India's Zetwerk Manufacturing Businesses filed updated draft red herring papers with SEBI on Thursday, seeking Rs 2,600 crore (about $272.47 million) in fresh capital as the Bengaluru-based contract manufacturer positions itself for a public debut.
Fresh Issue And Investor OFS
The public issue pairs the fresh raise with an offer for sale of 96.8 million shares by existing investors including Peak XV Partners, Accel, Lightspeed and Kae Capital. Promoters Amrit Pratik Acharya and Srinath Ramakkrushnan will also offload shares alongside promoter-group entity Creovate Innovation.
Zetwerk plans to deploy roughly Rs 1,800 crore of the fresh proceeds to repay borrowings at both the parent and subsidiaries, with the balance earmarked for general corporate purposes and potential acquisitions. The company had initially filed preliminary IPO papers in March through SEBI's confidential pre-filing route before moving to today's UDRHP.
Contract Manufacturing At Scale
Zetwerk operates more than 20 manufacturing facilities that serve about 1,100 customers across electronics, energy, capital goods, aerospace and defense in over a dozen countries. Its client roster includes Schneider Electric, top Indian refiner Indian Oil, Germany's Siemens and Taiwan's Acer. Revenue from operations grew 40.4% to Rs 15,913 crore in FY26 from Rs 11,332 crore a year earlier, and adjusted EBITDA more than quadrupled to Rs 421 crore. The company still logged a pre-tax loss of Rs 916 crore on one-off charges.
India's IPO Window Reopens
The updated filing lands as India's primary market reawakens after a subdued first half, with 22 companies launching or announcing IPOs since July compared with 27 total issues in the January-to-June stretch. That resurgence follows other high-profile listings in the tech and infrastructure stack, including L&T's Vyoma.AI Nvidia B300 factory deal for Together AI. Zetwerk sits at the intersection of contract manufacturing and India's fast-growing AI, aerospace and defense supply chains.
Reporting based on coverage from Business Standard, The Print and Bloomberg.