Zetwerk Raises Fresh IPO Issue to Rs 2,830 Crore, Increases OFS by 49%

Bengaluru-based manufacturing platform Zetwerk has increased the size of its proposed initial public offering (IPO), raising the fresh issue component to Rs 2,830 crore from the earlier proposed Rs 2,600 crore. The company has also expanded its offer-for-sale (OFS) component by 49% to 14.45 crore shares, according to its red herring prospectus (RHP) filed on October 11, 2026.

The updated offer reflects changes to the share sale planned by the company’s promoters and existing investors. The number of shareholders participating in the OFS remains unchanged at 24, although eight institutional investors have increased the number of shares they intend to sell.

The IPO is scheduled to open for public subscription on October 15 and close on October 19, 2026. Bidding for anchor investors will begin on October 14.

Promoters and Investors to Sell Shares

Zetwerk’s promoters, Amrit Pratik Acharya and Srinath Ramakkrushnan, will each sell approximately 1.42 crore shares through the OFS. Promoter group entity Creovate Innovation plans to sell up to 2.30 crore shares. Together, the three will offer approximately 5.14 crore shares.

Among existing investors, Lightspeed Venture Partners will sell 2.51 crore shares, while Peak XV Partners plans to offload 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, offering up to 1.2 crore shares.

The increase in the OFS component follows the company’s updated draft red herring prospectus (UDRHP), filed in August 2026, which had proposed the sale of 9.68 crore shares.

Use of IPO Proceeds

Zetwerk plans to use Rs 1,300 crore from the fresh issue to repay or prepay borrowings at the company level. A further Rs 860 crore will be allocated towards repaying debt at nine subsidiaries.

The remaining proceeds will be used for 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.

Revenue Growth and Financial Performance

Zetwerk’s revenue from continuing operations increased to Rs 15,913 crore in FY26 from Rs 11,332 crore in FY25.

In the first quarter of FY27, revenue from operations grew 55% year-on-year to Rs 4,118 crore. The company’s losses from continuing operations declined 93% to Rs 64 crore from Rs 881 crore in the corresponding quarter of the previous year.

The revised IPO structure increases the amount Zetwerk intends to raise through fresh shares and expands the number of shares that existing shareholders plan to sell. The public issue is set to begin on October 15, 2026, following the opening of the anchor investor bidding process on October 14.

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