Zetwerk kicks off IPO plans with confidential SEBI filing

Zetwerk Manufacturing Businesses has filed preliminary papers with Securities and Exchange Board of India (SEBI) through the confidential route for an initial public offering (IPO) to raise between Rs 4,000 crore and Rs 5,000 crore.

The proposed offering is expected to comprise a fresh issue of equity shares and an offer for sale by existing shareholders, with details on issue size and valuation to be finalised through the book-building process, people familiar with the development said.

The manufacturing marketplace counts investors such as Khosla Ventures, Baillie Gifford, Rakesh Gangwal, Accel, Peak XV, and Lightspeed among its backers.

In a public notice on Tuesday, Zetwerk said it has filed "the pre-filed draft red herring prospectus with Sebi and the stock exchanges... in relation to the proposed initial public offering of its equity shares on the main-board of the stock exchanges".

The company has opted for the confidential pre-filing route, which allows the company to engage with the markets regulator SEBI for initial feedback on its draft document without it being publicly disclosed.

This route has been increasingly favoured by companies seeking more flexibility in their IPO preparations and responding to market conditions before a public filing.

According to people familiar with the development, Zetwerk is looking to raise between Rs 4,000 crore and Rs 5,000 crore through the proposed IPO.

Zetwerk operates a technology-enabled manufacturing platform that connects industrial demand with a distributed network of suppliers and manufacturing facilities across sectors such as energy, electronics, defence, aerospace and capital goods. It also runs a platform focused on industrial supply and raw material procurement.

The company leverages its proprietary software system, Zetwerk OS, to manage sourcing, production planning, supplier coordination, and project execution across its network.

Founded in 2018 by Amrit Acharya and Srinath Ramakkrushnan, along with Vishal Chaudhary, Ankit Fatehpuria, and Rahul Sharma, the company has expanded its presence through a mix of owned manufacturing facilities and a global third-party supplier network.

Zetwerk operates in segments witnessing increased activity amid global supply chain shifts, including diversification beyond China, rising investments in data centres and infrastructure, and demand linked to energy transition and domestic manufacturing.