Zetwerk raises ₹2,251 crore from anchor investors ahead of IPO

Zetwerk Manufacturing Businesses Ltd has raised ₹2,251.23 crore from anchor investors ahead of its ₹5,012 crore initial public offering (IPO). The company allotted 14.91 crore equity shares to 99 funds at ₹151 per share, which represents the upper end of its price band.

The anchor book includes significant participation from both domestic and international institutions. Domestic mutual funds, life insurance companies, and pension funds accounted for approximately 46% of the allocation. Major domestic participants include SBI Mutual Fund, ICICI Prudential Mutual Fund, HDFC Mutual Fund, and Mirae Asset Mutual Fund, alongside insurers such as SBI Life and ICICI Prudential Life.

International and sovereign wealth fund involvement includes BlackRock, Goldman Sachs, Nomura, Capital Group, First Sentier Investors, Societe Generale, Norway’s Government Pension Fund Global, and the Abu Dhabi Investment Authority (ADIA). Capital Group’s Smallcap World Fund Inc received the largest individual allocation, valued at approximately ₹288 crore.

The IPO, scheduled to open for public subscription on October 15 and close on October 19, consists of a fresh issue of shares worth ₹2,830 crore and an offer for sale (OFS) of 14.45 crore equity shares. Zetwerk intends to use the proceeds from the fresh issue to repay company debt and related liabilities.