Accel Sells Stake in Zetwerk Following ₹5,012 Crore IPO
1 report, 1 independent
Updated Sun 00:00
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What happened
Zetwerk completed an initial public offering (IPO) worth ₹5,012 crore. Accel sold approximately 12 million shares, valued at ₹181.45 crore, while stating it expects to hold about 6% after the offering. Shares opened at ₹159 on the BSE and NSE, which was about 5 per cent above the ₹151 issue price.
Why it matters
The offering was part of Zetwerk's strategy to establish India as a global manufacturing partner. The company sought a valuation of up to ₹25,583 crore during the issue, which included a fresh issue of ₹2,830 crore and an offer for sale by existing shareholders.
Zetwerk aims to establish India as a global manufacturing partner.
Who's involved
- AccelVenture capital firm that sold a portion of its stake in the IPO
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The entities involved
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Accel
venture capital firm
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