Zetwerk Manufacturing Business Ltd has filed updated papers for an IPO combining a Rs 2,600 crore fresh issue with stake sales by existing investors, as the company accelerates revenue growth and refines its business focus.
Zetwerk Manufacturing Business Ltd has filed updated papers with India’s markets regulator for an initial public offering that would combine a fresh issue of shares worth Rs 2,600 crore with the sale of up to 9.68 crore shares by existing holders, according to the company’s updated draft prospectus. The filing marks the next step in a listing process that began with a confidential pre-filing in March and follows regulatory approval for the float, according to media reports.
The offer for sale will include shares held by co-founders Amrit Pratik Acharya and Srinath Ramakkrushnan, as well as promoter group entity Creovate Innovation. Existing investors, including Peak XV, Accel, Lightspeed and Kae Capital, are also set to pare their stakes. According to the company’s filing, Rs 1,250 crore of the fresh proceeds is earmarked for debt repayment at the parent company, while Rs 550 crore will be used to reduce borrowings at subsidiaries. The remainder will go towards acquisitions and general corporate purposes.
Zetwerk has emerged as one of India’s better-known technology-led manufacturing platforms, linking industrial customers with its own plants and third-party suppliers. The company counts Khosla Ventures, Baillie Gifford, Rakesh Gangwal, Accel, Peak XV and Lightspeed among its backers and operates across sectors including renewable energy, electronics, aerospace, defence, artificial intelligence infrastructure, oil and gas and industrial automation. Its clients include Siemens Gamesa, Acer India, CG Power, NTPC Renewable Energy, L&T MHI Power Boiler, DRDO, the Indian Air Force and Numaligarh Refinery Ltd.
The business said revenue from operations rose 40.4% to Rs 15,913 crore in FY26 from Rs 11,332 crore a year earlier, while adjusted EBITDA climbed to Rs 421 crore from Rs 97 crore in FY24. Its manufacturing order book doubled to Rs 12,370 crore in FY26 from Rs 6,170 crore in FY24, and international markets accounted for almost 30% of manufacturing revenue. Zetwerk, founded in 2018 by Acharya, Ramakkrushnan, Vishal Chaudhary, Ankit Fatehpuria and Rahul Sharma, now runs 26 owned factories across India, the US, Germany and Spain and works with 6,979 third-party suppliers worldwide. The company has also pared back its portfolio, discontinuing its civil infrastructure business in FY26 as it sharpened its focus on manufacturing and its Terra91 ecosystem unit.
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