Zetwerk Plans $750 Mn IPO, Hires Kotak, Morgan Stanley, Goldman Sachs for Early 2026 Listing

Bengaluru-based contract manufacturer Zetwerk is preparing for an initial public offering (IPO) that could raise as much as $750 million, signalling another big listing as India’s equity market remains active, Bloomberg reported.

The company has reportedly tapped Kotak Mahindra Capital, JM Financial, Avendus and the Indian arms of HSBC, Morgan Stanley and Goldman Sachs to manage the planned share sale.

Deal Structure

As per the report, Zetwerk plans to file a draft prospectus early next year via the confidential route. The proposed offering is expected to include a mix of primary (new) and secondary (existing) shares, with a larger portion likely to be a fresh issue to raise growth capital, though final size and timing remain under discussion and could change.

The move would add another sizeable industrial-tech listing to a strong Indian IPO pipeline. Many start-ups have raised significant sums this year amid heightened investor demand for domestically grown manufacturing and technology plays.

For Zetwerk, a successful float would provide capital to expand capacity and serve clients across aerospace, consumer electronics and capital goods, sectors the company already serves.

Banking Line-Up

The report suggests that mandating a mix of domestic and international bookrunners indicates Zetwerk is preparing for broad distribution to both Indian and global investors. The confidential filing route lets the company work with regulators and bankers before details become public, a common approach for large deals that require flexibility on pricing and timing.

Zetwerk specialises in fabricated metal products and contract manufacturing for complex industrial customers. The company has scaled rapidly in recent years by targeting engineering-led, high-specification manufacturing, a niche that has drawn investor interest given global onshoring trends and growing demand for advanced components.

Key milestones to monitor are the confidential draft filing, the final offer size and split between primary and secondary shares, valuation guidance, and anchor or cornerstone commitments from strategic investors. Market conditions and investor appetite in the first quarter of 2026 will reportedly shape pricing and the timing of any public launch.