Zetwerk Pvt., a Bengaluru-based Indian manufacturing platform, is preparing to launch an initial public offering as early as next week that may raise up to $525 million. The company has met with potential investors ahead of the planned share sale and is targeting a valuation of 270 billion rupees ($2.8 billion). The sale is likely to open on Oct. 15 with a targeted listing date of Oct. 23.
Zetwerk confidentially filed for an IPO in March and received regulatory approval in July. The offering will comprise a new share issue worth 26 billion rupees and a secondary sale of up to 96.84 million shares by existing shareholders. 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. Zetwerk operates 26 manufacturing sites across India, the US, Spain and Germany, producing goods for utilities, renewable energy, consumer electronics and artificial-intelligence infrastructure.
The company would join a growing list of firms tapping India's buoyant IPO market, where companies have raised about $14 billion this year following a record $22 billion raised in 2024. Talks are ongoing and details including the size and timing of the IPO may still change.
Source: Bloomberg Markets · Summarized by HeadlinesBriefing