Zetwerk has received approval from SEBI to proceed with its proposed IPO
The capital is expected to strengthen the company's balance sheet while also enabling a partial exit for some early investors
The company expects to cross $2 billion in revenue in FY26, driven by manufacturing contracts linked to AI data centres
Zetwerk Gets SEBI Approval For IPO; Issue Likely To Include Fresh Shares And OFS
The proposed IPO will comprise a fresh issue of equity shares along with an offer for sale (OFS) by existing shareholders. The final size of the issue and the company's valuation will be determined through the book-building process
IPO
Summary
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Zetwerk Manufacturing Businesses Ltd has received approval from the Securities and Exchange Board of India (SEBI) to proceed with its proposed initial public offering (IPO), marking a step towards its stock market listing.
Zetwerk had confidentially submitted its draft IPO documents and is targeting a fundraise of up to ₹4,200 crore (around $450 million), as per Moneycontrol.
The proposed IPO will comprise a fresh issue of equity shares along with an offer for sale (OFS) by existing shareholders. The final size of the issue and the company's valuation will be determined through the book-building process.
Zetwerk is in discussions to raise $50-60 million through a pre-IPO funding round, as per Moneycontrol.
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The capital is expected to strengthen the company's balance sheet while also enabling a partial exit for some early investors.
The issue is reportedly being managed by Kotak Mahindra Capital, JM Financial, Avendus Capital, Pantomath Capital, and the Indian arms of HSBC, Morgan Stanley and Goldman Sachs.
Business Expansion and Financial Performance
Founded in 2018 by Amrit Acharya, Srinath Ramakkrushnan, Vishal Chaudhary, Ankit Fatehpuria and Rahul Sharma, Zetwerk operates a technology-enabled manufacturing platform that connects industrial customers with a network of suppliers across sectors including energy, electronics, aerospace, defence and capital goods.
The company has expanded beyond its digital manufacturing marketplace into end-to-end industrial manufacturing and has also entered the production of laptops, wearables, hearables and IT hardware while integrating into printed circuit board (PCB) manufacturing.
Zetwerk's gross merchandise value (GMV) stood at ₹12,798 crore in FY25, compared with ₹14,443 crore in the previous financial year. Its net loss narrowed to ₹371 crore from ₹918 crore during the same period, as per Moneycontrol.
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Co-founder and CEO Amrit Acharya had earlier said that the company expects to cross $2 billion in revenue in FY26, driven by manufacturing contracts linked to AI data centres.