Zetwerk Appoints Banks for Maiden Listing: Eyes $500 Million in Funds Through IPO Zetwerk has opted to partner with Axis Capital Ltd., Goldman Sachs Group Inc., Jefferies Financial Group Inc., JM Financial Ltd., JPMorgan Chase & Co., and Kotak Mahindra Bank Ltd. as the book-running lead managers (BRLMs) for the IPO.
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Zetwerk, a Bengaluru-based company dealing in manufacturing and logistics, is eyeing a USD 500 million (INR 4,100 crore) initial public offering (IPO) this year, as it recently selected arrangers for its maiden listening.
According to reports, Zetwerk has opted to partner with Axis Capital Ltd., Goldman Sachs Group Inc., Jefferies Financial Group Inc., JM Financial Ltd., JPMorgan Chase & Co., and Kotak Mahindra Bank Ltd. as the book-running lead managers (BRLMs) for the IPO.
The USD 500 million-fundraising could also peg the company's valuation to USD 5 billion (INR 41,000 crore) as the company aims to establish itself as one of the leading presence in the country's developing manufacturing sector.
Zetwork's business model links clients across various manufacturing sectors such as aircraft engines, consumer electronics, and even home appliances.
Notably, the company had also recently introduced an employee stock option worth INR 541 crore, under its 'ESOP Plan 2018' as its maiden ESOP expansion in 2024.
The stock option plan includes 1,24,03,900 stock options. The expansion was followed by a USD 90 million fundraise led by Khosla Ventures, with the likes of The Schiehallion Fund at a valuation of USD 3.1 billion.
Other investors in Zetwerk include prominent names in venture capital such as Peak XV Partners and Lightspeed India Partners.
The Indian primary market experienced a bustling 2024, with a total of USD 22 million raised through 91 companies, alongside 248 small and medium enterprise (SME) IPOs. According to reports, 71 mainboard IPOs delivered positive returns, with 222 SMEs showing strong performance in the market. The biggest IPO of the year was Hyundai's mega INR 27,000-crore listing.
In the consumer electronics market, Aman Gupta-led brand boAt is also preparing to launch its IPO, with an aim to raise anywhere between USD 300-500 million through the primary market. The company has also appointed the likes of ICICI Securities, Goldman Sachs, and Nomura to lead its listing. According to reports, boAt may also seek a valuation above USD 1.5 billion with the fundraising, tentative to change closer to the listing date.
LG Electronics India is also gearing up to fundraise through the public market, with the listing set to become the fifth largest in Indian IPO history at INR 15,000 crore. The issue will consist entirely of an offer for sale by the promoter selling shares, LG Electronics Inc., with plans to sell close to 101.8 million shares, which is 15 percent of the equity capital.
