Contract manufacturer Zetwerk has received approval from the Securities and Exchange Board of India (Sebi) for its initial public offering (IPO). The IPO is expected to comprise a mix of fresh equity and an offer for sale (OFS) by existing shareholders. The final issue size and valuation will be decided through the book-building process.
Founded in 2018 by Amrit Acharya, Srinath Ramakkrushnan, Vishal Chaudhary, Ankit Fatehpuria, and Rahul Sharma, Zetwerk operates a technology-enabled manufacturing platform serving sectors such as energy, electronics, defence, aerospace, and capital goods.
The company counts Khosla Ventures, Baillie Gifford, Rakesh Gangwal, Accel, Peak XV, and Lightspeed among its investors. It had filed its draft red herring prospectus (DRHP) with Sebi on March 29 this year.
ET had reported earlier that Zetwerk was in discussions to raise about Rs 500 crore in pre-IPO funding from Bharat Value Fund and a clutch of high-net-worth individuals (HNIs) at a valuation of Rs 25,000-26,000 crore, about the same as its previous private valuation.