B2B manufacturing company Zetwerk has set a price band of ₹143-₹151 per share for its IPO, which will be worth ₹5,012.3 Cr at the upper end of the band.
The issue comprises a fresh issue of ₹2,830 Cr and an OFS of up to 14.45 Cr shares, worth ₹2,182.3 Cr at the upper end, according to its RHP.
The IPO will open for subscription on October 15 and close on October 19. Anchor investor bidding will take place on October 14.
At the upper end of the price band, Zetwerk is seeking a post-issue market capitalisation of around ₹25,583 Cr (about $2.7 Bn).
The company has increased the fresh issue from ₹2,600 Cr outlined in its UDRHP. The OFS has also grown 49.2% from about 9.7 Cr shares.
Promoters and cofounders Amrit Pratik Acharya and Srinath Ramakkrushnan will each sell up to 1.42 Cr shares. Other selling shareholders include promoter group entity Creovate Innovation and funds associated with Peak XV Partners, Accel India, Lightspeed Venture Partners, and Kae Capital.
Zetwerk plans to use ₹2,160 Cr from the fresh issue to repay or prepay borrowings of the company and certain subsidiaries. The remaining net proceeds will fund acquisitions and general corporate purposes.
Zetwerk filed its draft IPO papers confidentially in March, followed by its UDRHP in August.
(The story will be updated soon)
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