Zetwerk Begins IPO Roadshows, Targets September-End Listing

Bengaluru-based Zetwerk has kicked off investor roadshows ahead of its initial public offering, with the company aiming for a listing by the end of September, according to a Moneycontrol report.

September-end is being treated as the earliest possible window, the report added. The actual launch could slip closer to mid-October depending on how the roadshows progress and how market conditions hold up.

Zetwerk's public offer includes a fresh issue of shares worth up to ₹2,600 crore along with an offer for sale of up to 9.68 crore shares. The details were disclosed in the company's updated draft red herring prospectus, filed on August 13.

Of the fresh issue proceeds, ₹1,250 crore will go toward repaying the company's own borrowings, while ₹550 crore will be used to clear debt held by nine of its subsidiaries. The remaining funds are earmarked for acquisitions that have not yet been identified, along with other strategic investments and general corporate needs.

Who Is Selling

The largest chunk of the offer-for-sale portion belongs to promoter-group entity Creovate Innovation, which is offering 2.30 crore shares. Founders Acharya and Ramakkrushnan will each sell up to 1.42 crore shares. Other investors participating in the sale include Peak XV, Accel, Lightspeed and Kae Capital.

On a fully diluted basis, Peak XV Partners Investments V holds the largest individual stake at 9.12%. It is followed by Greenoaks Capital Opportunities Fund II at 8.61%, Ramakkrushnan at 8.36%, Accel India V at 7.74% and Acharya at 7.53%.

Zetwerk was founded in 2017 by Amrit Acharya and Srinath Ramakkrushnan. It runs what it calls a technology-led, asset-light manufacturing platform, pooling production capacity from third-party suppliers as well as its own facilities through a proprietary system called Zetwerk OS.

The company works across sectors such as renewable energy, consumer electronics, artificial intelligence infrastructure, aerospace, defence, oil and gas, and industrial automation. As of March 2026, its network spanned 6,979 suppliers across 26 countries, in addition to 26 manufacturing facilities that it owns in four countries.

Zetwerk's revenue from operations climbed 40% to ₹15,913.32 crore in FY26, up from the year before. At the same time, its restated total loss widened sharply to ₹1,606.17 crore, compared with ₹370.71 crore in the previous fiscal year. The company attributed part of the FY26 loss to non-cash exceptional charges tied to share-conversion adjustments, along with an impairment linked to its discontinued civil infrastructure business.