Securities and Exchange Board of India (SEBI) has cleared the initial public offering (IPO) proposals of technology-led contract manufacturer Zetwerk Manufacturing Businesses, defence electronics company Tonbo Imaging India, apparel and jewellery retailer Marri Retail and copper products maker Gujarat Victory Forgings.
The regulator issued its observations on Tonbo Imaging’s offer documents on July 6, Gujarat Victory Forgings’ papers on July 8, Zetwerk’s confidential filing on July 9 and Marri Retail’s draft papers on July 10, according to Sebi’s processing-status data.
Furniture and appliance rental platform Rentomojo had separately secured Sebi’s observations on July 6. Including Rentomojo, five companies received IPO clearances during the week.
Zetwerk targets biggest issue of the four
Zetwerk Manufacturing Businesses filed its preliminary papers through Sebi’s confidential pre-filing route in March. Under this route, the company’s draft offer document is not immediately made available to the public.
As per a PTI report, the Bengaluru-headquartered company is reported to be targeting an IPO of around Rs 4,000-5,000 crore. The offer is expected to comprise a fresh issue of shares and an offer for sale by existing shareholders, although the final size, valuation and share-sale structure will be determined closer to the launch.
Zetwerk operates a technology-enabled manufacturing platform connecting industrial customers with suppliers and manufacturing facilities. Its operations span consumer electronics, energy, defence, aerospace and capital goods.
The company has manufacturing operations in India and overseas and counts Khosla Ventures, Accel, Peak XV Partners, Lightspeed and Baillie Gifford among its investors.
Founded in 2018, the company is led by co-founders Amrit Acharya and Srinath Ramakkrushnan.
Marri Retail plans store expansion
Hyderabad-based Marri Retail’s proposed IPO comprises a fresh issue of shares worth up to Rs 522 crore and an offer for sale of 2.7 crore equity shares by promoter Marri Venkat Reddy.
The retailer operates apparel and jewellery brands including The Chennai Shopping Mall, JC Brothers, JC Mall, Jeans Corner and Marri Gold and Diamonds across southern and western India.
Marri Retail plans to use the proceeds from the fresh issue to repay or prepay borrowings and fund an expansion of its retail network. Its plans include opening 10 apparel stores, one apparel outlet incorporating a jewellery store-in-store format and two standalone jewellery stores.
A portion of the proceeds will also be used to meet lease and sub-lease rental expenses for certain existing stores and warehouse facilities, while the balance will be deployed for general corporate purposes. The company filed its draft red herring prospectus with Sebi in February.
Tonbo IPO entirely an offer for sale
Defence electronics manufacturer Tonbo Imaging India’s IPO will be entirely an offer for sale of up to 18,085,246 equity shares by its promoters, promoter-group entity and investors. According to a PTI report, as there is no fresh issue component, the company will not receive any proceeds from the IPO.
Tonbo designs and manufactures sensing, processing, communications and guidance systems used in surveillance, reconnaissance, targeting and control. Its portfolio includes thermal-imaging systems, weapon sights, missile seekers, fire-control systems and guidance systems.
The Bengaluru-based company filed its draft papers in December 2025. Its promoters include Ankit Kumar, Arvind Kondangi Lakshmikumar and Cecilia D’Souza. JM Financial and IIFL Capital Services are the book-running lead managers for the issue.
Gujarat Victory to expand copper capacity
Gujarat Victory Forgings’ public offer comprises a fresh issue of up to 65 lakh equity shares and an offer for sale of up to 1.32 crore shares by promoter Vijendrakumar Bishamber Gupta. Together, the offer could comprise up to 1.97 crore shares.
The Vadodara-based company manufactures copper cathodes and other non-ferrous metal products, including copper tubes, coils, ingots and alloys.
It plans to use the fresh issue proceeds to expand its existing Unit III in Vadodara, including increasing its copper-cathode manufacturing capacity. Part of the proceeds will be used to repay borrowings and meet general corporate expenses.
The shares offered by Marri Retail, Tonbo Imaging and Gujarat Victory Forgings are proposed to be listed on the BSE and the National Stock Exchange. Zetwerk will disclose the detailed structure of its offer when it files its updated public offer documents.
