By Praveen Paramasivam and Manvi Pant
CHENNAI (Reuters) -Indian electronics contract manufacturer Zetwerk has hired a slate of banks and plans to file draft papers for its initial public offering in March 2026, a source with direct knowledge of the matter told Reuters on Tuesday.
Kotak Mahindra Capital, Morgan Stanley, Avendus Capital, Goldman Sachs, JM Financial Services and HSBC have been mandated for the deal and are currently conducting valuation work, the source said.
The company declined to comment. Goldman Sachs and HSBC declined to comment, while the other banks did not immediately respond to requests for comment.
Indian markets are hovering near record highs amid a rush of new listings. Companies have raised more than $16 billion so far in 2025, making India the world’s third-largest IPO market, according to Dealogic.
In March, Zetwerk’s CEO and co-founder Amrit Acharya said it was considering a listing within 24 months. The contract manufacturer, which supplies sectors ranging from consumer electronics to aerospace and defence, has over 3,500 customers globally, including Tata Steel, Mitsubishi and Honeywell.
Contract electronics manufacturing has gained momentum in India over the last few years as global technology giants, including Alphabet’s Google and Apple, diversify their supply chain away from China.
The IPO size will be determined after the valuation exercise, the source added.
Zetwerk plans to raise as much as $750 million in its listing, Bloomberg News reported earlier on Tuesday, citing people familiar with the matter.
The company raised nearly $90 million in December in a funding round led by Khosla Ventures, IndiGo co-founder Rakesh Gangwal and Baillie Gifford, valuing it at $3.1 billion.
(Reporting by Praveen Paramasivam in Chennai and Manvi Pant in Bengaluru; Editing by Nivedita Bhattacharjee)
