Zetwerk plans ~₹5,000 crore IPO next week at ₹27,000 crore valuation, with ADIA and Norway's central bank in anchor book

Bengaluru-based manufacturing platform Zetwerk is preparing to launch its initial public offering as early as next week, in what could be one of the largest startup IPOs of the year. The company may raise up to $525 million (nearly ₹5,000 crore) at a target valuation of around ₹27,000 crore ($2.8–3.1 billion), according to people familiar with the matter cited by Bloomberg, ET and Mint.

The share sale is likely to open on October 15, with a targeted listing date of October 23, and the company is expected to announce the price band on Monday, October 12. The IPO will comprise a fresh issue of about ₹2,600–2,830 crore and an offer for sale of up to ₹2,200 crore (96.84 million shares) by existing investors. Zetwerk had confidentially filed its IPO documents in March and received regulatory approval in July.

More than 30 foreign and domestic investors are considering participation in the anchor book, including the Abu Dhabi Investment Authority (ADIA), Norway's central bank (Norges Bank), and the asset management arms of Goldman Sachs, SBI and HDFC, along with SBI Pension Fund, BlackRock and Edelweiss Asset Management.

The company filed an updated DRHP in August showing FY2026 consolidated revenue of ₹15,913.32 crore, up 40.4% year-on-year, and adjusted EBITDA of ₹421.34 crore. Zetwerk operates 26 manufacturing facilities across India, the US, Spain and Germany, serving utilities, renewable energy, consumer electronics and AI infrastructure. Of the fresh proceeds, ₹1,250 crore will repay the company's own borrowings and ₹550 crore will clear debt at nine subsidiaries.