Zetwerk IPO: Global Giants Eye India's Manufacturing Boom

Zetwerk, a prominent B2B manufacturing platform, is set to launch its Initial Public Offering (IPO) within the next few weeks. The company is aiming for a valuation of approximately ₹27,000 crore ($3.1 billion). This significant IPO will include a fresh issue of ₹2,830 crore and an offer for sale (OFS) amounting to ₹2,200 crore.

More than 30 global and domestic investors, including major entities like Abu Dhabi Investment Authority, Norway's central bank (Norges Bank), and asset management arms of Goldman Sachs, SBI, and HDFC, are reportedly considering participation in Zetwerk's anchor book. The company plans to announce the IPO's price band on Monday, October 12.

Founded in 2018, Zetwerk operates on a proprietary software platform, Zetwerk OS, managing various stages from sourcing to project execution. It serves diverse sectors including renewable energy, defense, AI infrastructure, and aerospace, both domestically and internationally. The company recorded an estimated operating revenue of ₹15,900 crore in FY26.

Zetwerk is entering the public market amidst subdued investor sentiment towards technology stocks, with the Nifty IT index down 24% in 2026. Despite market challenges, the company's strong client base, featuring major firms like L&T, NTPC, Siemens, and Acer, positions it for potential success. Kotak Mahindra Capital, JM Financial, and other leading financial institutions are serving as merchant bankers for the IPO.