- SEBI approved IPO proposals for Tonbo Imaging, Marri Retail, Rentomojo, Zetwerk, and Gujarat Victory Forgings
- Zetwerk's IPO includes fresh issue and offer for sale with investors like Khosla Ventures and Accel
- Zetwerk operates a tech platform linking industrial demand with suppliers in various sectors
The Securities and Exchange Board of India on Friday approved five IPO proposals including Tonbo Imaging India Ltd., Marri Retail Ltd., Rentomojo Ltd., Zetwerk Manufacturing Business Ltd. and Gujarat Victory Forgings Ltd.
The market regulator issued its 'observation letter' to the draft documents of the IPOs, which means final approval in SEBI parlance.
Zetwerk Manufacturing Business
The offering is likely to include a fresh issue & an offer for sale by existing shareholders. Final details, including valuation and issue size, will be determined through the book-building process. The company's existing investors include Khosla Ventures, Baillie Gifford, Rakesh Gangwal, Accel, Peak XV, GreenOak and Lightspeed.
The company operates a technology-enabled manufacturing platform that connects industrial demand with a distributed network of suppliers and manufacturing facilities. Its business spans sectors such as energy, electronics, defence, aerospace, and capital goods, along with a platform focused on industrial supply and raw material procurement.
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Zetwerk uses a proprietary software system, Zetwerk OS, to manage sourcing, production planning, supplier coordination, and project execution across its network.
Tonbo Imaging India
The Offer for Sale comprises 1,960,000 equity shares by Promoter Selling Shareholders, 339,700 equity shares by the Promoter Group Selling Shareholder, and 15,635,046 equity shares by Investor Selling Shareholders.
Founded in 2003 by technologists with prior experience at the U.S. Department of Defense and Sarnoff Corporation, Tonbo Imaging transitioned into a defence-focused product manufacturing company in 2012 following the buyout by its promoters. The company is promoted by Arvind Lakshmikumar, Ankit Kumar and Cecilia D'Souza. The promoters have been together for two decades and bring together a wealth of experience in global defence programs product engineering and capital raising.
Gujarat Victory Forgings
The offer comprises of a fresh issue of upto 6,500,000 Equity Shares and an offer for sale of upto 13,200,000 Equity Shares. The face value of each equity share is Rs 10.
The company proposes to utilize the net proceeds towards, financing the capital expenditure requirement towards expansion of its existing Unit III at Vadodara by increasing the manufacturing capacity of copper cathodes; pre-payment or scheduled re-payment of a portion of certain outstanding borrowings availed by the company; and general corporate purposes.
Company's products are customisable to the requirements of its customers, with respect to the level of purity and/or composition with other metal and non-metal that conform to international standards.
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