India, July 10 -- Markets regulator SEBI has approved the draft IPO papers of manufacturing startup Zetwerk and defence tech startup Tonbo Imaging.

According to SEBI's latest update on the processing status, it issued its observations on the aforementioned IPO proposal of Tonbo and Zetwerk on July 6 and 9, respectively. In SEBI parlance, the issuance of an observation letter is indicative of the final go-ahead for a company to go public.

Zetwerk had filed its draft IPO papers back in March via the confidential route. The company's IPO is expected to comprise of a fresh issue of shares worth nearly $300 Mn plus an offer-for-sale (OFS) component amounting to $150 Mn.

Founded in 2018 by Amrit Acharya, Srinath Ramakkrushnan, Vishal Chaudha...