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Zetwerk IPO: ₹2,600 crore filing, debt payoff tops use list
Zetwerk Manufacturing Business filed for a ₹2,600 crore IPO, with ₹1,800 crore ear-marked for debt repayment. The filing comes as India's primary market revives after a slow first half.
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Zetwerk Manufacturing Business filed updated IPO papers Thursday, seeking ₹2,600 crore ($272.47 million) in fresh capital. The bulk – ₹1,800 crore – goes to debt repayment. The rest covers corporate spending and potential acquisitions, the company said in the draft red herring prospectus.
The offering also includes an offer for sale of 96.8 million shares from existing investors. Zetwerk did not name the selling shareholders or specify the price band.
The filing lands as India's primary market picks up after a slow first half. Twenty-two companies have launched or announced IPOs since July, against roughly 27 public issues from January through June, according to data compiled by Prime Database. The earlier slowdown followed the Middle East conflict and a spike in crude oil prices.