Zetwerk Prepares for Initial Public Offering of Up to $750 Million
Zetwerk is preparing for an initial public offering that has the potential to generate up to $750 million. If successful, this offering could rank as one of the largest public market launches by a manufacturing firm based in India. Reports from Bloomberg indicate that the manufacturing platform, situated in Bengaluru, has enlisted the services of Kotak Mahindra Capital, JM Financial Services, Avendus Capital, along with the Indian arms of HSBC, Morgan Stanley, and Goldman Sachs to oversee the anticipated issue.
The company is projected to submit its draft prospectus via a confidential route early next year. It has been mentioned that the offering will encompass both new and existing shares, with the fresh shares expected to constitute a larger portion.
In recent months, Zetwerk has experienced a range of funding and debt-related activities. Startup Superb has reported that two co-founders plan to inject approximately Rs 600 crore into the company via a newly established entity. Earlier this year, the platform also obtained debt financing from JM Financial as part of its ongoing capital strategy.
In April, Zetwerk suggested that it was aiming for a public listing within a 12 to 24-month timeframe. For the fiscal year 2024, Zetwerk disclosed operating revenue of roughly Rs 11,450 crore in its filings, while reporting a net loss of approximately Rs 919 crore during the same period. Data for fiscal year 2025 is not yet available.
To date, the company has raised over $800 million from various investors, including Lightspeed, Greenoaks, Accel, Avenir, and Khosla Ventures. The plans for Zetwerk’s IPO coincide with its objective to enhance global manufacturing capabilities and bolster its standing in contract manufacturing. Its rival, Infra Market, has recently submitted a confidential draft proposal to SEBI for an IPO valued at Rs 5,000 crore. Additionally, OfBusiness, the largest competitor in the market, is also considering an IPO of up to $1 billion, though it has yet to announce a specific timeline.