The Bengaluru-based company owns Axis Capital Ltd., Goldman Sachs Group Inc., Jefferies Financial Group Inc., JM Financial Ltd., JPMorgan Chase & Co. and has selected Kotak Mahindra Bank Ltd. as the manager for the IPO, the people said. It could seek a valuation of about $5 billion in a share sale and aims to list as soon as this year, according to the people.
ZetWorks is backed by investors including Peak XV Partners and Lightspeed India Partners. Considerations for an 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.
A representative for Zetwork declined to comment. Spokesmen for the banks did not immediately respond to requests for comment outside regular business hours.
Indian IPOs raised over $20 billion last year, including a record-breaking listing by the local unit of Hyundai Motor Co., making it the world’s second-busiest market after the US. LG Electronics Inc. But is considering an IPO for its India unit, while Apollo Global Management Inc. Auto-parts supplier Tenneco Inc. is considering listing its India business, Bloomberg News reported on Tuesday.
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Zetwerk helps connect suppliers and customers in sectors such as aircraft engine manufacturing, consumer electronics and home appliances.
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