Zetwerk Files Updated IPO Papers With Sebi for Rs 2,600 Crore Fresh Issue

Bengaluru-based technology-led manufacturing platform Zetwerk has filed its Updated Draft Red Herring Prospectus (UDRHP-1) with the Securities and Exchange Board of India, outlining a proposed initial public offering that includes a fresh issue of equity shares worth up to Rs 2,600 crore. The filing, made public on Friday, comes nearly five months after Zetwerk first lodged its preliminary IPO papers through the confidential pre-filing route in March.

Offer structure

Beyond the fresh issue, the IPO will include an offer for sale of up to 9,68,37,455 equity shares, each with a face value of Re 1. Promoters Amrit Pratik Acharya and Srinath Ramakkrushnan, along with promoter group entity Creovate Innovation, are among those participating in the offer for sale. Other selling shareholders include marquee venture investors Peak XV Partners, Accel, Lightspeed and Kae Capital, several of whom have backed Zetwerk since its early funding rounds.

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 have been appointed as book-running lead managers for the issue. Earlier reports had pegged the overall IPO size at roughly $550 million, with the company targeting a valuation of close to $4 billion.

What the money will be used for

Zetwerk said the bulk of the net proceeds from the fresh issue will go toward debt repayment. Of this, Rs 1,250 crore is earmarked to repay borrowings at the parent company level, while a further Rs 550 crore will be used to pay down debt across its subsidiaries. The remaining proceeds are expected to fund inorganic growth through unidentified future acquisitions, along with general corporate purposes.

Business performance

The updated papers show Zetwerk's revenue from operations rose 40.4 percent year-on-year to Rs 15,913 crore in FY26, up from Rs 11,332 crore a year earlier. Adjusted EBITDA climbed sharply to Rs 421 crore in FY26, up from just Rs 97 crore in FY24, pointing to improving operating leverage as the business has scaled. The company's manufacturing order book also doubled over the same period, growing to Rs 12,370 crore in FY26 from Rs 6,170 crore in FY24. International markets contributed close to 30 percent of Zetwerk's manufacturing revenue during the year.

Zetwerk operates through two core segments: its core Manufacturing Business, which connects global brands with a network of contract manufacturers across categories such as precision engineering, electronics and apparel, and its newer Ecosystem Business, branded Terra91. As part of a strategic realignment during FY26, the company discontinued its civil infrastructure business to sharpen its focus on the core manufacturing and ecosystem segments.

Why this listing matters

Zetwerk's move toward a public listing is being watched closely as a bellwether for India's broader "manufacturing-as-a-service" and B2B marketplace sector, an area that has drawn heavy venture capital interest over the past several years but has seen relatively few companies reach the public markets. A successful listing at anywhere close to the reported $4 billion target valuation would mark one of the more significant technology-adjacent manufacturing IPOs on Indian exchanges in recent years, and could pave the way for other well-funded B2B platforms to follow a similar path. Exact price band, issue dates and listing timeline are expected to be finalised after Sebi's review of the updated draft papers.

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