Zetwerk Pvt, an Indian contract manufacturer, is preparing to file for an initial public offering that may raise as much as $750 million, according to people familiar with the matter.
The Bengaluru-based company has recently mandated 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. to manage the share sale, the people said, asking not to be identified as the information is private.
Zetwerk, which manufactures fabricated metal products, is likely to file a draft prospectus early next year through the confidential route, the people said.
The offering is expected to comprise a mix of new and existing shares, with a larger portion likely to be a fresh issue, the people said. Deliberations are ongoing, and details, including the size and timing may change, they said.
Representatives for Zetwerk, HSBC, and Goldman Sachs declined to comment. Spokespersons for the other banks didn’t immediately respond to requests for comment.
Zetwerk joins a growing list of companies tapping India’s booming IPO market, where firms have raised about $19.5 billion so far this year. That follows a record $21 billion in 2024, according to data compiled by Bloomberg.
The company serves clients across sectors, including aerospace components, consumer electronics, and capital goods, according to its website.
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Published on November 25, 2025
