Zetwerk Anchor Book Gets ₹2,251 Crore From Institutional Investors Including BlackRock, Goldman Sachs Ahead Of October 15 Opening
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Zetwerk priced its anchor allocation at the upper end of the IPO band. The ₹5,012 crore IPO opens for public subscription today, October 15, at a price band of ₹143-151 per share. The issue will remain open until October 19, with shares scheduled to list on the BSE and NSE on October 23.
Zetwerk Manufacturing Businesses raised ₹2,251.23 crore from 99 anchor investors on Wednesday, October 14, a day before its ₹5,012.33 crore initial public offering opens for subscription. The company allotted 14.91 crore equity shares to anchor investors at ₹151 apiece, the upper end of its IPO price band of ₹143-151 per share, according to the anchor allocation disclosed ahead of the issue.
The anchor book saw participation from global investors including BlackRock, Goldman Sachs, Nomura, Capital Group, Société Générale and First Sentier Investors. Norway's Government Pension Fund Global and Abu Dhabi Investment Authority (ADIA) were also among the investors.
Domestic institutions also participated in the allocation. Zetwerk allotted about 6.80 crore shares to 22 domestic mutual funds, while seven life insurance companies received around 1.10 crore shares.
The anchor allocation comes ahead of the Zetwerk IPO opening for public subscription today, October 15. The ₹5,012.33 crore issue will remain open until October 19.
Zetwerk IPO Anchor Investors
Zetwerk's anchor book included a mix of global institutional investors, sovereign wealth funds, domestic mutual funds and insurance companies.
Among the global names were Capital Group, BlackRock, Goldman Sachs, Nomura, Société Générale, First Sentier Investors, Manulife and Susquehanna. Norway's Government Pension Fund Global and ADIA also received allocations.
Domestic mutual funds participating in the anchor book included SBI Mutual Fund, ICICI Prudential Mutual Fund, HDFC Mutual Fund, Mirae Asset Mutual Fund, Aditya Birla Sun Life Mutual Fund, Tata Mutual Fund, UTI Mutual Fund, Franklin Templeton Mutual Fund and Motilal Oswal Mutual Fund, among others.
Of the total 14.91 crore shares allotted to anchor investors, around 6.80 crore shares went to 22 domestic mutual funds. Seven life insurance companies were allotted around 1.10 crore shares.
Zetwerk IPO Opens October 15
Zetwerk's ₹5,012.33 crore IPO opens for public subscription on October 15 at a price band of ₹143-151 per share. The offer comprises a fresh issue worth ₹2,830 crore and an offer for sale of about 14.45 crore shares by existing shareholders. At the upper end of the price band, the OFS is valued at around ₹2,182 crore.
Investors can bid for a minimum of 99 shares and in multiples of 99 thereafter. At ₹151 per share, one lot will require an investment of ₹14,949.
Zetwerk plans to use ₹2,160 crore from the fresh issue to repay or prepay borrowings of the company and some of its subsidiaries. The remaining proceeds will be used for potential acquisitions and general corporate purposes.
The IPO closes on October 19. The basis of allotment is expected to be finalised on October 21, with Zetwerk shares scheduled to list on the BSE and NSE on October 23.
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This article is for informational purposes only and should not be considered investment advice from Kotak Neo. For compliance T&C and disclaimers, Visit www.kotakneo.com/disclaimer
Rochelle Britto has spent 8+ years decoding India's markets, businesses, and consumer economy, reporting for ET Prime and Times Internet along the way, covering the stories behind the numbers.
A Mumbai native and perpetual planner of the next holiday, she stays far, far away from the eternal question, “Where are we going next?” When she's not chasing headlines, she's chasing new cultures, open roads, and a bit of quiet in nature.
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