Zetwerk Files Confidential DRHP for $450 Million IPO, Eyes Pre-IPO Funding

Zetwerk, the B2B manufacturing unicorn, has taken a decisive step toward a public listing by confidentially filing its Draft Red Herring Prospectus (DRHP) for a $450 million (approximately ₹4,200 crore) IPO. This move signals the company's intent to tap into public markets, with reports indicating a planned pre-IPO funding round of $50-60 million to further bolster its position before the offering. The startup has assembled a formidable lineup of financial heavyweights to lead the process, including Mahindra Capital, JM Financial, Avendus Capital, and the Indian arms of global giants HSBC, Morgan Stanley, and Goldman Sachs. The IPO structure is expected to comprise a fresh issue of shares worth nearly $300 million, with the remaining portion coming from an offer-for-sale (OFS) by existing shareholders. Founded in 2018 by Amrit Acharya, Srinath Ramakkrushnan, Vishal Chaudhary, and Rahul Sharma, Zetwerk operates a full-stack platform manufacturing industrial components, electronics, renewable energy equipment, and consumer hardware. This confidential filing places Zetwerk among a select group of Indian startups navigating the public markets, testing investor appetite for its manufacturing-as-a-service model. The involvement of top-tier global and domestic banks underscores the scale and significance of the proposed listing. The outcome will serve as a key indicator for the broader B2B manufacturing and industrial tech sector, with the company's procurement and production capabilities under fresh scrutiny as it prepares for a landmark financial transition.