The company, backed by Peak XV Partners and Accel India, has set a price band of 143 to 151 rupees per share. The offering is scheduled to open for public subscription from 15 to 19 October, with trading expected to begin on 23 October. Anchor investors will be able to submit bids from 14 October.
Zetwerk manufactures industrial and consumer products for customers across several sectors, including renewable energy, electronics and infrastructure. Its client base includes wind turbine manufacturer Siemens Gamesa, computer hardware company Acer India, the Indian Air Force and NTPC Renewable Energy.
Energy-related products account for nearly 60% of the company's revenue, while precision-manufactured products used in consumer electronics, electric vehicles and wearable devices contribute approximately 23%. This mix gives Zetwerk exposure to industries investing in production capacity and technologies associated with the energy transition.
The proposed offering comprises a fresh issue of shares worth up to 28.3 billion rupees, alongside an offer for sale of 144.53 million shares by existing shareholders. The company intends to use proceeds from the fresh issue to repay borrowings and pursue inorganic growth opportunities.
Zetwerk reported revenue from operations of 41.18 billion rupees for the April-to-June quarter, representing growth of more than 55% year on year. Its restated loss from continuing operations narrowed to 641.29 million rupees, compared with 8.81 billion rupees a year earlier.
The listing comes amid a busy period for India's primary capital market. More than 230 companies had raised $12.65 billion through Indian equity offerings by 7 October, according to LSEG data cited by Reuters.
However, the IPO will also test investor confidence in manufacturing businesses operating amid geopolitical uncertainty, supply-chain risks and changing technology requirements.
For Zetwerk, the valuation will depend on whether investors believe its revenue growth, industrial customer base and improving financial performance can support sustained expansion beyond the initial public offering.
