Peak XV, Accel-backed Zetwerk seeks $2.6 billion valuation in India IPO

Peak XV Partners and Accel India-backed Zetwerk Manufacturing Businesses is seeking a valuation of ₹25,583 crore ($2.64 billion) ​in its initial public offering in India, a ​company filing showed on Monday.

The $518 million IPO will open for ‌public subscription on October 15 and close on October 19, with the contract electronics manufacturer's shares expected to begin trading on October 23. Anchor investors can submit bids on October 14.

The technology-driven manufacturing platform counts wind turbine maker Siemens Gamesa, computer hardware company Acer India, the Indian Air Force and NTPC Renewable Energy among its customers.

The offering comes during a busy period for India's primary market, with billionaire Mukesh Ambani-backed Jio Platforms also ‌expected to launch what could be the country's largest-ever IPO on October 21.

 

More than 230 companies have raised $12.65 billion in India so far this year as of October 7, 8.3% more than in the same period last year, LSEG data showed.

Zetwerk's IPO comprises a fresh issue of shares worth up to ₹2,830 crore and ​an offer for sale of 144.53 million shares by promoters and existing investors. The ‌price band has been set at ₹143 to ₹151 per share.

Promoters Amrit Pratik Acharya, Srinath Ramakkrushnan and Creovate Innovation ​are ‌together selling 51.4 million shares, while early investors Peak XV Partners, Lightspeed ‌Venture Partners and Accel India are among the other selling shareholders.

Zetwerk reported revenue from operations of ₹4,118 crore. for the ‌April-June ​quarter, while its ​restated loss from continuing operations stood at ₹64.129 crore.

Revenue rose more than 55% from a year earlier, while the ‌loss narrowed from ₹881 crore.