Zetwerk, the Bengaluru-based technology-led contract manufacturing platform, has filed an Updated Draft Red Herring Prospectus (UDRHP-I) with the Securities and Exchange Board of India, outlining a proposed initial public offering that includes a fresh issue of equity shares worth up to ₹2,600 crore. The updated filing, dated August 13, 2026, follows Zetwerk's original confidential pre-filing submitted to SEBI on March 29, 2026, and marks a significant step toward what would be one of the more closely watched new-age manufacturing listings on Indian public markets this year.
Alongside the fresh issue, the IPO will include an offer for sale of up to 9.68 crore equity shares by existing shareholders, with the combined offering to be listed on both the BSE and NSE. Kotak Mahindra Capital, Morgan Stanley India, Goldman Sachs (India) Securities, Avendus Capital, JM Financial, HSBC Securities and Capital Markets, and Pantomath Capital Advisors are serving as book-running lead managers on the issue.
The selling shareholder list offers a window into Zetwerk's investor base built up over several funding rounds: promoters Amrit Pratik Acharya and Srinath Ramakkrushnan will each offer up to 1.42 crore shares, while promoter group entity Creovate Innovation Private Limited will sell up to 2.3 crore shares — together accounting for just over 53 per cent of the maximum shares in the offer for sale. Other selling shareholders include some of Indian venture capital's most recognisable names: Peak XV Partners Investments V, Accel India V (Mauritius), Lightspeed Venture Partners Select IV Mauritius, Lightspeed India Partners II, and Kae Capital Fund II.
Zetwerk intends to direct the bulk of its fresh issue proceeds toward debt reduction, with ₹1,250 crore earmarked to repay or prepay borrowings at the company level and a further ₹550 crore allocated to pare down borrowings at specified subsidiaries. The remaining proceeds are intended to fund inorganic growth through unidentified strategic acquisitions and for general corporate purposes — a structure that signals a company prioritising balance-sheet discipline ahead of its public-market debut rather than aggressive pre-IPO expansion spending.
The financial performance underpinning the filing shows a company scaling rapidly, if not yet uniformly profitably. Zetwerk's revenue from continuing operations rose 40.4 per cent to ₹15,913 crore in the financial year ended March 2026, up from ₹11,332 crore a year earlier. Adjusted EBITDA more than quadrupled over two years, climbing from ₹97 crore in FY24 to ₹421 crore in FY26, while adjusted profit before tax turned positive, moving from a loss of ₹248.8 crore in FY24 to a profit of ₹45.7 crore in FY26. The company's manufacturing order book also doubled over the same window, from ₹6,170 crore in FY24 to ₹12,370 crore in FY26, with international markets contributing close to 30 per cent of manufacturing revenue.
Notably, Zetwerk reported a restated loss of ₹964.39 crore from continuing operations for FY26 on a statutory basis — a figure driven primarily by two one-time, non-cash adjustments taken ahead of the IPO, including a Management Stock Option Plan charge, rather than by underlying operating weakness. The company's Energy Products segment, spanning renewable energy manufacturing, power transmission equipment and AI infrastructure components, has emerged as its fastest-growing business line, with revenue nearly doubling to ₹6,508 crore in FY26 from ₹3,481 crore in FY25 and now accounting for 69.4 per cent of Zetwerk's total manufacturing business revenue — a shift that closely tracks India's own energy transition and AI-driven capex cycle.
Zetwerk's IPO filing arrives amid an active window for Indian technology-adjacent listings, with SEBI having recently cleared a clutch of new-age public issues, including quick-commerce player Zepto's targeted ₹10,000–12,000 crore offering. Against that backdrop, Zetwerk's pivot from a pure staffing-and-fulfilment manufacturing marketplace toward a vertically integrated platform with 26 owned manufacturing facilities across India, the United States, Germany and Spain — supported by nearly 7,000 third-party suppliers — positions the company as a test case for whether India's contract manufacturing sector can command genuine public-market interest at scale.
With the updated DRHP now filed, market attention turns to the still-undisclosed opening and closing dates, price band and lot size, all of which are expected to emerge through the book-building process in the coming weeks. For India's broader startup ecosystem, Zetwerk's listing — if it proceeds on the current timeline — would represent one of the year's most significant tests of investor appetite for asset-heavy, industrial-technology businesses at a moment when public-market sentiment toward India's new-economy listings remains carefully, if not uniformly, constructive.
