Adia backs IPO of India’s Zetwerk as anchor investor

Abu Dhabi Investment Authority (Adia) has joined as an anchor investor in the initial public offering (IPO) of Zetwerk, an industrial and consumer product manufacturer in India.

The sovereign fund purchased 8.3 million shares or 5.55 percent of the IPO anchor book for INR1.2 billion ($13 million) through two investment vehicles, Zetwerk said.

Zetwerk sold 149 million shares to 99 anchor investors at INR151, the upper end of the offer price band, generating INR22.5 billion.

The Indian technology-led manufacturing platform serves customers in utilities, renewable energy, artificial intelligence infrastructure, aerospace, space and defence, as well as the oil and gas sectors.

Zetwerk founders intend to use the IPO proceeds to repay debt.

Retail subscription will run from October 15-19 with a price band of INR143 to INR151 per share. The shares are expected to list on the Bombay and National Stock Exchanges, India’s two bourses, on October 23.

Last month Indian commerce and industry minister Piyush Goyal said the UAE was likely to significantly increase investment in India as the two nations raise bilateral trade to $200 billion by 2032.

Adia opened a new office in India’s free zone in October 2024 to accelerate its investment plans in the country.

The wealth fund backed the $2.3 billion IPO of the National Stock Exchange of India in September following its investment in the Indian government-backed National Investment and Infrastructure Fund.

Adia has anchored several IPOs in India, including the stockbroker Groww and the renewable energy company Clean Max Enviro Energy Solutions.

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