Zetwerk, a contract manufacturing startup, has filed the updated draft red herring prospectus (UDRHP) with the markets regulator for its initial public offering. The company plans to raise around Rs 2,600 crore via a fresh issue. The issue will include an offer for sale of up to 96,837,455 equity shares, allowing existing shareholders to sell their stakes.

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Before the updated DRHP, the company had filed its draft papers with SEBI (Securities and Exchange Board of India) in April 2026 through a confidential filing route. SEBI announced its approval for the company’s IPO filing on July 09. This decision cleared regulatory hurdles for the company to move forward with its IPO.

Zetwerk IPO objective

Zetwerk aims to use Rs 1,250 crore of the fresh issue proceeds to repay debt at the company level and another Rs 550 crore towards borrowings at subsidiaries. The remaining amount will be used for unidentified acquisitions and general corporate purposes.

Zetwerk IPO lead book managers

Kotak Mahindra Capital Company, Morgan Stanley India Company, Goldman Sachs (India) Securities, Avendus Capital, JM Financial, HSBC Securities and Capital Markets (India), and Pantomath Capital Advisors are the Book Running Lead Managers to the issue.

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About Zetwerk

The company aggregates manufacturing capacity across a network of third-party suppliers and its own facilities into a “universal factory,” unified through Zetwerk OS, its proprietary technology backbone. Its customers span utilities, renewables, consumer electronics, artificial intelligence infrastructure, aerospace, space & defence, oil & gas and industrial automation.

Zetwerk operates two reportable business segments: the Manufacturing Business, which enables customers to manufacture industrial and consumer products through its supplier network and own facilities; and the Ecosystem Business, branded Terra91, which aggregates and sources industrial commodities for customers. A third segment, Civil Infrastructure Works, was discontinued in FY26 as part of a strategic realignment to focus on the core segments.