Tech-led manufacturing platform Zetwerk Manufacturing Business Ltd has filed updated papers with market regulator Sebi for an initial public offering (IPO), comprising Rs 2,600 crore through a fresh issue of shares.
Along with this, the IPO will comprise an offer for sale of up to 9.68 crore shares by promoters and existing shareholders, according to the updated draft red herring prospectus (UDRHP) filed late Thursday.
Promoters Amrit Pratik Acharya and Srinath Ramakkrushnan and promoter group entity Creovate Innovation will offload shares through the OFS.
Additionally, Peak XV, Accel, Lightspeed and Kae Capital are among the selling shareholders.
Zetwerk plans to use Rs 1,250 crore of the fresh proceeds to repay debt at the company and another Rs 550 crore to pare borrowings at its subsidiaries.
