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The Bengaluru-based company has selected Axis Capital Ltd., Goldman Sachs Group Inc, Jefferies Financial Group Inc, JM Financial Ltd, JPMorgan Chase & Co and Kotak Mahindra Bank Ltd as arrangers for the IPO, the people said. It could seek a valuation of around $5 billion in the share sale and aims to list as soon as this year, according to the people.
Zetwork is backed by investors including Peak XV Partners and Lightspeed India Partners. Considerations on the IPO are preliminary and details such as size and timing could change, the people said, asking not to be identified because the information is private.
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A representative for Zetwerk declined to comment. Spokespeople for the banks didn’t immediately respond to requests for comment outside regular business hours.
More than $20 billion was raised in Indian IPOs last year, including a record-breaking listing by Hyundai Motor Co.’s local unit, making it the world’s second-busiest market after the US. LG Electronics Inc is also considering an IPO for its India unit, while Apollo Global Management Inc is considering listing auto-parts supplier Tenneco Inc.’s India business, Bloomberg News reported Tuesday.
Zetwerk helps connect suppliers and customers in areas such as aircraft engine manufacturing, consumer electronics and home appliances.
Also Read: SEBI exploring the use of AI for faster processing of IPO applications
