SEBI Clears IPOs Of Zetwerk, Tonbo Imaging
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Markets regulator SEBI has approved the draft IPO papers of manufacturing startup Zetwerk and defence tech startup Tonbo Imaging.
According to SEBI’s latest update on the processing status, it issued its observations on the aforementioned IPO proposal of Tonbo and Zetwerk on July 6 and 9, respectively. In SEBI parlance, the issuance of an observation letter is indicative of the final go-ahead for a company to go public.
Zetwerk had filed its draft IPO papers back in March via the confidential route. The company’s IPO is expected to comprise of a fresh issue of shares worth nearly $300 Mn plus an offer-for-sale (OFS) component amounting to $150 Mn.
Founded in 2018 by Amrit Acharya, Srinath Ramakkrushnan, Vishal Chaudhary, and Rahul Sharma, Zetwerk operates a full-stack manufacturing platform serving sectors such as industrials, electronics, renewable energy, and consumer products.
Meanwhile, Tonbo Imaging filed its DRHP in December. The company’s proposed IPO consists solely of an OFS of up to 1.81 Cr equity shares.
Founded in 2012, Tonbo Imaging is a Bengaluru‑based defence tech startup that does end-to-end development of advanced imaging, sensor, targeting and battlefield systems for military and security applications.
(The story will be updated shortly)
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