Zetwerk raises Rs 2,251 cr from 99 anchor investors ahead of IPO

BENGALURU: IPO-bound manufacturing platform Zetwerk has raised Rs 2,251 crore from 99 anchor investors, including global asset managers BlackRock and Capital Group, and sovereign wealth funds from Norway and Abu Dhabi, ahead of its public issue opening on Thursday.The company allotted 14.91 crore equity shares to institutional investors at Rs 151 apiece, the upper end of its IPO price band of Rs 143-151.Other international investors participating in the allocation included Goldman Sachs, Nomura, Société Générale, First Sentier Investors, Natixis, Manulife, Carmignac and Eastspring Investments. Norway’s Government Pension Fund Global and the Abu Dhabi Investment Authority (ADIA) were among the sovereign wealth funds that participated.Domestic mutual funds accounted for a substantial portion of the allocation. As many as 22 mutual funds received 6.8 crore shares, representing 45.62% of the total anchor allotment. These included SBI Mutual Fund, ICICI Prudential Mutual Fund, HDFC Mutual Fund, Mirae Asset Mutual Fund, Tata Mutual Fund and Aditya Birla Sun Life Mutual Fund.Seven life insurance companies, including SBI Life Insurance, ICICI Prudential Life Insurance and Bajaj Life Insurance, were allocated 1.1 crore shares, or 7.39% of the anchor portion.The anchor allocation comes after Zetwerk’s institutional roadshow, during which the company sought to attract investors to its technology-led manufacturing model and growing exposure to energy infrastructure and industrial equipment.The IPO opens on October 15 and closes on October 19.You use AI every day. Now get your AI Quotient. Take the AIQ test.