Zetwerk Files Updated IPO Papers With SEBI; Plans To Raise ₹2,600-Cr Via Fresh Issue

Tech-led manufacturing platform Zetwerk Manufacturing Business Ltd has filed updated papers with market regulator Sebi for an initial public offering (IPO), comprising ₹2,600 crore through a fresh issue of shares.

Along with this, the IPO will comprise an offer for sale of up to 9.68 crore shares by promoters and existing shareholders, according to the updated draft red herring prospectus (UDRHP) filed late Thursday.

Promoters Amrit Pratik Acharya and Srinath Ramakkrushnan and promoter group entity Creovate Innovation will offload shares through the OFS. Additionally, Peak XV, Accel, Lightspeed and Kae Capital are among the selling shareholders.

Zetwerk plans to use ₹1,250 crore of the fresh proceeds to repay debt at the company and another ₹550 crore to pare borrowings at its subsidiaries. The balance will go towards unidentified acquisitions and general corporate purposes.

The company had in March filed preliminary IPO papers through the confidential pre-filing route.

Backed by investors including Khosla Ventures, Baillie Gifford, Rakesh Gangwal, Accel, Peak XV and Lightspeed, Zetwerk has built a technology-enabled manufacturing network connecting industrial customers with its own facilities and third-party suppliers.

Zetwerk's revenue from operations jumped 40.4% to ₹15,913 crore in FY26 from ₹11,332 crore a year earlier. Its adjusted EBITDA (earnings before interest, taxes, depreciation and amortisation) more than quadrupled to ₹421 crore in FY26 from ₹97 crore in FY24.

International markets contributed nearly 30% of manufacturing revenue in FY26.

The company's manufacturing order book also doubled to ₹12,370 crore in FY26 from ₹6,170 crore in FY24.

The company has 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 Siemens Gamesa, Acer India, CG Power, NTPC Renewable Energy, L&T MHI Power Boiler, DRDO, Indian Air Force and Numaligarh Refinery Ltd.

Zetwerk operates two key 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 was started by Amrit Pratik Acharya, Srinath Ramakkrushnan, Vishal Chaudhary, Ankit Fatehpuria and Rahul Sharma.

The company operates in sectors such as renewable energy, electronics, aerospace, defence, AI infrastructure, oil and gas, and industrial automation, positioning itself to benefit from supply-chain diversification, rising infrastructure spending and India's manufacturing push.

Kotak Mahindra Capital Company, Morgan Stanley India Company, Goldman Sachs India Securities, Avendus Capital, JM Financial, HSBC Securities and Pantomath Capital Advisors are the book-running lead managers to the issue.