Zetwerk Manufacturing has refiled its draft IPO papers with India’s SEBI, planning a fresh issue of up to Rs 2,600 crore, about $310M.
The updated draft red herring prospectus also includes an offer for sale from promoters Amrit Pratik Acharya and Srinath Ramakkrushnan, along with promoter group entity Creovate Innovation.
Most of the fresh-issue money has a clear destination: Rs 1,250 crore to repay debt at the company level and Rs 550 crore to reduce borrowings at subsidiaries, with the remainder earmarked for growth.
Zetwerk operates a technology-enabled manufacturing network that connects industrial buyers with suppliers across the globe. It first filed confidentially in March. Revenue from operations rose 40.4% to Rs 15,913 crore in FY26, with adjusted EBITDA of Rs 421 crore.
The company runs 26 owned manufacturing facilities across India, the US, Germany and Spain, and works with 6,979 third-party suppliers. The listing will test investor appetite for digitized manufacturing as Indian IPO markets stay busy.
