Zetwerk plans to raise Rs 2,600 crore via fresh issue; files updated papers with SEBI for IPO

Techled manufacturing platform Zetwerk Manufacturing Business Ltd has filed updated papers with market regulator Sebi for an initial public offering IPO comprising Rs 2600 crore through a fresh issue of sharesAlong with this the IPO will comprise an offer for sale of up to 968 crore shares by promoters and existing shareholders according to the updated draft red herring prospectus UDRHP filed late ThursdayPromoters Amrit Pratik Acharya and Srinath Ramakkrushnan and promoter group entity Creovate Innovation will offload shares through the OFS Additionally Peak XV Accel Lightspeed and Kae Capital are among the selling shareholdersZetwerk plans to use Rs 1250 crore of the fresh proceeds to repay debt at the company and another Rs 550 crore to pare borrowings at its subsidiaries The balance will go towards unidentified acquisitions and general corporate purposesThe company had in March filed preliminary IPO papers through the confidential prefiling routeBacked by investors including Khosla Ventures Baillie Gifford Rakesh Gangwal Accel Peak XV and Lightspeed Zetwerk has built a technologyenabled manufacturing network connecting industrial customers with its own facilities and thirdparty suppliersZetwerks revenue from operations jumped 404 per cent to Rs 15913 crore in FY26 from Rs 11332 crore a year earlier Its adjusted EBITDA earnings before interest taxes depreciation and amortisation more than quadrupled to Rs 421 crore in FY26 from Rs 97 crore in FY24International markets contributed nearly 30 per cent of manufacturing revenue in FY26The companys manufacturing order book also doubled to Rs 12370 crore in FY26 from Rs 6170 crore in FY24The company has 26 owned manufacturing facilities across India the US Germany and Spain and works with 6979 thirdparty suppliers across multiple countries Its customers include Siemens Gamesa Acer India CG Power NTPC Renewable Energy LampT MHI Power Boiler DRDO Indian Air Force and Numaligarh Refinery LtdZetwerk operates two key businesses Manufacturing Business and Ecosystem Business branded Terra91 It discontinued its civil infrastructure business in FY26 as part of a strategic realignmentFounded in 2018 Zetwerk was started by Amrit Pratik Acharya Srinath Ramakkrushnan Vishal Chaudhary Ankit Fatehpuria and Rahul SharmaThe company operates in sectors such as renewable energy electronics aerospace defence AI infrastructure oil and gas and industrial automation positioning itself to benefit from supplychain diversification rising infrastructure spending and Indias manufacturing pushKotak Mahindra Capital Company Morgan Stanley India Company Goldman Sachs India Securities Avendus Capital JM Financial HSBC Securities and Pantomath Capital Advisors are the bookrunning lead managers to the issueThis story has been sourced from a third party syndicated feed agencies Midday accepts no responsibility or liability for its dependability trustworthiness reliability and data of the text Midday managementmiddaycom reserves the sole right to alter delete or remove without notice the content in its absolute discretion for any reason whatsoever