Zetwerk IPO: Manufacturing Firm Starts Roadshows, Eyes September-End Launch

Zetwerk IPO: Zetwerk Manufacturing Businesses Limited, backed by Peak XV and Accel, has started investor roadshows for its initial public offering and is looking to launch the issue by the end of September, as reported by Moneycontrol.

September-end is the earliest timeline being considered, while the IPO could be launched closer to mid-October depending on the progress of the roadshows and prevailing market conditions. An email sent to Zetwerk did not elicit a response before publication.

The Bengaluru-based company plans to raise up to Rs 2,600 crore through a fresh issue of shares and will also offer up to 9.68 crore shares for sale by existing shareholders, according to its updated draft red herring prospectus filed on August 13.

Zetwerk plans to use Rs 1,250 crore from the fresh issue to repay borrowings at the company level. Another Rs 550 crore will be used to repay debt at nine of its subsidiaries. The remaining proceeds will be used for acquisitions, other strategic investments and general corporate purposes.

The offer for sale will include up to 2.30 crore shares from promoter-group entity Creovate Innovation. Founders Amrit Acharya and Srinath Ramakkrushnan will each sell up to 1.42 crore shares. Peak XV, Accel, Lightspeed and Kae Capital are among the other existing investors selling shares through the OFS.

On a fully diluted basis, Peak XV Partners Investments V is the largest individual shareholder vehicle with a 9.12% stake. It is followed by Greenoaks Capital Opportunities Fund II with an 8.61% stake, Ramakkrushnan with 8.36%, Accel India V with 7.74% and Acharya with 7.53%.

Founded in 2017 by Acharya and Ramakkrushnan, Zetwerk operates a technology-led, asset-light manufacturing platform that connects industrial customers with third-party suppliers as well as its own manufacturing facilities through its proprietary Zetwerk OS platform.

The company serves industries including renewable energy, consumer electronics, artificial intelligence infrastructure, aerospace, defence, oil and gas and industrial automation. As of March 2026, it had 6,979 suppliers across 26 countries and 26 owned manufacturing facilities across India, the US, Germany and Spain.

Its customers include Siemens Gamesa, Acer India, CG Power, NTPC Renewable Energy, L&T MHI Power Boiler, DRDO, the Indian Air Force and Numaligarh Refinery.

Zetwerk's revenue from operations rose 40.4% to Rs 15,913.32 crore in FY26 from Rs 11,332 crore a year earlier. Its adjusted EBITDA increased to Rs 421 crore in FY26 from Rs 97 crore in FY24.

However, the company continued to report a loss. Its restated total loss widened to Rs 1,606.17 crore in FY26 from Rs 370.71 crore in the previous year. The FY26 loss included non-cash exceptional charges related to share-conversion adjustments and an impairment linked to its discontinued civil infrastructure business.

International markets contributed nearly 30% of Zetwerk's manufacturing revenue in FY26. Its manufacturing order book also more than doubled to Rs 12,370 crore in FY26 from Rs 6,170 crore in FY24.

Zetwerk had earlier filed its preliminary IPO papers through the confidential pre-filing route in March. The company is now moving ahead with investor roadshows as it prepares for the proposed public issue, although the final launch date and other issue details could change depending on market conditions and regulatory requirements.

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