Fresh issue targets ₹2,600 crore
Key Highlights:
- Zetwerk has filed updated IPO papers with Sebi.
- The company plans to raise ₹2,600 crore through a fresh issue.
- The IPO will also include an OFS of up to 9.68 crore shares.
- ₹1,250 crore of fresh proceeds will be used to repay company debt.
- Another ₹550 crore will be used to reduce subsidiary borrowings.
- Zetwerk’s FY26 operating revenue rose 40.4% to ₹15,913 crore.
New Delhi, August 14: Technology-led manufacturing platform Zetwerk Manufacturing Business Ltd has filed updated papers with the Securities and Exchange Board of India (Sebi) for an initial public offering, including a fresh issue of shares worth ₹2,600 crore.
The proposed IPO will also include an offer for sale of up to 9.68 crore shares by promoters and existing shareholders.
Promoters Amrit Pratik Acharya and Srinath Ramakkrushnan, along with promoter group entity Creovate Innovation, will participate in the OFS. Existing investors including Peak XV, Accel, Lightspeed and Kae Capital are also among the selling shareholders.
Zetwerk plans to use ₹1,250 crore from the fresh issue to repay debt at the company. Another ₹550 crore will be used to reduce borrowings at its subsidiaries. The remaining proceeds are proposed to be used for unidentified acquisitions and general corporate purposes.
The company had originally filed preliminary IPO papers through the confidential pre-filing route in March.
Zetwerk operates a technology-enabled manufacturing network that connects industrial customers with its own manufacturing facilities and third-party suppliers.
Its operating revenue increased 40.4 per cent to ₹15,913 crore in FY26 from ₹11,332 crore a year earlier. The company’s adjusted EBITDA also increased substantially, reaching ₹421 crore in FY26 compared with ₹97 crore in FY24.
International markets contributed nearly 30 per cent of Zetwerk’s manufacturing revenue in FY26.
The company’s manufacturing order book doubled to ₹12,370 crore in FY26 from ₹6,170 crore in FY24, highlighting the expansion of its manufacturing business.
Zetwerk operates 26 owned manufacturing facilities across India, the US, Germany and Spain and works with 6,979 third-party suppliers across multiple countries.
Its customers include companies and institutions such as Siemens Gamesa, Acer India, CG Power, NTPC Renewable Energy, L&T MHI Power Boiler, DRDO, the Indian Air Force and Numaligarh Refinery.
The company operates two major businesses — Manufacturing Business and Ecosystem Business, branded Terra91. It discontinued its civil infrastructure business in FY26 as part of a strategic realignment.
Founded in 2018, Zetwerk operates across sectors including renewable energy, electronics, aerospace, defence, AI infrastructure, oil and gas and industrial automation.
The updated IPO filing comes as Indian manufacturing companies and technology-enabled industrial platforms increasingly look toward public markets to raise capital for debt reduction, expansion and acquisitions.
