Manufacturing and supply chain company Zetwerk has filed updated draft papers with SEBI for an IPO that includes a Rs 2,600 crore fresh issue, primarily aimed at reducing debt and supporting acquisitions amid rising revenue and international growth.
Zetwerk has filed updated draft papers with India’s markets regulator for an initial public offering that includes a fresh issue of Rs 2,600 crore, according to Business Today. The manufacturing and supply chain company is also planning an offer for sale by existing shareholders, with promoters Amrit Pratik Acharya and Srinath Ramakkrushnan, along with promoter group entity Creovate Innovation, set to sell shares. Peak XV, Accel, Lightspeed and Kae Capital are among the other shareholders participating in the secondary sale.
The company said most of the money raised from the fresh issue would be used to reduce debt. It plans to allocate Rs 1,250 crore to repay borrowings at the parent company and Rs 550 crore to clear debt at subsidiaries, while the rest is earmarked for acquisitions and other corporate uses. Kotak Mahindra Capital Company, Morgan Stanley India Company, Goldman Sachs (India) Securities, Avendus Capital, JM Financial, HSBC Securities and Capital Markets (India) and Pantomath Capital Advisors are leading the issue. Zetwerk first filed confidential IPO papers in March.
Business Today said the company’s revenue from operations climbed 40.4% year on year to Rs 15,913 crore in FY26 from Rs 11,332 crore a year earlier. Adjusted EBITDA rose to Rs 421 crore from Rs 97 crore in FY24, while the manufacturing order book more than doubled to Rs 12,370 crore from Rs 6,170 crore over the same period. International business accounted for nearly 30% of manufacturing revenue in FY26, and the company said it has reorganised its business around manufacturing and its Terra91 ecosystem after exiting civil infrastructure in FY26.
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