Zetwerk, a fast-growing manufacturing startup based in Bengaluru, is preparing to move closer to the public markets. According to people familiar with the matter, the company is likely to confidentially file its IPO papers within the next couple of weeks.
The company is aiming to raise as much as $550 million through the offering and is targeting a valuation of around $4 billion. A portion of the IPO is expected to come from fresh shares issued by the company, while existing investors may also sell part of their holdings.
By choosing the confidential filing route, Zetwerk is keeping its options open. This approach allows companies to test investor interest and delay the public launch if market conditions are not favourable. The actual IPO is expected sometime later in 2026, depending on how the markets perform.
Founded in 2018, Zetwerk has quickly built a strong presence in the manufacturing space. It connects businesses with suppliers and helps produce components across sectors such as consumer electronics, aerospace, and defence. Over the years, it has expanded beyond India, with operations in the US, Mexico, and parts of Europe, serving large global clients.
The IPO plans come at a time when the broader market is showing mixed signals. While last year saw a strong run of public listings, 2026 has been more uncertain, with some companies facing muted investor response. This makes pricing and timing especially important for companies planning to go public.
Zetwerk’s growth reflects a larger trend in global manufacturing. As companies look to diversify supply chains beyond China, India has emerged as an attractive alternative. Startups like Zetwerk are benefiting from this shift by positioning themselves as key players in the supply ecosystem.
The company last raised funds in 2024 at a valuation of just over $3 billion, so its IPO target suggests a significant step up. If successful, the listing could be one of the notable public market debuts from India’s manufacturing-tech space.
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