Zetwerk

Manufacturing · Industrials · IPO

IPO

Zetwerk files updated IPO papers to raise ₹2,600 crore ($272M)

The manufacturer is using its public listing mainly to erase debt rather than fund fresh expansion.

• Zetwerk Manufacturing Business filed an updated draft red herring prospectus (UDRHP) with Sebi for an IPO comprising a ₹2,600-crore (~$272M) fresh issue plus an offer for sale of up to 9.68 crore shares by promoters and investors including Peak XV, Accel, Lightspeed and Kae Capital.
• Founded in 2018, Zetwerk runs a tech-enabled manufacturing network linking industrial customers to its own plants and third-party suppliers, now serving 1,100 clients across electronics, energy, capital goods, aerospace and defence in over a dozen countries.
• Of the fresh proceeds, ₹1,250 crore will repay debt at the parent company and ₹550 crore will pare subsidiary borrowings, with the remainder earmarked for unidentified acquisitions and general corporate purposes.
• FY26 revenue rose 40.4% to ₹15,913 crore from ₹11,332 crore, adjusted EBITDA more than quadrupled to ₹421 crore, and the manufacturing order book doubled to ₹12,370 crore, even as the company posted a ₹916-crore pre-tax loss from one-off charges.
• Zetwerk now operates 26 owned manufacturing facilities, up sharply from an asset-light marketplace model, with energy contributing about 70% of manufacturing segment revenue.
• The filing lands as India's IPO market rebounds, with 22 companies launching or announcing offerings since July compared with about 27 across all of January-June, amid earlier pressure from Middle East conflict and rising crude prices.
• Zetwerk's listing is a test of investor appetite for capital-intensive Indian manufacturing platforms that have shifted from asset-light marketplaces to owning factories, at a moment when debt reduction, not growth capital, is the stated priority.