Mumbai, Oct. 12 -- Peak XV Partners and Accel India-backed Zetwerk Manufacturing Businesses Ltd is seeking a flat valuation of Rs.25,583 crore ($3.2 billion) in its initial public offering (IPO), according to its red herring prospectus (RHP) filed on Monday.

The business-to-business platform was valued at Rs.27,000 crore post-money in its last funding round in March, including an employee stock ownership plan pool of about Rs.1,500 crore.

The company has set a price band of Rs.143 to Rs.151 a share for the offering, which opens for subscription on 15 October and closes on 19 October. It has increased the size of the IPO to Rs.5,012 crore.

The company has raised the fresh issue component to Rs.2,830 crore from Rs.2,600 crore proposed in...