Manufacturing powerhouse Zetwerk is reportedly gearing up to file for an initial public offering (IPO) that could raise up to $750 million, positioning it among the largest public market debuts by an India-based manufacturing platform.
Bankers Appointed, Filing Expected Early Next Year
According to Bloomberg, Zetwerk has appointed Kotak Mahindra Capital, JM Financial Services, Avendus Capital, and the India units of HSBC, Morgan Stanley, and Goldman Sachs to manage the offering. The company is expected to file its draft prospectus early next year via the confidential route, with the issue likely to include a mix of fresh shares and an offer-for-sale component. The fresh issuance is expected to be the larger portion, aligning with Zetwerk’s capital expansion roadmap.
Capital Moves Ahead of the IPO
The public-market push follows a series of funding and debt developments. Two co-founders are set to infuse around Rs 600 crore through a newly created entity, while the company recently secured debt financing from JM Financial. Zetwerk had earlier indicated its intent to go public within a 12–24 month window, marking the upcoming filing as a planned progression.
Financial Snapshot and Investor Base
For FY24, Zetwerk reported Rs 11,450 crore in operating revenue, with net losses widening to Rs 919 crore. The FY25 numbers are yet to be disclosed. The company has raised over $800 million so far from marquee investors including Lightspeed, Greenoaks, Accel, Avenir, and Khosla Ventures.
Sector Momentum Builds
Zetwerk’s IPO plans come as India’s contract manufacturing sector experiences strong market interest. Competitor Infra.Market has already filed confidential papers for a Rs 5,000 crore IPO, while OfBusiness is exploring a public issue of up to $1 billion.
Final Take
If successful, Zetwerk’s listing will underscore the growing global ambition of India’s manufacturing and supply-chain ecosystem.
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