Indian manufacturing platform Zetwerk Manufacturing Businesses is seeking a valuation of up to INR255.83 billion ($2.64 billion) in an initial public offering that could raise about $518 million, according to the company’s filing and a Reuters report.
The Bengaluru-based company set a price band of INR143 to INR151 per share. The public subscription is scheduled to run from October 15 through October 19, 2026, after an anchor-investor bidding day on October 14. Trading is expected to begin on October 23.
Fresh capital and shareholder sales
The offering combines a fresh issue worth up to INR28.3 billion with an offer for sale of 144.53 million shares by founders and existing investors. The fresh issue would provide Zetwerk with new capital, while proceeds from the offer for sale would go to the selling shareholders.
Co-founders Amrit Acharya and Srinath Ramakkrushnan and shareholder Creovate Innovation are together offering 51.4 million shares. Peak XV Partners, Lightspeed Venture Partners and Accel India are also among the selling investors. The combined holding of the founders and other major shareholders could fall from 20.66 percent before the IPO to about 16 percent afterward, Acharya told Reuters.
Zetwerk said it plans to use the fresh proceeds to prepay or repay borrowings and to fund potential acquisitions and other inorganic growth opportunities. Investors should note that the final allocation, proceeds and post-listing ownership will depend on demand and the completed offering.
The IPO follows an earlier regulatory step documented by the Securities and Exchange Board of India, which published Zetwerk’s updated draft offer documents on August 14.
A technology-led manufacturing network
Zetwerk operates a manufacturing platform that connects customers with a distributed network of its own facilities and third-party suppliers. Its operations span energy products, precision manufacturing and capital goods, serving industrial and consumer-product customers.
Customers named in the offer materials and Reuters’ report include Siemens Gamesa, Acer India, the Indian Air Force and NTPC Renewable Energy. Energy products account for nearly 60 percent of revenue, while precision products contribute about 23 percent. The precision segment serves industries including consumer electronics, electric vehicles and wearables.
The company’s model combines physical production capacity with a technology layer used to manage orders, suppliers and production. That positioning has helped Zetwerk attract global venture investors, but the IPO prospectus remains the controlling disclosure for risk factors, customer concentration, order-book quality and related-party information.
Revenue rises as losses narrow
Zetwerk reported INR41.18 billion in revenue from operations for the April-June quarter. Revenue grew more than 55 percent from the same period a year earlier, according to Reuters’ account of the filing.
The company’s restated loss from continuing operations narrowed to INR641.29 million from INR8.81 billion in the year-earlier period. The improvement is material, although Zetwerk was still loss-making and prospective investors will be weighing the sustainability of margins as well as working-capital and execution risks across a broad supplier network.
The offering arrives during an active year for India’s equity market. More than 230 companies had raised $12.65 billion in Indian IPOs through October 7, 2026, up 8.3 percent from a year earlier, according to LSEG data cited by Reuters.
Zetwerk’s listing would give public-market investors exposure to a venture-backed manufacturing technology company rather than a conventional consumer internet platform. It would also test demand for asset- and working-capital-intensive technology businesses amid a busy issuance calendar.
Anchor investors are scheduled to bid on October 14, followed by the public offer from October 15 to 19. If the transaction proceeds on schedule, the shares are expected to list on October 23.
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