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Zetwerk Manufacturing Business Ltd. has fixed the price band for its ₹5,000 crore Initial Public Offering (IPO), which will open for subscription on Thursday, October 15. The company intends to sell shares in a price band of ₹143 to ₹151 per share, which, at the upper end of the price band, will give it a market capitalization of nearly ₹26,000 crore. One lot of Zetwerk Manufacturing will comprise of 99 shares, and retail investors can avail one lot by making a minimum investment of ₹14,949.
Only 10% of the issue has been reserved for retail investors, while three quarters, or 75% of it is reserved for Qualified Institutional Bidders (QIB). The remaining 15% is for non-institutional investors (NIIs). Eligible Employees will also avail a discount of ₹14 per share if and when the bid for shares in the IPO.
The Zetwerk Manufacturing IPO is a combination of a fresh issue of shares worth ₹2,830 crore, and an Offer For Sale (OFS) component worth ₹2,182.3 crore. Shares currently carry a face value of ₹1 each. Promoter holding in Zetwerk will fall to 15.71% from 21.08% after the completion of the IPO.
Kotak Capital, Morgan Stanley, Goldman Sachs, Avendus Capital, JM Financial, HSBC Securities and Pantomath Capital are the Book Running Lead Managers of this issue, while KFin Technologies is the registrar for the IPO. The issue will close for subscription on Monday, October 19, while the allotment of shares to eligible bidders will take place on Wednesday, October 21, as Tuesday, October 20, will be a market holiday in view of Dusshera. Equity shares to eligible shareholders will be credited to their respective demat accounts on October 22, while the stock will begin trading on both BSE and NSE on Friday, October 23.
Promoters Amrit Pratik Acharya and Srinath Ramakrishnan are also classified as selling shareholders in the company's Updated IPO Papers. Peak XV Partners, Accel India V, Lightspeed Venture Partners, Saifuddin Qureshi are also classified as some of the other selling shareholders in the IPO prospectus. Tags Home / Market News / Zetwerk Manufacturing IPO: Price band fixed for ₹5,012 crore issue; Details here
Source: CNBC TV18
