India-based Zetwerk Manufacturing Business Ltd has received observations from the Securities and Exchange Board of India (SEBI) on its confidential pre-filed initial public offering.

The observations move Zetwerk closer to a public listing but do not guarantee the IPO will proceed.

The confidential route keeps offer documents private at first. It gives issuers up to 16 months to file updated papers and 18 months to launch the IPO after SEBI’s observations, versus 12 months under the standard process.

Zetwerk operates a manufacturing platform that connects industrial customers with suppliers and its own factories. It serves sectors including energy, electronics, aerospace, defense, capital goods, and industrial commodities.

The IPO is expected to include a fresh share issue and an offer for sale by existing investors, including Accel, Lightspeed, Peak XV, Khosla Ventures, Baillie Gifford, GreenOak, and IndiGo co-founder Rakesh Gangwal.

Confidential IPO filings have become more common in India, with 12 new-age companies using the route in 2025 following listings by Swiggy and Vishal Mega Mart in 2024.

🔗 Source: YourStory