Zetwerk is preparing an IPO of up to USD 750 million (~INR 6,700 crore) and has mandated six investment banks to steer the share sale, people familiar with the matter said. The electronics and industrial manufacturing company is expected to submit a DRHP via the confidential route early next year, though the size and timing could change, the people added.
According to reports, Kotak Mahindra Capital, Morgan Stanley, Avendus Capital, Goldman Sachs, JM Financial and HSBC have been picked as book runners for the proposed float. The company and several banks declined to comment on the mandate.
Zetwerk IPO: Filing Timeline & Deal Structure
Zetwerk aims to file IPO DRHP by March 2026, with the offer likely to comprise a mix of fresh issuance and secondary shares, as deliberations continue on the exact contours, valuation and proceeds split. Market conditions will influence final sizing and pricing.
Industry reports suggest that the company intends to raise growth capital to expand capacity across aerospace, electronics and capital goods verticals as it deepens its electronics manufacturing services (EMS) presence. Earlier this year, reports highlighted plans to accelerate expansion across these categories alongside capacity additions.
Market Backdrop & Business Context
Zetwerk IPO plan comes amid a buoyant domestic primary market, with companies raising more than INR 1.5 lakh crore so far in 2025, placing India among the world’s busiest IPO venues. Zetwerk’s listing would add to a strong pipeline of industrial-tech and manufacturing names tapping investor appetite for Make-in-India themes.
Founded in Bengaluru, Zetwerk supplies customers across sectors from consumer electronics to aerospace and defence, and counts more than 3,500 clients globally, including large industrial names, according to prior disclosures. The company was valued at about USD 3.1 billion (~INR 27,600 crore) after a funding round of nearly USD 90 million (~INR 770 crore) in December.
Evolving Banker Line-Up & Expansion Moves
Zetwerk’s Banker selection move has evolved through the year; earlier reports in January had pointed to a smaller raise with a partially different slate of arrangers, before the process coalesced around the present six-bank syndicate and a larger targeted float. Such changes are common as issuers calibrate timing, size and market windows.
Separately, the company has been reinforcing leadership and investing in EMS capacity, including facilities in the National Capital Region, to support growth across smart devices and industrial electronics, according to company statements and media coverage.
Zetwerk IPO: At a glance
- Zetwerk IPO Size (Proposed): Around INR 6,700 crore, subject to market conditions.
- Book runners: Kotak Mahindra Capital, Morgan Stanley, Avendus Capital, Goldman Sachs, JM Financial, HSBC.
- Zetwerk IPO DRHP Filing: targeted by March 2026; confidential route planned.
- Use of proceeds: growth capital for aerospace, electronics and capital goods, per media reports.
- Zetwerk valuation: about INR 27,000 crore after a December fundraise.
- Client base: 3,500+ customers across consumer electronics, aerospace and defence.
Conclusion
Zetwerk’s move to formalise a six-bank syndicate and press ahead with a confidential filing underscores its intent to capitalise on India’s receptive IPO window. While the final size and timing may shift as markets fluctuate, the company’s push to scale electronics and industrial manufacturing suggests proceeds are likely to fund capacity and category expansion.
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