The issue will also include an OFS of about 96.84 million shares by early investors and some promoters.
B2B managed contract manufacturing platform Zetwerk is increasingly moving beyond its origins as an asset-light manufacturing marketplace, with energy, defence and AI infrastructure emerging as key growth engines as the company prepares to raise a fresh issue of ₹2,600 crore through its initial public offering.The company in its updated draft red herring prospectus (UDHRP), logged a ₹12,300-crore order book for FY26, up about 40 per cent year-on-year, even as revenue grew 40 per cent to ₹15,900 crore. A significant portion of new orders won over the past year came from international markets, particularly the US and Europe.Zetwerk in its UDRHP said the fresh IPO proceeds will largely be used to repay debt, with about ₹1,800 crore earmarked for debt repayment and the balance for acquisitions and general corporate purposes. The issue will also include an OFS of about 96.84 million shares by early investors and some promoters.The company’s manufacturing business contributed about ₹9,300 crore of FY26 revenue, with energy accounting for roughly 70 per cent of the segment. Precision manufacturing, which includes electronics and defence, accounted for about 15 per cent, while capital goods contributed another 15–16 per cent.The shift towards owning manufacturing capacity has been particularly sharp. Zetwerk now operates 26 captive plants, which account for about 33 per cent of its manufacturing segment, compared with 7 per cent two years ago. The company moved to in-house capacity as it became harder to find third-party suppliers for more complex and high-value manufacturing.This capacity expansion comes along with its marketplace model.The company also appears to have significant customer stickiness. About 80 per cent of FY26 revenue came from repeat customers, while 20 per cent came from new customers. Its net revenue retention stood at 120 per cent, indicating that existing customers increased their spending with Zetwerk. The top 10 customers accounted for 36 per cent of revenue.China+1 playing wellInternational business rose to about ₹2,800 crore in FY26 from ₹2,300 crore a year earlier, despite tariff and geopolitical volatility. About 30 per cent of manufacturing revenue now comes from international markets, largely the US and Europe.Published on August 14, 2026
