Zetwerk Pvt., an Indian contract manufacturer, is preparing to file for a public offering that could raise as much as $400 million, according to people familiar with the matter. The filing is expected in September, following the company's receipt of approval from India's Securities and Exchange Board in July.
The $400 million target would place Zetwerk among a wave of manufacturing-focused IPOs in India over the past two years. India's IPO market has seen heightened activity in industrial and contract manufacturing businesses as multinational companies look to diversify supply chains away from China. The manufacturing sector accounted for roughly 30 percent of all Indian IPO proceeds in 2025, compared to less than 20 percent in 2022.
Zetwerk operates contract manufacturing facilities across India and serves customers in automotive, industrial equipment, and consumer durables. The company has raised roughly $250 million in private funding to date, according to prior reporting. Its previous investors include Bessemer Venture Partners, Accel Partners, and Greenoaks Capital.
The SEBI approval in July clears the regulatory pathway for Zetwerk to move forward with its filing. Indian manufacturing IPOs filed in the past 18 months have taken between 60 and 90 days from public filing to listing, meaning a September filing would put Zetwerk's debut in the fourth quarter. The company has not disclosed the exact size of its shareholding being offered or the price band.
India's broader market backdrop remains favorable for manufacturing IPOs. The government has invested heavily in infrastructure and offered tax incentives through programs like Production Linked Incentive to encourage domestic manufacturing. Several contract manufacturers have completed public offerings in the past 24 months, with average opening-day returns of 8 to 12 percent.
Zetwerk's $400 million target represents a roughly 60 percent increase from its last private valuation round in 2023, when the company was valued at approximately $250 million. India's IPO pipeline saw 58 listings in 2025 compared to 42 in 2024.
The September filing timeline means Zetwerk's public prospectus and financial disclosures will enter the public record within weeks, revealing detailed customer concentration, margin profiles, and growth trajectories that have remained private. The document to watch is the draft red herring prospectus, which will disclose the company's revenue run rate, capital expenditure plans, and any customer concentration risk that may shape investor appetite.
