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Zetwerk IPO: Kae Capital, Kalysta Bag 38.3X Returns, Lightspeed Pockets ₹440 Cr

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Zetwerk IPO: Kae Capital, Kalysta Bag 38.3X Returns, Lightspeed Pockets ₹440 Cr


Early backers Kae Capital Fund II and Kalysta Capital Fund II bagged 38.3X returns on shares sold through manufacturing company Zetwerk’s IPO, emerging among the biggest gainers in its offer for sale (OFS).

At ₹151 apiece, the upper end of the IPO price band, the sale price was 38.3 times the two funds’ weighted average acquisition cost of ₹3.94 per share.

Kae Capital Fund II pocketed ₹196.3 Cr by selling around 1.3 Cr shares, while Kalysta Capital Fund II received ₹63.3 Cr from the sale of 41.9 Lakh shares.

Both investors retain sizeable holdings after the sale. Kae Capital Fund II holds 4.3 Cr shares valued at ₹649.3 Cr at ₹151 apiece, while Kalysta Capital Fund II holds 1.4 Cr shares worth ₹211.4 Cr.

The payouts come after Zetwerk’s IPO closed with 3.06X subscription, attracting bids for 56.62 Cr shares against 18.50 Cr shares on offer. The company’s shares are scheduled to list on the exchanges tomorrow. 

Meanwhile, Peak XV and Lightspeed sold shares through multiple investment vehicles, with returns varying across their funds.

Peak XV pocketed a combined ₹359.3 Cr through two vehicles – Peak XV Partners Investments V and Peak XV Partners Growth Investments III. Peak XV Partners Investments V sold around 1.8 Cr shares for ₹271.8 Cr, clocking a 23.9X return multiple. It retains 12.2 Cr shares valued at ₹1,842.2 Cr at the IPO price.

3X return multiple. It retains 4 Cr shares worth ₹604 Cr. 1% stake in Zetwerk before the OFS.



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