Shares of Zetwerk Manufacturing Business made a weak D-street debut with its shares listing with a 5 percent premium over the IPO price on Friday, October 23. The stock opened at Rs 159 on the BSE and NSE, as compared to its upper band issue price of Rs 151.
Soon after the listing, the stock fell 6.60 percent at Rs 148.50 from the open price, on the BSE at around 10.10 am.
The Rs 5,012.33 crore IPO comprised a fresh issue of shares worth Rs 2,830 crore and an offer-for-sale (OFS) of 14.45 crore shares by existing shareholders. At the upper end of the price band, the OFS is valued at approximately Rs 2,182 crore, taking the total issue size to approximately Rs 5,012 crore.
Zetwerk plans to utilise the proceeds from the fresh issue to repay debt of the company and its subsidiaries, fund unidentified acquisitions and meet general corporate purposes.
Zetwerk has fixed the IPO price band in the range Rs 143-Rs 151 per share, with a face value of Rs 1 per equity share.