Zetwerk Sets Stage for $750 Million IPO in Early 2026, Tapping Top Banks for Market Debut

Updated: November 25, 2025 17:53

Image Source: Business Standard

Bengaluru-based contract manufacturer Zetwerk is preparing to file for a $750 million IPO in early 2026. The company has engaged six prominent banks, including Kotak Mahindra Capital, Morgan Stanley, Goldman Sachs, JM Financial Services, Avendus Capital, and HSBC, currently conducting valuation work ahead of filing. The IPO aims to raise fresh capital primarily for expansion, signaling strong investor interest in India’s manufacturing sector.

Zetwerk, a leading Indian electronics contract manufacturer, is finalizing preparations to enter the public markets with an initial public offering slated for March 2026. To manage this complex process, Zetwerk has onboarded a consortium of six major investment banks—Kotak Mahindra Capital, Morgan Stanley, Goldman Sachs, JM Financial Services, Avendus Capital, and HSBC. These banks are actively involved in valuation and due diligence exercises that will underpin the IPO filing document.

The offering is expected to raise approximately $750 million. While the final size and exact timing remain under discussion, a significant portion of the share sale will consist of new stock issuance aimed at fueling Zetwerk’s growth, especially in sectors like aerospace, electronics, and capital goods manufacturing. This move aligns with the broader trend of vigorous IPO activity in India, where companies have collectively raised substantial capital in 2025 amid record-high stock market valuations.

Zetwerk's IPO plans come at a time when India is the third-largest IPO market globally, with strong investor appetite for manufacturing and technology-focused enterprises. The company has already raised more than $700 million in funding and is aiming to enhance its market presence and operational scale post-listing.

Key Highlights:

Zetwerk aims to raise approximately $750 million through its IPO in early 2026
The company has hired six major banks including Kotak Mahindra Capital, Morgan Stanley, Goldman Sachs, JM Financial Services, Avendus Capital, and HSBC
IPO is expected to include mainly fresh issuance for growth capital with some secondary shares
Filing of the draft prospectus planned for March 2026 via confidential route
Zetwerk valued around $3.1 billion, with strong backing from prior funding rounds exceeding $700 million
India remains a hot IPO market, currently the world's third-largest by capital raised in 2025

Sources: Reuters, Economic Times, Bloomberg, Outlook Business, NewsBytes

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