Zetwerk, a technology‑led contract manufacturing platform, filed its Updated Draft Red‑Herring Prospectus (UDRHP) on 13 August, a key step toward its initial public offering. The company intends to raise up to ₹2,600 crore through a fresh equity issue.
The draft offer document was first filed with the Securities and Exchange Board of India (SEBI) in April 2026 under the confidential route. SEBI cleared the filing on 9 July, giving Zetwerk the green light to proceed with the IPO.
In addition to the fresh issue, Zetwerk will offer up to 96,837,455 equity shares for sale by existing shareholders. Promoters Amrit Pratik Acharya and Srinath Ramakkrushnan will each sell up to 14.23 million shares, while the promoter group Creovate Innovation Pvt Ltd will offer up to 22.97 million shares.
Other major sellers include Peak XV Partners Investments V (8.44 million shares), Accel India V (Mauritius) (7.16 million), Lightspeed Venture Partners Select IV Mauritius (4.39 million), Lightspeed India Partners II LLC (3.49 million), Kae Capital Fund II (3.36 million), Saifuddin Fakhruddin Qureishi (2.86 million) and Peak XV Partners Growth Investments III (2.78 million). A number of individual shareholders such as Vishal Chaudhary, Rahul Sharma, and Ankit Fatehpuria will also sell shares.
Zetwerk plans to use ₹1,250 crore of the fresh issue proceeds to repay debt at the company level and ₹550 crore to settle borrowings at subsidiaries. The remaining amount will fund unidentified acquisitions and general corporate purposes.
Financially, Zetwerk’s revenue grew 40.43% to ₹15,913 crore in FY26 from ₹11,332 crore in FY24, driven by renewable energy, power transmission and AI infrastructure. Adjusted EBITDA rose 4.3 times to ₹421 crore in FY26, and adjusted profit before tax turned positive at ₹45.7 crore after a loss of ₹248.8 crore in FY24.
Reported profit before tax for FY26 was a loss of ₹1,558 crore, largely due to a ₹796 crore non‑cash management stock‑options equity top‑up and a ₹453 crore provision related to its discontinued civil infrastructure business.
The company’s manufacturing order book doubled to ₹12,370 crore in FY26 from ₹6,170 crore in FY24, with international markets contributing nearly 30% of manufacturing revenue.
Before filing the RHP with the Registrar of Companies, Zetwerk may conduct a pre‑IPO placement of up to ₹520 crore. If completed, the amount raised will be deducted from the fresh issue.
Founded by Amrit Pratik Acharya and Srinath Ramakkrushnan, Zetwerk links 26 owned manufacturing facilities across India, the US, Germany and Spain with 6,979 third‑party suppliers, positioning it as a key player in global contract manufacturing.