The IPO will also comprise an offer for sale (OFS) of up to 9.68 crore shares by promoters and existing shareholders.
Promoters Amrit Pratik Acharya and Srinath Ramakkrushnan, along with promoter group entity Creovate Innovation, will offload shares through the OFS. Peak XV, Accel, Lightspeed and Kae Capital are among the other selling shareholders.
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Zetwerk plans to use ₹1,800 crore from the fresh issue proceeds to repay debt, while the remaining funds will be utilised for general corporate purposes and potential acquisitions.
Founded in 2018, Zetwerk was started by Amrit Pratik Acharya, Srinath Ramakkrushnan, Vishal Chaudhary, Ankit Fatehpuria and Rahul Sharma.
Backed by investors including Khosla Ventures, Baillie Gifford, Rakesh Gangwal, Accel, Peak XV and Lightspeed, Zetwerk has built a technology-enabled manufacturing network connecting industrial customers with its own facilities and third-party suppliers.
The company has more than 20 manufacturing facilities catering to 1,100 customers across sectors including electronics, energy, capital goods, aerospace and defence in more than a dozen countries.
Its customers include French industrial group Schneider Electric, India’s largest refiner Indian Oil, Germany’s Siemens and Taiwanese technology company Acer.Zetwerk’s revenue stood at ₹15,913 crore in fiscal 2026, while it reported a pre-tax loss of ₹916 crore, primarily due to one-off charges, according to the filing.
The public filing comes as India’s primary market shows signs of revival after a subdued first half of the year, amid the impact of the Middle East conflict and a spike in crude oil prices.
As many as 22 companies have either launched or announced IPOs since July, compared with about 27 public issues between January and June.
Kotak Mahindra Capital Company, Morgan Stanley India Company, Goldman Sachs India Securities, Avendus Capital, JM Financial, HSBC Securities and Pantomath Capital Advisors are the book-running lead managers to the issue.
