Zetwerk Manufacturing Business Ltd, a technology platform in the manufacturing sector, has submitted updated documents to the regulatory body SEBI for its Initial Public Offering (IPO). This offering will involve raising funds amounting to INR 2,600 crore through a new share issuance.
According to the updated Draft Red Herring Prospectus (UDRHP), filed late on Thursday, the IPO also includes the sale of up to 9.68 crore shares by shareholders and promoters through an Offer for Sale (OFS) mechanism. Promoters Amrit Pratik Acharya and Srinath Ramakrishnana, along with the promoter group structure Creovate Innovation, plan to offload their shares via OFS. Sellers also include Peak XV, Accel, Lightspeed, and Kae Capital.
Zetwerk intends to use INR 1,250 crore of the raised funds to repay corporate debt, and another INR 550 crore to reduce liabilities in its subsidiaries. The remaining amount will be allocated to acquisitions that are yet to be determined, as well as general corporate needs.
The company had previously filed preliminary IPO documents in March through a confidential pre-filing route. Zetwerk has built a technology-based manufacturing network that connects industrial clients with the company's own capacities and third-party suppliers, securing support from investors such as Khosla Ventures, Baillie Gifford, Rakesh Gangwal, Accel, Peak XV, and Lightspeed.
The company's financial performance has shown significant growth: operating revenue increased by 40.4% to reach INR 15,913 crore in FY26 compared to INR 11,332 crore the previous year. Adjusted EBITDA grew more than fourfold to INR 421 crore in FY26 from INR 97 crore in FY24. International markets accounted for nearly 30% of manufacturing revenue in FY26.
Furthermore, the company's order book for manufacturing doubled, reaching INR 12,370 crore in FY26 compared to INR 6,170 crore in FY24. The company operates 26 manufacturing facilities in India, the USA, Germany, and Spain, and collaborates with 6,979 third-party suppliers across various countries. Its clients include Siemens Gamesa, Acer India, CG Power, NTPC Renewable Energy, L&T MHI Power Boiler, DRDO, Indian Air Force, and Numaligarh Refinery Ltd.
Zetwerk operates in two main segments—Manufacturing Business and Business Ecosystem under the Terra91 brand. In FY26, the company discontinued its civil infrastructure business as part of a strategic restructuring. Founded in 2018, Zetwerk was established by Amrit Pratik Acharya, Srinath Ramakrishnana, Vishal Chaudhary, Ankit Fatehpuri, and Rahul Sharma.
The company operates in sectors such as renewable energy, electronics, aerospace, defense, AI infrastructure, oil and gas, and industrial automation, allowing it to benefit from supply chain diversification, rising infrastructure spending, and India's push for manufacturing development. The quarter managers leading this offering are Kotak Mahindra Capital Company, Morgan Stanley India Company, Goldman Sachs India Securities, Avendus Capital, JM Financial, HSBC Securities, and Pantomath Capital Advisors.



