Zetwerk, Tonbo Imaging win Sebi clearance for India IPOs
Regulatory clearance for two advanced manufacturing firms signals growing investor access to India's defence and industrial supply chain sectors.
The Securities and Exchange Board of India has cleared the initial public offerings of contract manufacturing platform Zetwerk and defence imaging firm Tonbo Imaging. Zetwerk received its regulatory observations on 9 July, while Tonbo’s approval arrived on 6 July.
The two companies now face different listing clocks. Because Zetwerk filed its draft papers confidentially in March, it has an 18-month window to price its offering. Tonbo, which submitted its documents publicly in December 2025, must complete its listing within 12 months.
Tonbo’s flotation will be a pure offer-for-sale, with existing investors set to offload up to 18.1 million equity shares. JM Financial and IIFL Capital Services are managing the issue. The company, promoted by Arvind Lakshmikumar, Ankit Kumar and Cecilia D’Souza, has positioned itself squarely within India’s defence indigenisation push.
Founded in 2003 by technologists with US Department of Defence and Sarnoff Corporation experience, Tonbo shifted to a dedicated defence-product model in 2012 following a promoter buyout. It manufactures imaging, targeting and battlefield sensor systems for military and security applications. The company had deployed over 20,000 systems across 24 countries as of 30 June 2025. Its shareholder register includes Qualcomm Ventures, Artiman and India Exim Bank.
Manufacturing network play
Zetwerk operates a different model, using proprietary software called Zetwerk OS to manage sourcing, production planning, and supplier coordination across owned and third-party facilities. The platform spans energy, aerospace, electronics, defence and capital goods, alongside a vertical for raw material procurement.
The company was founded in 2018 by Amrit Acharya, Srinath Ramakkrushnan, Vishal Chaudhary, Ankit Fatehpuria and Rahul Sharma. Its investor base points to a strong growth trajectory, featuring global names like Khosla Ventures, Baillie Gifford, Rakesh Gangwal, Accel, Peak XV, GreenOak and Lightspeed.
These upcoming listings expand a nascent but growing pipeline for India’s deep-tech and precision manufacturing sector. They follow public market debuts by Aequs and SEDEMAC Mechatronics. For global and domestic portfolio managers, the Zetwerk and Tonbo offerings represent a rare opportunity to buy into India's industrial modernization and defence export capabilities at an early public stage.
