SEBI Approves IPOs for Zetwerk, Rentomojo and Other Firms

The Securities and Exchange Board of India approved initial public offerings for several companies between July 6 and July 11, 2026, including RentoMojo and Zetwerk Manufacturing Business Ltd. Zetwerk, a Bengaluru-based contract manufacturing platform, aims to raise up to Rs 5,000 crore through a combination of fresh capital and an offer for sale. The company is also pursuing a pre-IPO funding round of $50-60 million at a $3 billion valuation to provide exits for early investors and strengthen its balance sheet.

Other approved offerings include Marri Retail, which plans a fresh issue of Rs 522 crore; Gujarat Victory Forgings, which seeks funds for copper cathode capacity expansion in Vadodara; and Tonbo Imaging India, whose IPO consists entirely of an offer for sale.

Separately, State Bank of India raised Rs 1,655 crore on July 9 by selling a 1.42% stake in its asset management arm, SBI Funds Management (SBIFM). The bank sold 28,832,748 equity shares to 30 investors, including PI Opportunities Fund-II and Akash Manek Bhanshali, at Rs 574 per share. This placement precedes a larger IPO for SBIFM, valued between Rs 11,600 crore and Rs 11,693 crore, which is scheduled to open for subscription from July 14 to July 16.