Zetwerk plans to launch $750 Mn IPO, hires six banks: Report

Zetwerk, an Indian contract manufacturing company, is getting ready to file for an IPO that could raise up to $750 million, according to people familiar with the plan.

The Bengaluru-based company has hired Kotak Mahindra Capital, JM Financial, Avendus Capital, and the Indian divisions of HSBC, Morgan Stanley, and Goldman Sachs to handle the share sale, the people said, requesting anonymity because the details are private.

Read also- AxiTrust raises Rs 23.5 crore in seed round led by General Catalyst

The company is expected to file its draft prospectus early next year through a confidential process. The report said the IPO will include both new and existing shares, with the new shares likely making up the bigger portion.

Zetwerk has had several funding and debt-related developments in recent months. As media reportes, two co-founders plan to invest about Rs 600 crore into the company through a new entity. The company also received debt from JM Financial earlier this year as part of its ongoing capital planning.

Zetwerk, which makes fabricated metal products, is expected to file a draft prospectus early next year through a confidential process, the people said.

The IPO is likely to include both new and existing shares, with most of it expected to be new shares. Discussions are still ongoing, and details such as size and timing could change.

Advertisment

Representatives for Zetwerk, HSBC, and Goldman Sachs declined to comment, while the other banks did not respond to requests for comment.

Zetwerk is joining many companies taking advantage of India’s strong IPO market, where firms have raised about $19.5 billion so far this year, after a record $21 billion in 2024, according to Bloomberg data.

The company works with clients in industries such as aerospace, consumer electronics, and capital goods, its website says.

Want to go deeper into the world of startups and entrepreneurship? Check out these categories on VIESTORIES:

Latest Business and Startup News: Discover Funding Trends and Stories Shaping Indian Startups.

Startup Funding News: Your Gateway to Every Funding Update.

Latest Startup News: Stay updated with the latest startup news and trends. Your go-to source for startup ecosystem updates.

Advertisment

Startup Stories: Discover inspiring tales of startups overcoming challenges, and achieving success.