India, Oct. 22 -- Early backers Kae Capital Fund II and Kalysta Capital Fund II bagged 38.3X returns on shares sold through manufacturing company Zetwerk's IPO, emerging among the biggest gainers in its offer for sale (OFS).

At Rs.151 apiece, the upper end of the IPO price band, the sale price was 38.3 times the two funds' weighted average acquisition cost of Rs.3.94 per share.

Kae Capital Fund II pocketed Rs.196.3 Cr by selling around 1.3 Cr shares, while Kalysta Capital Fund II received Rs.63.3 Cr from the sale of 41.9 Lakh shares.

Both investors retain sizeable holdings after the sale. Kae Capital Fund II holds 4.3 Cr shares valued at Rs.649.3 Cr at Rs.151 apiece, while Kalysta Capital Fund II holds 1.4 Cr shares worth Rs.211.4 Cr....