPO).

The company allotted 14.91 crore shares to 99 anchor investors at Rs 151 per share, the upper end of its IPO price band.

Global institutional investors participating in the anchor book included Capital Group, BlackRock, Goldman Sachs, Nomura, Société Générale, Manulife and Susquehanna. Sovereign wealth funds such as Norway’s Government Pension Fund Global and Abu Dhabi Investment Authority (ADIA) also participated in the allocation.

Among domestic investors, SBI Mutual Fund, ICICI Prudential Mutual Fund, HDFC Mutual Fund, Mirae Asset Mutual Fund and Aditya Birla Sun Life Mutual Fund received allocations. Insurance companies including SBI Life Insurance, ICICI Prudential Life Insurance, Bajaj Life Insurance and Axis Max Life Insurance also participated in the anchor round.

Domestic mutual funds received 6.80 crore shares, while seven life insurance companies were allotted 1.10 crore shares, according to the exchange filing.

Zetwerk’s Rs 5,012 crore IPO will open for subscription on October 15 and close on October 19. The issue comprises a fresh issue of shares worth Rs 2,830 crore and an offer for sale (OFS) of up to 14.45 crore shares worth Rs 2,182 crore by existing shareholders.

The Bengaluru-based company has fixed its IPO price band at Rs 143-151 per share, valuing it at around Rs 25,583 crore at the upper end. The company plans to use a portion of the fresh issue proceeds to repay debt, with the remaining funds earmarked for acquisitions, strategic investments and general corporate purposes.


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