Zetwerk Set to File for IPO in March 2026, Hires Leading Global Banks
Indian electronics contract manufacturer Zetwerk is preparing to file draft papers for its initial public offering (IPO) in March 2026, according to a source with direct knowledge of the matter. The company has onboarded Kotak Mahindra Capital, Morgan Stanley, Avendus Capital, Goldman Sachs, JM Financial Services and HSBC to manage the process, with the banks currently conducting valuation assessments. Zetwerk, along with several banks, declined to comment on the development.
India’s stock markets are trading near all-time highs amid a surge in new public listings, with companies raising over $16 billion so far in 2025, making the country the world’s third-largest IPO market. Zetwerk’s CEO Amrit Acharya had earlier indicated plans for a public debut within 24 months. The company, which manufactures for sectors ranging from consumer electronics to aerospace and defence, serves more than 3,500 clients globally, including Tata Steel, Mitsubishi and Honeywell.
The final size of the IPO will be determined after valuation exercises, though Bloomberg earlier reported the company aims to raise up to $750 million. Zetwerk recently secured nearly $90 million in a December funding round led by Khosla Ventures, IndiGo co-founder Rakesh Gangwal and Baillie Gifford, placing its valuation at $3.1 billion. The company continues to benefit from India’s growing prominence in global electronics manufacturing as major tech firms diversify production away from China.
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