Zetwerk targeting late September mid October IPO with 2,600cr issue
Zetwerk, the tech-driven manufacturing startup backed by Peak XV and Accel, is gearing up for its IPO, aiming to hit the market in late September or mid-October depending on how investor roadshows go.
The plan includes a fresh issue of shares worth ₹2,600 crore plus an Offer for Sale of 9.68 crore shares.
Zetwerk IPO largely to repay debts
Most of the IPO funds will be used to pay off Zetwerk's debts (₹1,250 crore for company borrowings and ₹550 crore for its subsidiaries) with the rest going toward acquisitions and new investments.
Founded in 2017, Zetwerk works across sectors like renewable energy and aerospace.
In FY26 (year ended March 2026), revenue rose 40% to ₹15,913.32 crore but losses also grew due to non-cash charges.
Key investors selling shares include Creovate Innovation, founders Amrit Acharya and Srinath Ramakkrushnan, along with Peak XV, Accel, and Lightspeed.