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Zetwerk sets IPO price band at Rs 143-151; eyes Rs 5,012 Cr from issue

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Zetwerk sets IPO price band at Rs 143-151; eyes Rs 5,012 Cr from issue

Manufacturing platform Zetwerk has fixed the price band for its initial public offering (IPO) at Rs 143-151 per share. The Bengaluru-based company aims to raise around Rs 5,012 crore through the public issue, valuing it at around Rs 25,583 crore at the upper end of the price band.

The IPO will open for subscription on October 15 and close on October 19. The company will open its anchor investor book on October 14, while its shares are expected to list on the stock exchanges on October 23.

The IPO comprises a fresh issue of shares worth Rs 2,830 crore and an offer for sale (OFS) of 14.45 crore shares by promoters and existing investors, according to its red herring prospectus (RHP).

Zetwerk has increased the fresh issue size from Rs 2,600 crore proposed in its updated draft red herring prospectus (UDRHP) filed in August. The OFS component has also increased by 49% from 9.68 crore shares proposed earlier.

Promoters Amrit Pratik Acharya and Srinath Ramakkrushnan will each sell 1.42 crore shares, while promoter group entity Creovate Innovation will offload up to 2.30 crore shares. Among existing investors, Lightspeed Venture Partners will sell 2.51 crore shares, followed by Peak XV Partners with 2.34 crore shares. Accel India V will also sell up to 1.2 crore shares.

Zetwerk plans to use Rs 1,300 crore from the fresh issue to repay or prepay borrowings at the company level. Another Rs 860 crore will go towards debt repayment at nine subsidiaries. The remaining proceeds will be used for acquisitions, strategic investments and general corporate purposes.


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