SEBI Gives IPO Green Light To Zetwerk, Marri Retail, Tonbo Imaging And Gujarat Victory In One Week

Four companies received the Securities and Exchange Board of India’s (SEBI) go-ahead for their initial public offerings (IPOs) during the week, with the regulator issuing observations on draft papers filed by contract electronics manufacturer Zetwerk Manufacturing Business, apparel and jewellery retailer Marri Retail, defence electronics maker Tonbo Imaging India and non-ferrous metal products manufacturer Gujarat Victory Forgings.

SEBI's observations on Tonbo Imaging and Gujarat Victory Forgings were issued on 6 July and 8 July, respectively, while Zetwerk received its clearance on 9 July and Marri Retail on 10 July.

Once SEBI issues observations, a company has up to 12 months to launch its IPO. Companies that filed through the confidential route, as Zetwerk did, get an 18-month window.

Zetwerk: The Biggest Of The Four

Bengaluru-headquartered Zetwerk Manufacturing Business, a technology-led B2B global manufacturing company backed by Khosla Ventures, Accel, Lightspeed, Greenoaks, Avenir and others, is seeking to raise up to ₹4,200 crore.

It had filed its draft papers confidentially in early 2026. Kotak Mahindra Capital, JM Financial, Avendus Capital, Pantomath Capital and the Indian arms of HSBC, Morgan Stanley and Goldman Sachs are managing the issue.

Marri Retail: Stores And Debt On The Agenda

Hyderabad-based Marri Retail plans to raise ₹522 crore through a fresh issue, including a pre-IPO round of ₹104.4 crore. Promoter Marri Venkat Reddy will separately sell 2.7 crore shares via an offer for sale (OFS).

Fresh issue proceeds will go towards repaying loans, opening new apparel and jewellery stores, and lease payments for existing stores and a warehouse. Nuvama Wealth Management, IIFL Capital Services and Motilal Oswal Investment Advisors are the book-running lead managers.

Tonbo Imaging: Pure OFS By Promoters And Investors

Bengaluru-based defence electronics OEM Tonbo Imaging India is raising funds entirely through an OFS of 1.8 crore equity shares, with no fresh capital being raised by the company. Selling shareholders include promoters and investors such as CEAQ Technologies, Artiman Partners and others. JM Financial and IIFL Capital Services are managing the issue.

Gujarat Victory Forgings: Expansion And Debt Reduction

Vadodara-based Gujarat Victory Forgings, which processes and recycles metal scrap to manufacture non-ferrous metal products, plans to raise funds through a fresh issue of 65 lakh shares and an OFS of 1.32 crore shares by promoter Vijendrakumar Bishamber Gupta.

Fresh issue proceeds will fund expansion of its copper cathode manufacturing capacity at Unit III in Vadodara, loan repayment and general corporate purposes. Monarch Networth Capital and Nirbhay Capital Services are the merchant bankers.

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