Zetwerk files for ₹50.12 billion IPO to fund US expansion

Bengaluru-based Zetwerk Manufacturing Businesses has filed for a ₹50.12 billion (~$526.36 million) initial public offering (IPO). The offering includes a fresh issue of equity shares worth ₹28.3 billion and an offer for sale of up to 144.53 million shares by existing shareholders, including promoters Amrit Pratik Acharya and Srinath Ramakkrushnan, as well as investors such as Peak XV Partners, Lightspeed Venture Partners, Accel India, and Kae Capital.

The company intends to use a significant portion of the fresh issue proceeds to repay borrowings for both Zetwerk and its various subsidiaries. Remaining funds are earmarked for acquisitions and general corporate purposes.

Zetwerk is focusing on expansion in the United States, driven by high demand for power equipment. The company reported securing approximately ₹2,000 crore in orders for transformers intended for US data centers last year. The US market currently accounts for nearly 30% of Zetwerk’s manufacturing revenue. The company’s product portfolio includes transformers, solar modules, wind turbine components, and electronic products, serving the renewable energy and power transmission sectors.