Zetwerk files updated IPO papers

Zetwerk, a technology-led contract manufacturing platform, filed its Updated Draft Red Herring Prospectus (UDRHP) with the India — Securities and Exchange Board of India (SEBI) on August 13, 2026, advancing its proposed initial public offering (IPO). The IPO comprises a fresh issue of up to Rs 2,600 crore and an offer for sale (OFS) of up to 96,837,455 equity shares by existing shareholders. The company plans to use Rs 1,250 crore of the fresh proceeds to repay debt at the company level and Rs 550 crore towards borrowings at subsidiaries, with the remainder for unidentified acquisitions and general corporate purposes. Zetwerk may also undertake a pre-IPO placement of up to Rs 520 crore. The company reported strong financial performance for FY26, with revenue from operations rising 40.4% to Rs 15,913 crore, adjusted EBITDA more than quadrupling to Rs 421 crore, and adjusted PBT turning positive at Rs 45.7 crore. However, reported PBT stood at a loss of Rs 1,558 crore due to non-cash stock-options and a provision related to its discontinued civil infrastructure business. The manufacturing order book doubled to Rs 12,370 crore, and international markets contributed nearly 30% of manufacturing revenue. Promoters and several investors, including Peak XV Partners, Accel-KKR, Lightspeed Venture Partners, and Kae Capital, are selling shares in the OFS. The company operates 26 owned manufacturing facilities across India, the US, Germany, and Spain, and works with 6,979 third-party suppliers. Book-running lead managers include Kotak Mahindra Bank — Kotak Mahindra Capital Company, Morgan Stanley, Goldman Sachs, Avendus Capital, JM Financial, HSBC, and Pantomath Capital Advisors.