Indian contract manufacturing startup Zetwerk plans to confidentially file draft papers for an initial public offering (IPO) within the next one to two weeks, according to people familiar with the matter. The company aims to raise up to $550 million through the listing and is targeting a valuation of about $4 billion.

The IPO is expected to include about $300 million in fresh equity, while the remaining portion will come from an offer for sale by existing investors, the sources said.

Zetwerk plans to go public later in 2026, although the exact timeline could still change depending on market conditions. The confidential filing process allows companies to prepare regulatory documents privately before formally launching an IPO.

However, Zetwerk declined to comment on the plans, and the banks involved in the deal did not immediately respond to requests for comment.

💼 Major Banks Lead the Planned IPO

Several global investment banks are expected to manage the planned offering. According to sources, Kotak Investment Banking will act as the lead banker for the IPO. Other financial institutions involved include Morgan Stanley, Goldman Sachs, Pantomath Capital Advisors, JM Financial, and HSBC.

These banks will help the company prepare regulatory filings and market the offering to potential investors. Such large IPO deals often involve multiple banks to handle different aspects of the process, including underwriting and investor outreach.

Reuters had earlier reported that Zetwerk had hired banks to prepare IPO documents for a possible filing in March, indicating that the company has been preparing for the listing for several months.

Meanwhile, Zetwerk CEO and co-founder Amrit Acharya previously indicated that the company was considering going public within about two years, signaling the firm’s long-term plan to enter public markets.

📊 IPO Market Conditions Remain Mixed

The planned listing comes at a time when the Indian IPO market is experiencing mixed investor sentiment. India ranked as the world’s second-largest IPO market in 2025, according to LSEG data. However, market enthusiasm has cooled somewhat in 2026 after a sell-off in technology services stocks.

Some recent IPOs have struggled to maintain strong performance after their market debut. Nevertheless, analysts believe investors may still support strong companies that enter the market with reasonable valuations.

One market analyst said that even in a subdued market, investors remain willing to invest in companies with solid fundamentals and attractive pricing.

Companies also have flexibility when planning IPOs. After filing documents with regulators, firms usually have up to 12 months to complete the listing, allowing them to wait for favorable market conditions.

🌏 Zetwerk Expands Global Manufacturing Network

Founded in 2018, Zetwerk operates as a contract manufacturing platform supplying components and products to multiple industries. Its services support sectors including consumer electronics, aerospace, and defence manufacturing.

The company currently runs more than 10 manufacturing facilities across India, the United States, Mexico, and Europe. Its client base includes large multinational firms such as Samsung, Volvo, and Honeywell.

Zetwerk’s growth reflects a broader shift in global manufacturing. Many technology companies are diversifying supply chains beyond China and expanding production networks in other regions.

As a result, contract manufacturers such as Zetwerk have experienced rapid expansion in recent years.