On Oct 15, Zetwerk opened its ₹5,012 crore IPO, pricing shares between ₹143 and ₹151. The fresh issue of ₹2,830 crore and an offer‑for‑sale of ₹2,182 crore were made available to institutional and retail investors.
Ankit Fatehpuria, CFO, disclosed that as of March the balance sheet held ₹2,800 crore in debt and ₹3,300 crore in cash. The company plans to deploy ₹2,150 crore of fresh‑issue proceeds to slash debt, leaving the balance for growth.
Revenue climbed to ₹16,000 crore, while adjusted EBITDA surged to ₹400 crore from ₹100 crore two years prior, reflecting a 300% increase in profitability. The company attributes the jump to a hybrid manufacturing model and a strong partner network.
Amrit Pratik Acharya, MD, highlighted that the ₹2,000 crore worth of transformer orders for U.S. data centers will materialise in the next period. With nearly 30% of revenue already tied to the U.S., the company is aiming to deepen its footprint in the region amid AI and data‑center expansion.
Going forward, Acharya said cash flow from operations remains negative but will be a priority, along with debt repayment and potential acquisitions. The company sees the fresh IPO proceeds as a catalyst to strengthen its balance sheet before the next growth phase.