Zetwerk Targets INR 27,000 Cr IPO Valuation

Zetwerk, a business-to-business (B2B) manufacturing platform, is preparing to enter the public markets at a valuation of around INR 27,000 crore (USD 3.1 billion), with more than 30 domestic and international investors considering participation in its anchor book, according to a Mint report.

The Abu Dhabi Investment Authority (ADIA), Norway’s central bank, and the asset management arms of Goldman Sachs, SBI and HDFC are among the investors evaluating participation. Other interested investors include SBI Pension Fund, BlackRock and Edelweiss Asset Management.

The proposed IPO comprises a fresh issue of INR 2,830 crore and an offer for sale (OFS) of INR 2,200 crore by existing investors. The company was expected to file its red herring prospectus (RHP) with the Securities and Exchange Board of India (SEBI) within two weeks of the report.

“There is a diversified book that includes mutual funds and key FIIs. The company is likely to be valued at around INR 27,000 crore,” a person familiar with the matter told Mint, adding that more investors could be added to the anchor book.

Founded in 2018 by Amrit Acharya, Srinath Ramakrushnan, Vishal Chaudhary, Ankit Fatehpuria and Rahul Sharma, Zetwerk operates through its proprietary software platform, Zetwerk OS. The platform manages sourcing, production planning, supplier coordination and project execution across its manufacturing network, which includes company-owned facilities and third-party manufacturers.

Its products serve sectors such as utilities, renewable energy, consumer electronics, artificial intelligence infrastructure, aerospace, space and defence, oil and gas and industrial automation. Its clients include L&T, NTPC, Indian Oil, boAt, Siemens, Acer, Schneider Electric, National Aluminium Company, CG Power Solutions, Nordex, Bharat Bijlee and Mortenson.

Zetwerk recorded estimated operating revenue of INR 15,900 crore in FY26, a 24% increase from FY25, according to data cited by Inc42 from a Crisil Ratings rationale.

The company has raised USD 931 million across 20 funding rounds as of September 27, according to Tracxn data. Its previous funding round earlier in 2026 valued it at USD 4 billion. Its investors include Greenoaks Capital, Khosla Ventures, Accel, Lightspeed Venture Partners, Peak XV Partners, Avenir Growth Capital and Baillie Gifford.

Zetwerk has appointed Kotak Mahindra Capital, JM Financial, Avendus Capital, Pantomath Capital and the Indian arms of HSBC, Morgan Stanley and Goldman Sachs as merchant bankers for the IPO.

The proposed listing comes amid mixed performance from recent technology IPOs. ArMee Infotech ended its debut session 21% below its opening price, while Fractal Analytics closed its first trading day down around 6%. ESDS Software Solution, in contrast, ended its debut session up 109%.