Zetwerk May File For $525 Million IPO Next Week

Bengaluru-based manufacturing platform Zetwerk is preparing to launch its initial public offering (IPO) as early as next week, potentially raising up to $525 million, Bloomberg reported.

The company is reportedly seeking a valuation of approximately ₹27,000 crore ($2.8 billion) and has already held discussions with prospective investors.

According to the report, the share sale could open on Oct 15, with a stock market listing targeted for Oct 23.

However, the proposed timetable and fundraising amount remain subject to change.

IPO to include fresh issue

Zetwerk confidentially filed its IPO documents in March and secured regulatory approval in July.

According to its prospectus, the offering will include a fresh issue of shares worth ₹2,600 crore and an offer for sale of up to 96.84 million shares by existing investors.

The fresh issue would raise capital for the company, while proceeds from the secondary sale would go to participating shareholders.

Investment banks managing the offering include Kotak Mahindra Capital, JM Financial Services, Avendus Capital and Pantomath Capital Advisors.

The Indian operations of HSBC, Morgan Stanley and Goldman Sachs are also involved.

As per the report, discussions were continuing and that the final IPO structure, size and dates could be revised.

Listing amid strong Indian IPO market

The proposed offering comes amid continued fundraising activity in India's primary equity market.

Companies have raised approximately $14 billion through IPOs this year, following a record $22 billion in 2025, according to Bloomberg data.

Zetwerk operates a manufacturing platform serving industries such as utilities, renewable energy, consumer electronics and artificial intelligence infrastructure.

The company has 26 manufacturing facilities across India, the United States, Spain and Germany.

Its international manufacturing presence and exposure to multiple industrial sectors form part of its business profile as it prepares to enter the public markets.

If the proposed schedule proceeds, Zetwerk would become another major Indian manufacturing business seeking investor participation through a domestic stock market listing.