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Industrial and consumer goods manufacturer Zetwerk counts wind turbine maker Siemens Gamesa, Acer India, NTPC Renewable Energy, and the Indian Air Force among its major clients
The IPO received bids for 220.4 million shares, against 185.1 million shares on offer, as of 2:00 p.m. IST
Qualified institutional investors bid for 1.63 times, non-institutional and retail portions were subscribed 0.79 times and 0.51 times
The company is seeking a valuation of up to 255.83 billion rupees ($2.69 billion) at the upper end of the IPO price band of 143-151 rupees per share
Proceeds will be used to prepay and repay borrowings as well as fund inorganic growth opportunities
Last week, Zetwerk raised 22.51 billion rupees from anchor investors, including Capital Group, BlackRock and Goldman Sachs
The IPO comprises a fresh issue of shares worth up to 28.3 billion rupees and an offer for sale of 144.53 million shares by existing investors
The offer for sale includes 51.4 million shares from co-founders Amrit Acharya and Srinath Ramakkrushnan and Creovate Innovation
Venture investors Peak XV Partners, Lightspeed and Accel India are also trimming their holdings
The stock is expected to begin trading on October 23
($1 = 94.9300 Indian rupees)