Archive · 14 Aug 2026
Zetwerk files IPO papers with Sebi to raise ₹2,600 crore
Zetwerk is a company that makes things for other companies, like parts for machines, energy equipment and electronics.
It was started in 2018 by five friends in India.
Zetwerk wants to go public, which means people can buy small parts of the company called shares.
It has asked India's stock market watchdog, Sebi, for permission to sell shares and raise 2,600 crore rupees.
The company borrowed a lot of money and wants to use part of the new money to pay it back.
It will use the rest to grow and maybe buy other companies.
Zetwerk builds products for big names like Schneider Electric, Siemens and Indian Oil.
Last year, the money Zetwerk earned grew a lot, but it still lost money because of some one-time costs.
The company has factories in India, the US, Germany and Spain, and works with thousands of suppliers.
Zetwerk Manufacturing Businesses filed an updated draft red herring prospectus with Sebi on August 14, 2026, to raise ₹2,600 crore through a fresh issue of shares, alongside an offer for sale of up to 9.68 crore shares.
Promoters Amrit Pratik Acharya and Srinath Ramakkrushnan, promoter entity Creovate Innovation, and investors including Peak XV, Accel, Lightspeed and Kae Capital will sell shares in the offer.
Zetwerk plans to deploy ₹1,800 crore of the proceeds to repay debt — ₹1,250 crore at the company and ₹550 crore at its subsidiaries — with the balance for acquisitions and general corporate purposes.
The company's revenue from operations grew 40.4% to ₹15,913 crore in FY26, while adjusted EBITDA more than quadrupled to ₹421 crore and its manufacturing order book doubled to ₹12,370 crore.
Zetwerk posted a pre-tax loss of ₹916 crore in FY26 on one-off charges and operates 26 owned manufacturing facilities across India, the US, Germany and Spain, supported by 6,979 third-party suppliers.
- Who
- Zetwerk Manufacturing Businesses Ltd, a tech-led contract manufacturing platform founded in 2018, whose promoters and existing investors are also selling shares.
- What
- It filed updated IPO papers with Sebi comprising a ₹2,600 crore fresh issue and an offer for sale of up to 9.68 crore shares.
- When
- Thursday, August 14, 2026 (preliminary papers were filed in March 2026).
- Where
- India — the filing was made through the Securities and Exchange Board of India; Zetwerk operates facilities in India, the US, Germany and Spain.
- Why
- To raise fresh capital to repay ₹1,800 crore of debt and fund potential acquisitions and general corporate purposes, as India's primary market revives.
- IPO fresh issue
- ₹2,600 crore (~$272.47 million)
- Offer for sale
- Up to 9.68 crore shares by promoters and existing shareholders including Peak XV, Accel, Lightspeed and Kae Capital
- Use of proceeds
- ₹1,800 crore for debt repayment (₹1,250 crore company, ₹550 crore subsidiaries); balance for acquisitions and corporate purposes
- FY26 revenue
- ₹15,913 crore, up 40.4% from ₹11,332 crore
- FY26 adjusted EBITDA
- ₹421 crore, up from ₹97 crore in FY24
- FY26 pre-tax result
- Loss of ₹916 crore on one-off charges
- Manufacturing order book
- ₹12,370 crore in FY26, up from ₹6,170 crore in FY24
- Operations footprint
- 26 owned facilities in India, the US, Germany and Spain; 6,979 third-party suppliers; ~30% of manufacturing revenue from international markets
