B2B Manufacturing Firm Advances Public Listing Plans
Zetwerk, a business to business manufacturing technology company, has confidentially filed draft papers for an initial public offering, according to people aware of the development. The company is aiming to raise up to Rs 4,200 crore, or about $450 million, through the proposed issue.The company did not immediately respond to queries regarding the filing.
Top Investment Banks Roped In for Issue
The IPO is being managed by a consortium of leading investment banks, including Kotak Mahindra Capital, JM Financial, and Avendus Capital, along with the Indian units of HSBC, Morgan Stanley, and Goldman Sachs.Pre IPO Fundraise Under Consideration
Alongside its listing plans, Zetwerk is in discussions to raise a pre IPO funding round of $50 million to $60 million, equivalent to approximately Rs 450 crore to Rs 500 crore. The proposed round is aimed at strengthening the company’s balance sheet and offering a partial exit to early investors, sources said.Valuation Holds Steady at $3 Billion
Zetwerk is currently being valued at around $3 billion, largely unchanged from its earlier valuation levels. The company is backed by prominent investors including Khosla Ventures, Accel, Lightspeed, Greenoaks, and Avenir.IPO Timeline Hinges on Geopolitical Developments
The company is targeting a public listing later this year but is closely monitoring the ongoing West Asia conflict and its broader impact on market conditions.The evolving geopolitical situation has already influenced IPO timelines across the startup ecosystem, with several late stage companies, including PhonePe, putting their listing plans on hold as investors and bankers await greater clarity.
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