NEW DELHI, (Economy India): Tech-led manufacturing platform Zetwerk Manufacturing Business Ltd has filed updated papers with market regulator Sebi for its proposed Initial Public Offering (IPO), which includes a fresh issue of shares worth Rs 2,600 crore.
According to the updated draft red herring prospectus (UDRHP) filed late Thursday, the IPO will also include an offer for sale (OFS) of up to 9.68 crore shares by promoters and existing shareholders.
The fresh issue is expected to provide Zetwerk with additional capital to support its growth and business expansion. The company operates a technology-driven manufacturing platform that connects businesses with manufacturing capabilities and suppliers.
Promoters and Investors to Sell Shares
Under the OFS component, promoters Amrit Pratik Acharya and Srinath Ramakkrushnan, along with promoter group entity Creovate Innovation, will sell shares.
Several existing institutional investors are also expected to participate in the OFS. These include prominent venture capital and investment firms such as Peak XV, Accel, Lightspeed and Kae Capital.
The inclusion of an OFS means that a portion of the IPO proceeds will go to existing shareholders selling their holdings, while the funds raised through the fresh issue will accrue to the company.
IPO Plans Attract Investor Attention
Zetwerk’s proposed IPO is likely to attract attention from investors tracking India’s technology-enabled manufacturing and industrial sectors. The company has emerged as a significant player in the manufacturing ecosystem by using technology to connect customers with suppliers and manufacturing partners.
The updated filing with Sebi represents another step towards Zetwerk’s planned public-market debut. Further details, including the final price band, IPO opening and closing dates and other issue-related information, are expected to be announced closer to the launch.
The proposed Rs 2,600-crore fresh issue, combined with the large OFS component, could make Zetwerk’s IPO one of the closely watched public offerings in India’s technology and manufacturing space.
(Economy India)
