ADIA Invests $13M as Anchor Investor in Zetwerk IPO

The Abu Dhabi Investment Authority (Adia) has joined the anchor book for the initial public offering of Zetwerk, an India-based technology-led manufacturing platform.

Adia purchased 8.3 million shares, representing 5.55% of the anchor book, for INR1.2 billion ($13 million) through two investment vehicles, according to Zetwerk.

Zetwerk sold 149 million shares to 99 anchor investors at INR151 per share, the upper end of its offer range, raising INR22.5 billion. The company’s founders intend to use the IPO proceeds to repay debt.

The platform serves customers across utilities, renewable energy, artificial intelligence infrastructure, aerospace, space and defence, and oil and gas.

Retail subscription is scheduled to run from October 15 to 19, with shares priced between INR143 and INR151. Zetwerk expects to list on the Bombay Stock Exchange and National Stock Exchange of India on October 23.

The investment adds to Adia’s activity in India, where the sovereign fund has also anchored IPOs for stockbroker Groww and renewable energy company Clean Max Enviro Energy Solutions. Adia opened an India office in October 2024 to support its investment plans in the country.

Source: AGBI