Zetwerk IPO: $550M issue planned at $4B valuation

23 March 2026 | PL Capital

Zetwerk moves toward $550M IPO at $4B valuation

Zetwerk is preparing to confidentially file draft IPO papers within one to two weeks, according to two people with direct knowledge of the matter. The Bengaluru-based contract electronics manufacturer is targeting a fundraise of up to $550 million at a valuation of approximately $4 billion.

Issue structure and banking mandates

The IPO includes approximately $300 million in fresh equity issuance, with the remainder to be raised through an offer for sale. Zetwerk has appointed Kotak as lead banker and mandated Morgan Stanley, Goldman Sachs, Pantomath Capital Advisors, JM Financial and HSBC alongside it. Zetwerk declined to comment; the banks did not respond to requests for comment at the time of reporting.

Company profile and recent funding

Founded in 2018, Zetwerk manufactures components for industries spanning consumer electronics, aerospace and defence. It operates more than 10 facilities across India, the United States, Mexico and Europe, and counts Samsung, Volvo and Honeywell among its clients. In late 2024, the company raised nearly $90 million in a funding round led by Khosla Ventures, IndiGo co-founder Rakesh Gangwal and Baillie Gifford, at a valuation of approximately $3.1 billion.

Market context

India ranked as the world’s second-largest IPO market in 2025 by LSEG data, though sentiment has softened this year following a selloff in technology services stocks and weak debuts from recent listings including Fractal Analytics and Shadowfax Technologies. Once approved by regulators, companies have up to 12 months to launch their IPOs.

Outlook

Zetwerk is targeting a listing later in 2026. As with all IPO filings, the timeline remains subject to market conditions and regulatory approval.

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