Zetwerk has received approval from the Securities and Exchange Board of India (SEBI) to go ahead with its initial public offering (IPO). The approval comes after the company confidentially filed its draft IPO papers with the market regulator earlier this year. Notably, under the confidential filing route, companies can keep important financial and business information private during the review process and disclose it publicly only when they are ready to launch the issue. And now, with SEBI issuing its observation letter, Zetwerk can move ahead with the remaining IPO process, subject to market conditions.
The IPO will include a fresh issue of equity shares and an Offer for Sale (OFS) by existing shareholders. The fresh issue will help the company raise new capital for expansion and business growth, while the OFS will allow some early investors and shareholders to sell part of their stake. Although the company has not announced the final size of the issue, earlier reports suggested that Zetwerk could raise around $550 million (about ₹4,000-5,000 crore) at a valuation of around $4 billion. The final issue size, share price and valuation will be decided through the book-building process before the IPO opens.
Founded in 2018, Zetwerk has become one of India’s largest technology-driven contract manufacturing companies. Unlike traditional manufacturers, it does not rely only on its own factories. Instead, it uses a technology platform to connect businesses with a large network of manufacturing partners and manages the entire production process — from sourcing suppliers and engineering support to production planning, quality checks, logistics and final delivery.
The company has built a strong global manufacturing network over the past few years. According to Zetwerk, it serves more than 1,100 customers across 19 countries and works with over 5,400 suppliers spread across 25 countries. It also has 20+ owned manufacturing facilities across India, the United States, Mexico and Europe. Its customer base includes 98 of India’s Fortune 500 companies, while its business spans sectors like electronics, energy, capital goods, industrial machinery, aerospace and defence, precision manufacturing, renewables and consumer products.
Zetwerk has also continued to report strong business growth ahead of its planned listing. According to reports, the company’s operating revenue is estimated to have increased to around ₹15,900 crore in FY26, up from ₹12,800 crore in FY25. The company has expanded rapidly in both domestic and international markets as global companies increasingly diversify their supply chains and shift manufacturing to countries like India. This trend, along with government initiatives like Make in India and the Production-Linked Incentive (PLI) schemes, has created a favourable environment for contract manufacturers like Zetwerk.