IPO Update: Zetwerk Plans $750 Million IPO for 2026; Hires Kotak, Morgan Stanley and Goldman Sachs

Mumbai | November 25

Bengaluru-based contract manufacturer Zetwerk Manufacturing is preparing for a $750 million Initial Public Offering (IPO), positioning itself as one of the largest industrial listings expected in India’s 2026 pipeline, according to people familiar with the matter.

The company has appointed Kotak Mahindra Capital, JM Financial, Avendus, HSBC India, Morgan Stanley India and Goldman Sachs India as book-running lead managers for the proposed Zetwerk IPO. The banker line-up blends domestic and global distribution strength, signalling that Zetwerk aims to attract both Indian institutional investors and overseas funds when it comes to market.

Zetwerk, which builds fabricated metal products, precision components and high-specification engineering systems, has emerged as one of India’s fastest-growing contract manufacturing platforms, benefiting from global supply-chain diversification and India’s manufacturing push.

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Confidential filing planned for early 2026

The company is expected to file its Draft Red Herring Prospectus (DRHP) via the confidential filing route early next year, allowing greater flexibility on valuation, timing and offer composition. The issue is likely to include a mix of fresh shares and an offer-for-sale (OFS), with the primary component expected to form the larger portion as Zetwerk seeks capital to scale operations.

People familiar with the discussions said the final issue size and timetable may evolve based on market conditions. Representatives for Zetwerk and several banks declined to comment, while others did not immediately respond to requests for clarification.

Confidential filings have become more common among late-stage, high-value companies that want to test regulatory expectations and market appetite before formal disclosure.

Zetwerk targets strong investor interest as India’s IPO market remains active

Founded in 2018, Zetwerk supplies industrial customers across aerospace, consumer electronics, renewable energy, heavy engineering and capital goods segments that have attracted increasing investor attention as India strengthens its position in global manufacturing value chains.

Its expansion aligns with broader trends supporting India’s production ecosystem:
— the government’s production-linked incentive (PLI) schemes,
— multinational firms adopting China+1 sourcing strategies,
— rising demand for precision-engineered components, and
— a shift toward domestic fabrication and assembly.

The India IPO market remains one of the busiest globally. Companies have raised around $19.5 billion so far in 2025, after a record $21 billion in 2024, according to media reports. Manufacturing, industrial-tech and digital-first businesses continue to dominate the upcoming pipeline.

If successful, the Zetwerk IPO would further strengthen this momentum, marking the company’s transition from fast-growing private manufacturer to publicly listed industrial leader.

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