Zetwerk has filed its Red Herring Prospectus for its initial public offering. The company has raised the fresh issue size to Rs 2,830 crore. The Bengaluru-based manufacturing platform had proposed Rs 2,600 crore in its updated draft red herring prospectus.
The offer for sale component has grown faster than the fresh issue. Zetwerk has increased the OFS by 49% to 14.45 crore shares from 9.68 crore shares proposed in the UDRHP filed in August.
Zetwerk Fresh Issue Raised To Rs 2,830 Crore
The fresh issue of shares is now worth Rs 2,830 crore. That is an increase of Rs 230 crore over the figure in the updated draft papers.
Read More: Kuku FM Revenue Jumps Sixfold To Rs 1,484 Crore In FY26
The IPO will be open for subscription from 15 October 2026 to 19 October 2026. Anchor bidding starts a day earlier, on 14 October.
Read More: Kuku FM Revenue Jumps Sixfold To Rs 1,484 Crore In FY26
Who Is Selling In The OFS
Promoters Amrit Pratik Acharya and Srinath Ramakkrushnan will each sell 1.42 crore shares. Promoter group entity Creovate Innovation will offload up to 2.30 crore shares.
Together, the promoter side accounts for around 5.14 crore shares in the offer for sale.
Among existing investors, Lightspeed Venture Partners will offload the most at 2.51 crore shares. Peak XV Partners will sell 2.34 crore shares.
Kae Capital Fund and Kalysta Capital Fund will collectively sell up to 1.67 crore shares. Accel India V will also take part, offloading up to 1.2 crore shares.
Where The Money Will Go
Zetwerk plans to use Rs 1,300 crore of the fresh issue to repay or prepay borrowings at the company level. Another Rs 860 crore will go towards repaying debt at nine subsidiaries.
The remaining proceeds are earmarked for acquisitions, strategic investments and general corporate purposes. Between them, the two debt repayments account for Rs 2,160 crore of the Rs 2,830 crore fresh issue.
Zetwerk Financials: FY26 And Q1 FY27
Zetwerk was founded in 2017 by Acharya and Ramakkrushnan. It runs a technology-led manufacturing platform that connects businesses with manufacturers and suppliers.
The company works across energy, electronics, aerospace, defence and industrial automation. Those are long-cycle sectors where supply chains are complex and vendor qualification takes time.
Revenue from continuing operations rose to Rs 15,913 crore in FY26 from Rs 11,332 crore in FY25. In Q1 FY27, revenue from operations grew 55% year on year to Rs 4,118 crore.
Losses from continuing operations fell 93% to Rs 64 crore in the quarter, from Rs 881 crore a year earlier. That swing gives the IPO a cleaner story than a pure growth-at-any-cost pitch.