Zetwerk, a B2B manufacturing company, has fixed the price band for its initial public offering (IPO) at ₹143–₹151 per share, targeting to raise approximately ₹5,012.3 crore at the upper end of the band.
The IPO comprises a fresh issue of ₹2,830 crore and an offer for sale (OFS) of up to 14.45 crore shares, valued at approximately ₹2,182.3 crore at the upper price band. At this price, the company is targeting a post-issue valuation of around ₹25,583 crore.
The public issue will open for subscription on October 15 and close on October 19, 2026, with bidding for anchor investors scheduled for October 14.
Debt Repayment to Account for Major Share of Proceeds
Zetwerk plans to allocate ₹2,160 crore from the fresh issue proceeds towards repaying or prepaying borrowings of the company and certain subsidiaries. The remaining funds will be used for acquisitions and general corporate purposes.
The fresh issue has been increased from the ₹2,600 crore proposed in its earlier draft filing. The offer-for-sale component has also expanded, with existing shareholders set to sell a larger number of shares.
The company’s co-founders, Amrit Pratik Acharya and Srinath Ramakkrushnan, will each offer up to 1.42 crore shares. Other selling shareholders include Creovate Innovation and investment funds associated with Peak XV Partners, Accel India, Lightspeed Venture Partners and Kae Capital.
Zetwerk’s Manufacturing Business
Founded in 2018, Zetwerk operates a manufacturing platform that connects businesses with manufacturing capacity across industrial and consumer goods categories. Its operations span sectors such as renewable energy, consumer electronics, aerospace, defence, oil and gas, and industrial automation.
The company works with third-party manufacturers as well as its own production facilities to fulfil manufacturing orders for businesses across multiple industries. Its customers include Siemens Gamesa, Acer India, boAt, NTPC Renewable Energy, CG Power and Industrial Solutions, and the Indian Air Force.
As of June 30, 2026, Zetwerk operated 26 manufacturing facilities across India, the United States, Germany and Spain.
The company entered the unicorn club in 2021 after raising $150 million. It has since raised more than $900 million from investors, including Peak XV Partners, Lightspeed Venture Partners, Accel India, Greenoaks Capital Partners and D1 Capital Partners.
Ahead of the IPO, Zetwerk also secured ₹500 crore from Bharat Value Fund and Bharat Value Fund – Series III through a share allotment completed on April 2, 2026.
Revenue Growth Accompanied by Wider Losses
Zetwerk reported operating revenue of ₹15,913.3 crore in FY26, marking a 40.4% increase from ₹11,331.9 crore in FY25. However, its net loss, including discontinued operations, widened to ₹1,606.2 crore from ₹370.7 crore in the previous financial year.
The FY26 loss included an exceptional charge of ₹796.4 crore related to changes in share conversion ratios, along with an impairment charge of ₹453 crore associated with its discontinued civil infrastructure business.
In the first quarter of FY27, operating revenue from continuing operations grew 55.4% year-on-year to ₹4,117.9 crore, compared with ₹2,649.4 crore in the corresponding quarter of FY26.
Its total net loss narrowed 46.4% to ₹733 crore from ₹1,368.5 crore a year earlier. Of the latest quarterly loss, ₹668.9 crore was attributable to discontinued operations, while continuing operations accounted for ₹64.1 crore.
With its IPO, Zetwerk is preparing to enter the public markets as it looks to strengthen its balance sheet, support future acquisitions and fund its broader corporate requirements.
