Zetwerk targets $518M in India IPO at $3.1B valuation
What's the deal? Manufacturing platform Zetwerk has set a price band of US$1.94-US$2.05 per share for its initial public offering, aiming to raise around US$680.6M. At the top of the band, the Bengaluru-based company would be valued at roughly US$3.47B.
Why now? The IPO opens for subscription on October 15 and closes on October 19, with anchor investors coming in a day earlier. Shares are expected to list on October 23.
The offering combines a fresh issue worth US$384.3M — up from the US$353.1M proposed in August — and an offer for sale of 14.45 crore shares, a 49% increase on the earlier plan.
Who's selling? Promoters Amrit Pratik Acharya and Srinath Ramakkrushnan will each offload 1.42 crore shares, and promoter group entity Creovate Innovation up to 2.30 crore. Among investors, Lightspeed Venture Partners is selling 2.51 crore shares, Peak XV Partners 2.34 crore, and Accel India V up to 1.2 crore.
What's the endgame? Founded in 2017, Zetwerk runs a technology-led platform that connects businesses with manufacturers across electronics, energy, aerospace, defence, and industrial automation. It plans to use US$176.5M of the fresh issue to repay company-level borrowings and US$116.8M for debt at nine subsidiaries, with the rest going to acquisitions and general purposes.
By the numbers: Revenue from continuing operations rose to US$2.16B in FY26 from US$1.54B in FY25. In Q1 FY27, revenue grew 55% year-on-year to US$559.2M, while losses from continuing operations narrowed to US$8.69M from US$119.6M a year earlier.
The signal: A near-profitable balance sheet and a debt-reduction plan suggest Zetwerk is positioning its listing as a shift toward sustainable growth, testing public-market appetite for India's contract manufacturing sector.
Read more: entrackr.com
Image credit: Zetwerk
