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Zetwerk Eyes $750M IPO Amidst Financial Turnaround
25 Nov
Summary
- Manufacturing platform Zetwerk aims for a $750 million IPO.
- Company reported Rs 11,450 crore revenue and Rs 919 crore loss in FY24.
- Zetwerk appointed several investment banks to manage the upcoming IPO.
Manufacturing platform Zetwerk is gearing up for a significant initial public offering (IPO), potentially raising as much as $750 million. This move could mark one of the largest public market debuts for an India-based manufacturing company. The company has appointed a consortium of financial institutions, including Kotak Mahindra Capital, JM Financial Services, Avendus Capital, and the Indian units of HSBC, Morgan Stanley, and Goldman Sachs, to manage the proposed offering.
Zetwerk's FY24 financial filings indicated operating revenues of approximately Rs 11,450 crore. However, the company also recorded a net loss of around Rs 919 crore during the same fiscal year. Despite these recent financial results, Zetwerk is pursuing this IPO, which is expected to include both fresh and existing shares, with the former likely comprising a larger portion.
The company's IPO plans follow recent funding and debt developments, including a significant infusion from co-founders and debt secured from JM Financial. This strategic move aligns with Zetwerk's broader goal of expanding its global manufacturing capabilities and solidifying its position in contract manufacturing. Competitors like Infra Market and OfBusiness are also reportedly planning their own public offerings.
