Bengaluru-based energy infrastructure solutions provider, Zetwerk Manufacturing Businesses, has filed a red herring prospectus (RHP) for a ₹50.12 billion (~$526.36 million) initial public offering ().

The company’s product portfolio includes solar modules, module mounting structures, transformers, and other equipment used in energy infrastructure.

The IPO consists of a fresh issue of equity shares aggregating up to ₹28.3 billion (~$297.21 million) and an offer for sale (OFS) of up to 144.53 million equity shares by existing shareholders.

The equity shares have a face value of ₹1 (~$0.01) each. The company has set the price band for its IPO at ₹143 (~$1.5) to ₹151 (~$1.58) per share.The OFS includes up to 14.23 million equity shares each from promoters Amrit Pratik Acharya and Srinath Ramakkrushnan, and up to 22.97 million shares from promoter group entity Creovate Innovation.

Other selling shareholders include Peak XV Partners, Lightspeed Venture Partners, Accel India and Kae Capital, among others.

Of the fresh issue proceeds, the company proposes to utilize ₹13 billion (~$136.53 million) to pay its outstanding borrowings.

Another ₹8.6 billion (~$90.32 million) will be used to pay back borrowings of its subsidiaries through investments in these entities.

The subsidiaries include Sharp Tanks and Structurals, Terra91 International, Smile Electronics, Kryfs Power Components, Kryfs Transformers, Unimacts Global, Zetwerk Manufacturing SG, Zap91 Solar India, and Zet Town India.

The remaining proceeds will be used to fund inorganic growth through acquisitions and for general corporate purposes.

As on August 31, 2026, the aggregate outstanding borrowings of Zetwerk and its subsidiaries, on a consolidated basis, amounted to ₹52.08 billion (~$546.95 million).

Zetwerk provides manufacturing solutions across energy, precision and capital products. Its energy products business serves customers in the renewable energy and power transmission sectors.

According to Mercom’s State of Solar PV Manufacturing in India 1H 2026 report, India added 50.6 GW of solar module and 9.7 GW of solar cell manufacturing capacity in the first half of 2026.

According to the DRHP, Zetwerk’s subsidiary Zap91 Solar India is constructing a solar module manufacturing facility in Sangareddy, Telangana.

The company also operates manufacturing facilities in India and international markets. Its transformer manufacturing facility in Savli, Gujarat, and its cold-rolled grain-oriented steel laminations and cores manufacturing facility in Kherdi, Dadra and Nagar Haveli, became operational in July 2026.

As of June 30, 2026, Zetwerk’s manufacturing order book stood at ₹130.62 billion (~$1.37 billion), compared with ₹85.35 billion (~$896.36 million) as of June 30, 2025.

The company received new manufacturing orders worth ₹153.93 billion (~$1.62 billion) during the financial year 2026, compared with ₹113.27 billion (~$1.19 billion) in the previous financial year.

Revenue from its manufacturing business increased 50.02% to ₹93.75 billion (~$984.58 million) in the financial year 2026, up from ₹62.49 billion (~$656.28 million) in the previous year.

In 2024, Zetwerk won a contract to set up over 1,400 electric vehicle fast chargers for Indian Oil Corporation across the country.