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Manufacturing platform Zetwerk has filed its Red Herring Prospectus (RHP) for its initial public offering (IPO), comprising a fresh issue of shares worth Rs 2,830 crore. According to its RHP, the Bengaluru-based company has increased its fresh issue size to Rs 2,830 crore from Rs 2,600 crore proposed in its updated draft red herring prospectus (UDRHP). The offer for sale (OFS) has also increased by 49% to 14.45 crore shares from 9.68 crore shares proposed in the UDRHP filed in August. The OFS will include shares from promoters Amrit Pratik Acharya and Srinath Ramakkrushnan, who will each sell 1.42 crore shares. Promoter group entity Creovate Innovation will offload up to 2.30 crore shares. Together, they will offer around 5.14 crore shares. Among the existing investors, Lightspeed Venture Partners will offload the most, at 2.51 crore shares, followed by Peak XV Partners, which 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 participate in the OFS, offloading up to 1.2 crore shares. The offer will be open for subscription on October 15, 2026 to October 19, 2026 while anchor bid will start on October 14. Zetwerk plans to use Rs 1,300 crore from the fresh issue to repay or prepay borrowings at the company level. Another Rs 860 crore will be used to repay debt at nine subsidiaries. The remaining proceeds will be allocated towards acquisitions, strategic investments and general corporate purposes. Founded in 2017 by Acharya and Ramakkrushnan, Zetwerk operates a technology-led manufacturing platform that connects businesses with manufacturers and suppliers across sectors such as energy, electronics, aerospace, defence and industrial automation. On the financial front, Zetwerk’s 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, while losses from continuing operations declined 93% to Rs 64 crore from Rs 881 crore in the year-ago quarter.
document fetched 2026-10-12 02:53