SEBI Approves IPOs For Zetwerk and Tonbo Imaging

India's securities regulator, the Securities and Exchange Board of India (SEBI), has approved the draft IPO papers of manufacturing startup Zetwerk and defense tech startup Tonbo Imaging. SEBI issued its observations on the IPO proposals on July 6 and 9, respectively, signaling the final go-ahead for the companies to list publicly.

Zetwerk, founded in 2018, filed its draft IPO papers in March through the confidential route. The company's IPO is anticipated to include a fresh issue of shares worth approximately $300 million, along with an offer-for-sale (OFS) component amounting to $150 million.

The manufacturing platform serves sectors including industrials, electronics, renewable energy, and consumer products.

Tonbo Imaging, established in 2012, filed its draft red herring prospectus (DRHP) in December. The Bengaluru-based defense tech startup specializes in developing advanced imaging, sensor, and targeting systems. Its proposed IPO will consist solely of an OFS of up to 18.1 million equity shares.