India’s Zetwerk Manufacturing Businesses on Thursday filed updated papers for an initial public offering through which it aims to raise 26 billion rupees ($272.47 million) in fresh capital, as the contract manufacturer seeks to pare debt.
Zetwerk’s IPO also comprises an offer for sale of 96.8 million shares by existing investors.
It plans to use 18 billion rupees to repay debt, with the remainder set for corporate purposes and potential acquisitions.
The public filing comes at a time when India’s primary market is reviving after a subdued first half of the year due to the impact of the Middle East war and a spike in crude oil prices.
As many as 22 companies have either launched or announced IPOs since July, compared to about 27 public issues between January and June.
Zetwerk’s fiscal 2026 revenue was 159.13 billion rupees, while it reported a pre-tax loss of 9.16 billion rupees on one-off charges, the filing showed.
It has more than 20 manufacturing facilities catering to 1,100 customers across sectors including electronics, energy, capital goods, aerospace and defence in more than a dozen countries.
Its customers include French industrial group Schneider Electric SCHN.PA, India’s top refiner Indian Oil IOC.NS, Germany’s Siemens SIEGn.DE and Taiwanese technological goods brand Acer.
Reuters
