Zetwerk Manufacturing IPO Details
Zetwerk Manufacturing Businesses, a technology-driven manufacturing platform backed by prominent investors like Peak XV Partners and Accel India, is set to launch its Initial Public Offering (IPO) on October 15. The issue aims to achieve a valuation of Rs 25,583 crore ($2.64 billion) and will seek to raise Rs 4,882 crore ($518 million) through its public offering.
The IPO comprises a fresh issue of shares totaling up to Rs 2,830 crore, alongside an offer for sale (OFS) of 14.453 crore shares by existing promoters and investors. Anchor investor bidding is scheduled for October 14, with the public subscription window closing on October 19.
Price Band and Listing Information
The company has fixed the IPO price band at Rs 143 to Rs 151 per share. Following the subscription period, Zetwerk Manufacturing Businesses' shares are expected to list on the stock exchanges on October 23.
Promoters Amrit Pratik Acharya, Srinath Ramakkrushnan, and Creovate Innovation are collectively offering 5.14 crore shares in the OFS. Additionally, existing investors including Peak XV Partners, Lightspeed Venture Partners, and Accel India will also be selling a portion of their stakes. Proceeds from the fresh issue will go to the company, while selling shareholders will receive funds from the OFS component.
Company Profile and Financials
Zetwerk operates a diverse technology-driven manufacturing platform, serving a wide array of clients. Its notable customers include Siemens Gamesa, Acer India, the Indian Air Force, and NTPC Renewable Energy, highlighting its broad reach across various sectors.
For the April-June quarter, Zetwerk reported revenue from operations of Rs 4,118 crore, marking a more than 55% year-on-year increase. The company also saw an improvement in its financial performance, with its restated loss from continuing operations narrowing to Rs 641.29 crore, down from Rs 881 crore in the corresponding period a year earlier.
Key Managers for the Issue
The IPO is being managed by a consortium of leading financial institutions. Kotak Mahindra Capital Company, Morgan Stanley India Company, Goldman Sachs (India) Securities, Avendus Capital, JM Financial, HSBC Securities and Capital Markets (India), and Pantomath Capital Advisors are serving as the book running lead managers. Kfin Technologies has been appointed as the registrar for the issue.