Zetwerk weighs nearly Rs 5,000 crore IPO next week: Report

Zetwerk Pvt., an Indian manufacturing platform, is preparing to launch an initial public offering as early as next week that may raise as much as $525 million (nearly Rs 5,000 cr), according to people familiar with the matter.

The Bengaluru-based company has met with potential investors ahead of the planned share sale and is targeting a valuation of Rs 270 billion ($2.8 billion), the people said, asking not to be identified because the information is private. The sale is likely to open on Oct. 15 with a targeted listing date of Oct. 23, they said

Zetwerk confidentially filed for an IPO in March and received regulatory approval in July.

Managers helping with the offering include Kotak Mahindra Capital Co., JM Financial Services Ltd., Avendus Capital Pvt., Pantomath Capital Advisors Pvt. and the Indian units of HSBC Holdings Plc, Morgan Stanley and Goldman Sachs Group Inc., according to the prospectus.

The IPO will comprise a new share issue worth 26 billion rupees and a secondary sale of up to 96.84 million shares by existing shareholders, the prospectus showed.

Talks are ongoing and details including the size and timing of the IPO may still change, the people said. A representative for Zetwerk didn’t immediately respond when approached for comment.

Zetwerk would join a growing list of companies tapping India’s buoyant IPO market, where firms have raised about $14 billion this year. That follows a record $22 billion raised in 2025, according to data compiled by Bloomberg.

Zetwerk operates 26 manufacturing sites across India, the US, Spain and Germany. The company manufactures products for industries including utilities, renewable energy, consumer electronics and artificial-intelligence infrastructure, according to its website.