Zetwerk Manufacturing Business Gets SEBI Clearance; Three More Public Issues Clear Path for Launch

Zetwerk Manufacturing Business Gets SEBI Clearance; Three More Public Issues Clear Path for Launch​

The Indian capital markets are buzzing as the Securities and Exchange Board of India (SEBI) granted crucial approval to Zetwerk Manufacturing Business, paving the way for its highly anticipated Initial Public Offering (IPO). In addition to Zetwerk, three other companies—Marri Retail, Tonbo Imaging India, and Gujarat Victory Forgings—were also cleared by the regulator during the week, setting a steady pace for corporate listings.

Zetwerk, a technology-led global manufacturing entity based in Bengaluru, is planning a significant capital raise of up to Rs 4,200 crore through its IPO. The company has secured backing from major investors including Khosla Ventures, Accel, Lightspeed, and Greenoaks. To manage the complex issuance, Zetwerk has enlisted Kotak Mahindra Capital, JM Financial, Avendus Capital, Pantomath Capital, and the Indian units of HSBC, Morgan Stanley, and Goldman Sachs as merchant bankers.

Marri Retail Targets Expansion with Rs 522 Crore IPO​

Hyderabad-based apparel and jewellery retailer Marri Retail is slated to raise a substantial amount of Rs 522 crore through its planned public issue. The offering includes both a pre-IPO round amounting to Rs 104.4 crore and an offer for sale (OFS) component involving the promoter, Marri Venkat Reddy.

The funds raised by Marri Retail will be strategically deployed across several key areas. These include repayment of existing loans, opening ten new apparel stores, launching one new apparel store featuring a jewellery shop-in-shop (SIS), and establishing two additional standalone jewellery stores. Proceeds are also earmarked for lease or sub-lease rental payments concerning certain established stores and a dedicated warehouse space.

Nuvama Wealth Management, IIFL Capital Services, and Motilal Oswal Investment Advisors have been appointed as the book-running lead managers to handle the Marri Retail IPO.

Tonbo Imaging India Seeks Funds via Offer for Sale​

Bengaluru-based defence electronics original equipment manufacturer (OEM), Tonbo Imaging India, has approached the capital markets with a focused strategy. The company aims to raise necessary funds entirely through an offer for sale of 1.8 crore equity shares, without any provision for a fresh issue component in this offering.

The selling shareholders include promoters such as Arvind Kondangi Lakshmikumar and Ankit Kumar, alongside advisors Vinimaya Advisory LLP. Institutional investors participating in the offer for sale include CEAQ Technologies, Timothy Guy Mitchell, Artiman Partners, Amit Dilip Shah, and Ramesh Radhakrishnan. JM Financial and IIFL Capital Services are managing the issuance on behalf of Tonbo Imaging India.

Gujarat Victory Forgings to Expand Capacity via Fresh Issue and OFS​

Vadodara-based manufacturer of non-ferrous metal products, Gujarat Victory Forgings, is planning a dual-component IPO involving both a fresh issue and an offer for sale (OFS). The company intends to raise funds through the issuance of 65 lakh shares and an OFS comprising 1.32 crore equity shares.

The promoter Vijendrakumar Bishamber Gupta is set as the selling shareholder in the OFS segment. The proceeds derived from the fresh issue are specifically designated for expanding its Unit III located in Vadodara, which involves increasing manufacturing capacity for copper cathodes, alongside loan repayment and general corporate purposes. Monarch Networth Capital and Nirbhay Capital Services have been appointed to manage this public offering.