Indian Industrial Tech Firm Zetwerk Targets $2.64 Billion Valuation in Major IPO

Zetwerk Manufacturing Businesses is seeking a valuation of ₹25,583 crore, about $2.64 billion, in an initial public offering that opens on October 15, 2026, Reuters reported, citing a company filing. The price band is ₹143 to ₹151 per share, and the valuation is calculated at the top of that range.

The issue totals about ₹5,012 crore, roughly $520 million at the exchange rate implied in Reuters' conversion. It combines a fresh issue of up to ₹2,830 crore with an offer for sale of 14.45 crore shares worth about ₹2,182 crore at the top of the band. Zetwerk raised the fresh issue from ₹2,600 crore in its August draft prospectus.

Key dates

• October 14: anchor investor bidding
• October 15 to 19: public subscription
• October 21: allotment expected
• October 23: tentative listing on the BSE and NSE

Of the issue, 75% is reserved for institutional buyers, 15% for non-institutional investors and 10% for retail investors, according to reports of the offer terms.

What Zetwerk does

Zetwerk describes itself as a technology-led, asset-light manufacturing platform. It combines capacity from third-party suppliers and its own factories into what it calls a "universal factory," coordinated through its Zetwerk OS software.

As of March 31, 2026, it had 26 owned manufacturing facilities in India, Spain, Germany and the US, and 6,979 third-party suppliers in 26 countries, according to its updated draft prospectus. Its customers include utilities, renewable energy companies, consumer electronics makers and AI infrastructure firms.

The financials

In the year to March 2026, revenue from operations rose 40.4% to ₹15,913 crore from ₹11,332 crore. The manufacturing order book reached ₹12,370 crore, up 43%, according to reports of the prospectus.

Growth continued in the April to June quarter, when revenue was ₹4,118 crore, up more than 55% from a year earlier. The restated loss from continuing operations narrowed to ₹641.29 crore from ₹881 crore, according to a company filing reported by Business Today and Reuters.

The full-year loss is the harder number. Zetwerk's consolidated FY26 loss widened to ₹1,606 crore from ₹371 crore, mainly because of exceptional items and discontinued operations. Its loss from continuing operations after tax was ₹964 crore. Before exceptional items and tax, the continuing operations lost about ₹81 crore.

Startup Fortune, which reviewed the filing, attributed much of the jump to a ₹450 crore provision for winding down a civil infrastructure business and a roughly ₹800 crore accounting charge linked to the founders raising their stake from about 15% to 20%.

Valuation and use of proceeds

Earlier coverage described Zetwerk as valued at around $3 billion in the private market, according to Startup Fortune. That would put the IPO valuation below that level. The company is backed by Peak XV Partners and Accel India.

About ₹2,160 crore of the fresh issue is earmarked to repay debt, YourStory reported. The rest is meant for acquisitions, strategic investments and general corporate purposes. The offer-for-sale proceeds go to the selling shareholders, not the company.

Debt matters here. Zetwerk's borrowings rose to ₹1,936 crore in FY26 from ₹1,232 crore in FY24, according to a summary of its prospectus published by Angel One.

What investors will weigh

The case in favor rests on growth and visibility. Startup Fortune said the order book was driven largely by renewable energy, power transmission and AI infrastructure demand.

The risk factors point the other way. The prospectus says the top 10 customers accounted for 35.90% of FY26 revenue. About 69.4% of manufacturing revenue comes from sectors tied to large capital spending, according to Angel One's summary, which makes orders sensitive to project delays. The business also needs significant working capital to bridge the gap between customer payments and supplier payouts, and it depends on third-party suppliers for capacity and quality.

Reuters placed the offering in a busy October for Indian IPOs. The company is not the only large issuer coming to market this month.

What the offering will test

Public investors will have to decide how much to pay for scale and a growing order book while the company still reports losses and carries debt. The valuation range shows where Zetwerk and its banks think that line sits.

The final price, the quality of institutional demand and the pace of listing-day trading are not yet known. The numbers to watch after listing are whether growth holds, whether the loss from continuing operations keeps narrowing, and how quickly the proceeds reduce debt.