Zetwerk files updated IPO papers with SEBI
Zetwerk plans to use Rs 1,250 crore of the fresh proceeds to repay debt at the company and another Rs 550 crore to pare borrowings at its subsidiaries. The balance will go towards unidentified acquisitions and general corporate purposes.
Tech-focused manufacturing platform Zetwerk Manufacturing Business Ltd has submitted updated IPO papers to market regulator Sebi, aiming for a Rs 2,600 crore fresh share issue. The IPO will also include an offer for sale (OFS) where promoters and existing shareholders can sell up to 9.68 crore shares. Promoters Amrit Pratik Acharya and Srinath Ramakkrushnan, along with Creovate Innovation, will offload shares via the OFS.
Funds from the IPO will be used to repay debt, reduce borrowing at subsidiaries, and invest in acquisitions and general corporate purposes. Zetwerk, founded in 2018, has established a tech-driven manufacturing network connecting industrial clients with its facilities and third-party suppliers. The company generated 40.4% YoY revenue growth to Rs 15,913 crore in FY26, with adjusted EBITDA more than quadrupling to Rs 421 crore.
International markets account for nearly 30% of its manufacturing revenue. The firm operates 26 facilities across India, the US, Germany, and Spain, and collaborates with 6,979 suppliers globally. Key customers include Siemens Gamesa, Acer India, and NTPC Renewable Energy. Zetwerk comprises two businesses, Manufacturing Business and Ecosystem Business (Terra91), and recently discontinued its civil infrastructure division.
The IPO, led by Kotak Mahindra Capital Company, Morgan Stanley India, Goldman Sachs India Securities, and others, was initially filed via a confidential pre-filing route in March.
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