New IPOs Alert: Zetwerk Manufacturing, 3 others get SEBI's approval to launch issues; J Pan Tubular files DRHP

Zetwerk Manufacturing Businesses, Tonbo Imaging India, Marri Retail, and Gujarat Victory Forgings have received market regulator Securities and Exchange Board of India's nod to raise funds via initial public offerings (IPOs).

These four companies received the regulator's observations during July 6-10. In SEBI terminology, issuing observations means approval to float the public issue.

Zetwerk Manufacturing Businesses IPO

Zetwerk Manufacturing Businesses, which had filed draft IPO papers with SEBI through the confidential route, is looking to raise between ₹4,000 crore and ₹5,000 crore.

The proposed issue is likely to consist of a fresh issue of equity shares and an offer for sale (OFS) by existing shareholders.

Zetwerk Manufacturing Businesses is a B2B manufacturing platform connecting original equipment manufacturers (OEMs) with suppliers globally.

Marri Retail IPO

The proposed IPO of Marri Retail is a mix of a fresh issuance of shares valued at ₹522 crore and an OFS of 2.7 crore shares by promoter Marri Venkat Reddy.

The Hyderabad-based firm will use the money raised for debt clearance, opening stores, rent payments for existing stores and warehouses and corporate general purposes.

Tonbo Imaging IPO

The initial share sale of global defence electronics OEM Tonbo Imaging will be solely an OFS of 18,085,246 equity shares by its promoters and investors, according to the DRHP.

Since there is no fresh issue component, the company will not get any proceeds from the issue. The money raised will go to the selling shareholders.

Gujarat Victory Forgings IPO

Gujarat Victory Forgings' maiden IPO is a combination of a fresh issue of up to 65 lakh shares and an OFS of up to 1.32 crore equity shares by a promoter.

The Vadodara-headquartered company will use the money raised towards funding capital expenditure for expansion of its existing Unit III at Vadodara, debt repayment and for general corporate purposes.

J Pan Tubular Components files DRHP for IPO

HVAC and refrigerator components manufacturer J Pan Tubular Components filed a draft red herring prospectus (DRHP) with SEBI.

The proposed issue consists of a fresh issuance of 49.20 lakh shares and an OFS of 2.60 lakh shares by promoter Jignesh Panchal.

The net proceeds from the issue will be used for funding capital expenditure towards expansion of the Sanand facility, setting up a new manufacturing unit, debt repayment and general corporate purposes.