Zetwerk, the Indian contract-manufacturing unicorn, is planning to file for an IPO of up to $525 million as early as next week, Bloomberg reported October 9, citing people familiar with the matter. Earlier Reuters reporting confirmed the company filed confidential draft papers with the market regulator, targeting a valuation of about $4 billion.
The issue is expected to comprise about $300 million in fresh equity with the remainder as an offer for sale by existing shareholders. Zetwerk, founded in 2018, operates a full-stack manufacturing platform connecting enterprises to a global network of manufacturing partners across industrial components, electronics, renewable energy equipment and consumer hardware. It was last valued at about $3.1 billion after a 2024 round backed by Khosla Ventures and Baillie Gifford, and appointed Kotak Mahindra Capital, Morgan Stanley, Goldman Sachs, JM Financial and HSBC to manage the listing.
The timing matters: India’s IPO pipeline is crowded this month, with Jio Platforms’ record float also due to open October 21, and Firmus’s shelved $5 billion ASX IPO shows investors are applying valuation discipline to issuers. A $4 billion target is about 30 percent above its $3.1 billion 2024 valuation, a step-up that will be tested in the bookbuild.