Contract manufacturer Zetwerk has submitted updated draft papers for an IPO aimed at raising ₹2,600 crore, leveraging rising demand in energy and power projects to fuel expansion and cut debt, as the Indian IPO landscape shows signs of revival.
Zetwerk Manufacturing Businesses has filed updated draft papers for an initial public offering that would raise ₹2,600 crore in fresh capital as the contract manufacturer moves to reduce borrowings and fund further growth. The issue also includes an offer for sale of 96.8 million shares by existing investors, according to The Hindu BusinessLine.
The company plans to use ₹1,800 crore of the proceeds to repay debt, with the balance earmarked for general corporate purposes and possible acquisitions. That filing comes after a regulatory green light from the Securities and Exchange Board of India, which had already cleared the company’s proposed flotation, according to The Economic Times and Moneycontrol.
Founded in 2018, Zetwerk has grown into a technology-led industrial manufacturing platform serving customers across electronics, energy, capital goods, aerospace and defence. Moneycontrol reported that the company operates through its proprietary Zetwerk OS system, while The Economic Times said it has a roster of advisers that includes Kotak Mahindra Capital, JM Financial, Avendus Capital, Pantomath Capital and the Indian arms of HSBC, Morgan Stanley and Goldman Sachs.
The updated filing shows how Zetwerk is positioning itself in a recovering Indian IPO market. The Hindu BusinessLine said 22 companies have launched or announced offerings since July, compared with about 27 in the first half of the year, after earlier weakness linked to geopolitical tensions and higher crude prices. Zetwerk’s filing also disclosed fiscal 2026 revenue of ₹15,913 crore and a pre-tax loss of ₹916 crore on one-off charges, while Crisil Ratings estimated operating income for the year at about ₹15,900 crore, up from ₹12,800 crore the previous year.
According to Moneycontrol, the company has been benefiting from stronger demand tied to energy and power projects as data centres expand in India and the United States. Chief executive Amrit Acharya said in an interview that energy-related manufacturing now contributes nearly 40% of revenue and is growing rapidly, with the company expecting to cross $2 billion in revenue in FY26. That growth story will now be tested in public markets as Zetwerk seeks both capital and a broader investor base.
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