Zetwerk receives SEBI nod for IPO
According to SEBI’s processing status report dated July 10, observations on Zetwerk’s pre-filed draft offer document were issued during the week on July 9.
Zetwerk Manufacturing Business Limited has secured approval from the Securities and Exchange Board of India (SEBI) for its proposed initial public offering (IPO), crossing an important regulatory milestone in its journey towards a stock market debut.
According to SEBI’s processing status report dated July 10, observations on Zetwerk’s pre-filed draft offer document were issued during the week on July 9.
Under India’s confidential pre-filing route, companies can seek regulatory feedback before publicly disclosing detailed offer documents, giving them greater flexibility over the timing of a listing.
The proposed IPO is expected to comprise a fresh issue of equity shares and an offer for sale by existing shareholders, although the final issue size and valuation will be determined through the book-building process.
The company counts Khosla Ventures, Baillie Gifford, Accel, Peak XV, GreenOak, Lightspeed, and IndiGo co-founder Rakesh Gangwal among its investors.
Founded in 2018 by Amrit Acharya and Srinath Ramakkrushnan, Zetwerk has built a technology-enabled manufacturing platform that connects industrial customers with a distributed network of manufacturing partners and its own production facilities, streamlining large-scale manufacturing and supply chains.
The company serves sectors including energy, electronics, aerospace, defence, capital goods, and industrial commodities, using its proprietary software platform, Zetwerk OS, to manage sourcing, production planning, supplier coordination and project execution.
Zetwerk has expanded beyond its original marketplace model into owned manufacturing assets. According to the company's website, it now serves more than 1,100 customers across 19 countries through over 5,400 third-party suppliers and more than 20 manufacturing facilities across four countries.
In February, Union Electronics and IT Minister Ashwini Vaishnaw inaugurated Zetwerk Electronics’ manufacturing facility in Bengaluru for defence, automotive and IT hardware products.
Zetwerk’s progress comes amid an active, although more selective, IPO market. Several companies including Razorpay, National Stock Exchange and Jio Platforms have also pursued the confidential filing route.