Bengaluru-based manufacturing firm Zetwerk plans to go public with an offer aiming to raise up to $400 million, marking a significant development in India’s active IPO pipeline amid growing market appetite.
Zetwerk Pvt., the Bengaluru-based contract manufacturer, is preparing to take the next formal step towards a listed market debut, with a public filing for an initial public offering expected after an earlier confidential submission in March, according to Business Standard. People familiar with the matter said the company is targeting a fundraise of as much as $400 million and could begin meeting investors later this month, with a launch possible as early as September.
The company has lined up Kotak Mahindra Capital, JM Financial Services, Avendus Capital and the Indian units of HSBC, Morgan Stanley and Goldman Sachs to manage the share sale, people close to the process told the newspaper. Moneycontrol earlier reported that Zetwerk’s confidential filing was aimed at raising up to ₹4,200 crore, or about $450 million, while KotakNeo said investors would be watching profitability, valuation and timing as market conditions evolve.
The offering would add another sizeable name to India’s active IPO pipeline. Business Standard said companies have raised about $7 billion so far this year after a record $22 billion in 2025, underscoring the depth of demand in the market. Zetwerk makes industrial products for sectors including utilities, renewable energy, consumer electronics and artificial-intelligence infrastructure, according to its website.
More recently, Moneycontrol reported that Zetwerk Manufacturing Business Ltd. had received approval from the Securities and Exchange Board of India for the proposed listing, clearing a key regulatory hurdle. That report said the IPO would include both a fresh issue of shares and an offer for sale by existing shareholders, with the final size and valuation to be determined through the book-building process.
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