India’s manufacturing unicorn Zetwerk is set to confidentially file draft papers for an initial public offering within the next one to two weeks, according to sources familiar with the matter. The company aims to raise to $550 million at a valuation of around $4 billion.
The proposed IPO is expected to include nearly $300 million in fresh equity, while the remaining portion will come through an offer for sale by existing investors. Zetwerk is targeting a public listing later this year, signalling renewed momentum in India’s IPO pipeline despite cautious market sentiment.
Strong backing and global expansion
Zetwerk has appointed leading investment banks to manage the offering. These include Kotak Mahindra Bank as lead banker, alongside Morgan Stanley, Goldman Sachs, JM Financial, HSBC and Pantomath Capital Advisors.
Founded in 2018, Zetwerk operates across sectors such as consumer electronics, aerospace and defence. It runs more than ten manufacturing facilities across India, the United States, Mexico and Europe. Its client base includes major global companies such as Samsung, Volvo and Honeywell.
The company last raised nearly $90 million in late 2024. The round was led by Khosla Ventures, along with investors including Rakesh Gangwal and Baillie Gifford. The funding valued Zetwerk at about $3.1 billion.
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Market timing remains cautious
The IPO plans come at a time when India’s equity markets are showing mixed signals. While the country emerged as the world’s second-largest IPO market in 2025, sentiment has softened in recent months following a selloff in technology stocks.
Recent listings have delivered muted performances, raising concerns over valuation and timing. However, market experts believe strong companies could still attract investor interest if priced appropriately.
Zetwerk declined to comment on the development, while the banks involved have not responded to queries.
