Bengaluru-based manufacturing platform Zetwerk has increased the fresh issue component of its upcoming initial public offering to Rs 2,830 crore, from the Rs 2,600 crore it had proposed in its updated draft red herring prospectus. The change was disclosed in the company’s red herring prospectus filed on Sunday, October 11, 2026, days before the offer opens for public subscription.
The issue opens on October 15, 2026 and closes on October 19, 2026. Anchor investors will bid a day earlier, on October 14, according to the prospectus.
The funding, the price band and the investors
Zetwerk has set a price band of Rs 143 to Rs 151 per share. At the upper end, the company is valued at about Rs 25,583 crore, or roughly USD 2.7 billion, according to reports by The Economic Times and Reuters. The total issue size is Rs 5,012 crore, made up of the Rs 2,830 crore fresh issue and an offer for sale of about 14.45 crore shares worth Rs 2,182 crore.
The offer for sale has grown faster than the fresh issue. Zetwerk has raised the OFS by 49 percent to 14.45 crore shares, from the 9.68 crore shares proposed in the UDRHP filed in August. The number of selling shareholders remains unchanged at 24, but eight institutional investors have increased the number of shares they plan to sell. Lightspeed Venture Partners will offload the most at 2.51 crore shares, followed by Peak XV Partners with 2.34 crore shares, Kae Capital and Kalysta Capital together with up to 1.67 crore shares, and Accel India V with up to 1.2 crore shares.
Where the money will go
Of the Rs 2,830 crore fresh issue, about Rs 1,300 crore is earmarked to repay or prepay borrowings at the company level, and another Rs 860 crore will go towards repaying debt at nine subsidiaries. Between them, the two debt repayments account for Rs 2,160 crore, about three-fourths of the fresh issue. The company says the remaining proceeds will be used for acquisitions, strategic investments and general corporate purposes, as stated in the red herring prospectus.
Who is selling in the offer for sale
On the promoter side, founders Amrit Pratik Acharya and Srinath Ramakkrushnan will each sell about 1.42 crore shares, while promoter group entity Creovate Innovation will offload up to 2.30 crore shares. Together, the promoter side accounts for around 5.14 crore shares in the offer for sale. The rest comes from existing investors, with the number of selling shareholders staying at 24.
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Financials and the scale of the business
Revenue from continuing operations rose 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 percent year on year to Rs 4,118 crore, while losses from continuing operations narrowed 93 percent to Rs 64 crore, from Rs 881 crore a year earlier. That swing, from a large loss to a small one, gives the issue a cleaner earnings narrative than the growth-at-any-cost pitches common in recent listings.
Background and founders
Zetwerk was founded in 2017 by Amrit Acharya and Srinath Ramakkrushnan. It runs a technology-led manufacturing platform that connects businesses with manufacturers and suppliers across energy, electronics, aerospace, defence and industrial automation. Those are long-cycle sectors where supply chains are complex and vendor qualification takes time, which is one reason the company has built its order book around repeat, enterprise-level contracts.
What happens next
The issue is scheduled to remain open from October 15 to October 19, 2026, with allotment and listing expected in the following weeks, subject to regulatory approvals and exchange clearances. Investors tracking the primary market will watch the anchor book on October 14 and the subscription figures across the retail, high net worth and institutional categories for a read on demand at a Rs 143 to Rs 151 price band.
