Indian contract manufacturer Zetwerk is moving forward with plans for an initial public offering in India that could raise up to $400 million, Bloomberg reported Wednesday, citing people familiar with the matter.

The company has reportedly made a confidential IPO filing in March, and is expected to submit updated papers this week. Zetwerk plans to launch its IPO as soon as September, the sources reportedly told Bloomberg.

Kotak Mahindra(BOM:500247, NSE:KOTAKBANK), JM Financial (BOM:523405, NSE:JMFINANCIL), Avendus Capital and the Indian arms of HSBC, Morgan Stanley, and Goldman Sachs are expected to manage the offering, the report said.

Zetwerk, Kotak, JM Financial, Avendus, HSBC India, Morgan Stanley, and Goldman Sachs did not immediately respond to MT Newswires' request for comment.

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