Zetwerk Plans IPO to Raise Up to $400 Million

Zetwerk Pvt., a Bengaluru-based contract manufacturer, is preparing to publicly file for an initial public offering that could raise up to $400 million. The company, which produces industrial products for artificial-intelligence infrastructure, utilities, and renewable energy, previously filed for the offering confidentially in March.

Zetwerk may submit updated paperwork this week and plans to begin investor meetings this month, with a target launch date as early as September. The company has partnered with several financial institutions to manage the sale, including Kotak Mahindra Capital Co., JM Financial Services Ltd., Avendus Capital Pvt., and the Indian units of HSBC Holdings Plc, Morgan Stanley, and Goldman Sachs Group Inc.

The move occurs during a period of high activity in the Indian IPO market, which has raised approximately $7 billion so far in 2026.