SEBI issued an observation letter to Tonbo Imaging on July 6 and to Zetwerk on July 9, indicating the final go-ahead for their respective IPOs
Manufacturing startup Zetwerk had filed confidentially for its listing in March. Its IPO proposal reportedly consists of a $300 Mn fresh issue plus a $150 Mn OFS
Meanwhile, investors of defence tech startup Tonbo, which filed for an IPO in December, are seeking to offload 1.81 Cr shares in its OFS-only listing
Markets regulator SEBI has approved the draft IPO papers of manufacturing startup Zetwerk and defence tech startup Tonbo Imaging.
According to SEBI’s latest update on the processing status, it issued its observations on the aforementioned IPO proposal of Tonbo and Zetwerk on July 6 and 9, respectively.
In SEBI parlance, the issuance of an observation letter is indicative of the final go-ahead for a company to go public. The observation letter, once issued, remains valid for a window of 12-18 months during which the startup can open its IPO for public subscription.
Typesetting had filed its draft IPO papers back in March via the confidential route. The company’s IPO is expected to comprise of a fresh issue of shares worth nearly $300 Mn plus an offer-for-sale (OFS) component amounting to $150 Mn.
Besides, the company is also said to be seeking to raise pre-IPO funding of around $50-60 Mn.
Founded in 2018 by Amrit Acharya, Srinath Ramakkrushnan, Vishal Chaudhary, and Rahul Sharma, Zetwerk operates a full-stack manufacturing platform serving sectors such as industrials, electronics, renewable energy, and consumer products.
Meanwhile, Tonbo Imaging filed its DRHP in December. The company’s proposed IPO consists solely of an OFS of up to 1.81 Cr equity shares.
Founded in 2012, Tonbo Imaging is a Bengaluru‑based defence tech startup that does end-to-end development of advanced imaging, sensor, targeting and battlefield systems for military and security applications.
Aside from these two, SEBI also granted approval for the IPOs of Rentomojo, MoneyviewGujarat Victory Forgings and Marri Retail in recent days.
Rentomojo, a furniture and appliance rental marketplace, is seeking to raise up to ₹150 Cr through its IPO via a fresh issue of shares. In addition, its investors are looking to offload 2.84 Cr shares.
Meanwhile, Moneyview has gotten the nod to raise up to ₹1,500 Cr in fresh capital from its IPO while its investors will be selling up to 13.61 Cr shares in the OFS component.
Looking at the upcoming pipeline of Indian startup IPOs, fitness unicorn Cult.fit and fintech lender Fibe (formerly EarlySalary) have both also filed to go public in the last few weeks.
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