Zetwerk Manufacturing Businesses Ltd on Wednesday raised Rs 2,251.23 crore from anchor investors, including BlackRock, Goldman Sachs, and Nomura, a day before the opening of its Rs 5,012-crore initial public offering (IPO).
The company allotted 14.91 crore equity shares to 99 funds at Rs 151 apiece, the upper end of the price band, according to a circular uploaded on the BSE website.
Apart from BlackRock, Goldman Sachs, and Nomura, the anchor book saw participation from global investors, including Capital Group and First Sentier Investors, along with sovereign wealth funds such as Norway's Government Pension Fund Global and Abu Dhabi Investment Authority (ADIA).
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Domestic mutual funds, including SBI Mutual Fund, ICICI Prudential Mutual Fund, HDFC Mutual Fund and Mirae Asset Mutual Fund, also participated in the anchor allocation. Several insurance companies, including SBI Life Insurance and ICICI Prudential Life Insurance, were among the investors.
The company's IPO will open for public subscription on October 15 and close on October 19, with a price band of Rs 143-151 per share.
The IPO comprises a fresh issue of shares worth Rs 2,830 crore and an offer for sale (OFS) of 14.45 crore equity shares by existing shareholders. At the upper end of the price band, the OFS is valued at around Rs 2,182 crore, taking the total issue size to approximately Rs 5,012 crore.
Promoters Amrit Pratik Acharya and Srinath Ramakkrushnan, along with promoter group entity Creovate Innovation, are among the shareholders selling shares in the OFS. Investors Peak XV, Accel, Lightspeed and Kae Capital are also participating in the offer.
Zetwerk plans to utilise the proceeds from the fresh issue to repay debt of the company and its subsidiaries, fund unidentified acquisitions and meet general corporate purposes.
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Founded in 2018, Zetwerk was started by Amrit Pratik Acharya, Srinath Ramakkrushnan, Vishal Chaudhary, Ankit Fatehpuria and Rahul Sharma. Its operations span renewable energy, electronics, aerospace, defence, AI infrastructure, oil and gas, and industrial automation.
The company is backed by investors including Khosla Ventures, Baillie Gifford, Rakesh Gangwal, Accel, Peak XV and Lightspeed.
Zetwerk has 26 owned manufacturing facilities across India, the US, Germany and Spain, and works with third-party suppliers across multiple countries.
Its customers include Siemens Gamesa, Acer India, CG Power, NTPC Renewable Energy, L&T MHI Power Boiler, DRDO, the Indian Air Force and Numaligarh Refinery Ltd.
The company operates two key businesses -- Manufacturing Business and Ecosystem Business, branded Terra91. It discontinued its civil infrastructure business in FY26 as part of a strategic realignment.
The shares are proposed to be listed on the BSE and NSE on October 23.
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