Zetwerk, a B2B manufacturing startup, is preparing to raise up to $550 million through its upcoming initial public offering (IPO), potentially valuing the company at around $4 billion.
According to sources, the IPO will include a fresh issue of shares worth approximately $300 million, while the remainder will come from an offer-for-sale (OFS) component.
The company is expected to submit its draft red herring prospectus (DRHP) to the Securities and Exchange Board of India (SEBI) within the next one to two weeks, aiming for a listing later this year.
Zetwerk has engaged several investment banks for the IPO, including Kotak Mahindra Capital, JM Financial, Avendus Capital, and the Indian branches of HSBC, Morgan Stanley, and Goldman Sachs.
This will not be Zetwerk's first attempt at going public. Last year, the company sought to raise $500 million at a valuation of nearly $5 billion but later postponed those plans, suggesting a potential listing in 2027.
In November 2025, Zetwerk shifted its strategy again, appointing six bankers to facilitate its listing on Indian stock exchanges.
Founded in 2018 by Amrit Acharya, Srinath Ramakkrushnan, Vishal Chaudhary, and Rahul Sharma, Zetwerk specializes in manufacturing industrial components, electronics, renewable energy equipment, and consumer hardware. The company oversees procurement, quality assurance, logistics, and delivery for its clients.
Zetwerk claims to operate over 100 production facilities across various countries, including India, the US, Germany, Spain, Vietnam, and Mexico. To date, it has raised more than $870 million from investors such as Greenoaks, Accel, Lightspeed India, Baillie Gifford, Khosla Ventures, and Avenir Growth.
The IPO announcement comes amid a legal dispute in the US involving a former executive and his company, Ayr Energy. Zetwerk alleges that Ayr used confidential information from its internal systems to secure over $250 million in orders shortly after its formation.
The company has accused Ayr Energy of misusing trade secrets, breaching fiduciary duties, and engaging in unfair competition, claiming losses of nearly $77 million in customer contracts as a result.
