Bengaluru-based Zetwerk plans to launch $750 million IPO, hires six banks: Report

Bengaluru-based contract manufacturing firm Zetwerk is reportedly preparing to file papers for an IPO to raise up to $750 million, according to a Bloomberg report. 

The report said that the company, which became unicorn in 2021, has appointed Kotak Mahindra Capital, JM Financial Services, Avendus Capital and the Indian units of HSBC, Morgan Stanley and Goldman Sachs to manage the proposed issue. Zetwerk is expected to file its draft prospectus early next year through the confidential route.

The offer is likely to include a mix of fresh shares and an offer for sale, and the fresh issue is expected to form the bigger portion. Discussions are still ongoing, and the size and timing of the offering may change, the report noted.

In April, the company had indicated that it aimed to go public within 12 to 24 months. For FY24, Zetwerk reported operating revenue of about Rs 14,596 crore and a net loss of around Rs 919 crore.

So far, it has raised more than $800 million from Lightspeed, Greenoaks, Accel, Avenir and Khosla Ventures. Earlier in January this year, Zetwerk made a series of high-profile hires for its electronics manufacturing services division.