Zetwerk eyes ₹27,000 crore IPO valuation as over 30 investors weigh anchor book

Abu Dhabi Investment Authority (ADIA), Norway's central bank, and the asset management arms of Goldman Sachs, SBI and HDFC are among more than 30 foreign and domestic investors considering participation in Zetwerk's anchor book ahead of its IPO, said the first of the two persons cited earlier, both speaking on condition of anonymity.

"There is a diversified book that includes mutual funds and key FIIs. The company is likely to be valued at around ₹27,000 crore," said the second person, adding that more investors would be added to the anchor book by Sunday night.

The company is expected to file its red herring prospectus (RHP) with the Securities and Exchange Board of India (Sebi) within the next two weeks. the people said.

Norges Bank and SBI Pension Fund said they had no comments, while Abu Dhabi Investment Authority declined to comment. Zetwerk did not immediately respond to Mint’s email seeking comment. Mint also reached out to SBI Mutual Fund, HDFC AMC, Edelweiss AMC, Goldman Sachs AMC, and BlackRock for comment but did not receive a responses by press time.

Founded in 2018 by Amrit Acharya, Srinath Ramakkrushnan, Vishal Chaudhary, Ankit Fatehpuria and Rahul Sharma, Zetwerk runs on its proprietary software platform, Zetwerk OS, which manages sourcing, production planning, supplier coordination and project execution. The company operates through its own facilities and a network of third-party manufacturers, supplying products to a wide range of sectors, including utilities, renewable energy, consumer electronics, artificial intelligence (AI) infrastructure, space and defence, oil and gas, industrial automation and aerospace, both in India and overseas.

Zetwerk is preparing to enter the public markets at a time when investor sentiment remains subdued, particularly towards technology stocks. The Nifty IT index has fallen 24% so far in 2026, significantly underperforming the benchmark Nifty 50, which has declined 14%. The weak market sentiment could make investor demand and pricing key determinants of the success of Zetwerk's IPO, market participants said.

In an October report, Axis Direct said that “the IT Services is likely to report relatively moderate earnings growth (in Q2FY27), as global demand remains cautious.”

However, ramp-ups in large deals, outcome-based engagements and rising AI-led spending should lend some support. Margins are expected to remain mixed, with wage hikes, AI investments, deal ramp-up costs and acquisitions weighing on profitability, partly offset by rupee depreciation and productivity gains, the brokerage added.

Since its founding, Zetwerk has raised a total of $931 million across 20 funding rounds as of 27 September, according to Tracxn data, with the last round raised early this year valuing it at $4 billion. Zetwerk is backed by investors including Greenoaks Capital, Khosla Ventures, Accel, Lightspeed Venture Partners, Peak XV Partners, Avenir Growth Capital, and Baillie Gifford.

Recent technology listings have seen mixed fortunes. ArMee Infotech, which listed on 30 September, opened flat but ended its debut session 21% lower. Fractal Analytics listed at a nearly 3% discount to its issue price on 16 February and closed the day down about 6%. In contrast, ESDS Software Solution made a strong debut on 4 September, listing at a premium of more than 76% and ending its first trading day up 109%.

Zetwerk's clients span a range of industries, from industrial heavyweights such as L&T, NTPC and Indian Oil to consumer electronics brand boAt and global companies such as Siemens, Acer and Schneider Electric. Other clients include National Aluminium Company Ltd (Nalco), CG Power Solutions, Nordex, Bharat Bijlee and Mortenson.

Dipti Sharma

Dipti has spent nearly a decade happily knee-deep in the fast-moving, occasionally nerve-wracking, and always fascinating world of stock markets, tracking everything from sharp sell-offs to surprise rallies, and the narratives that drive them. She began her journalism journey at Informist, sharpened her market instincts at CNBC Digital and Moneycontrol, and is now charting new territory with Mint. Here, she is exploring new ground, bringing together sharp analysis, on-ground insights, and a keen eye for what really moves markets.Before stepping into journalism, Dipti studied law and worked with a solicitor firm for close to three years, an experience that gave her a strong foundation in analytical thinking, contracts, and corporate structures. But the pull of markets and storytelling proved stronger, prompting a switch from law to journalism.She writes about stocks and investments, but that’s only part of the story. Dipti also teams up with market experts to turn complex trends into sharp, easy-to-understand videos, occasionally peeks at deals and acquisitions, and regularly picks the brains of industry leaders. Somewhere between earnings calls, market swings, and boardroom chatter, she’s always looking for the next story that explains what’s really moving the markets.

Sneha Shah

Sneha Shah is the editor for deals and startups at Mint. Starting off her career in India’s financial capital as a cub reporter for the Mid-day newspaper in the mid-2000s, she later moved on to decode balance sheets and follow the money trail for some of the leading pink publications in the country. She has been covering India’s deals ecosystem for nearly two decades now, closely tracking private- and public-market funding, startups, private equity, venture capital, and investment banking. From breaking some of the biggest deal stories of the past to doing some incisive deep-dives into the latest trends and turnarounds in the industry, she has witnessed the phenomenal growth and transformation of the country’s investment ecosystem from really close quarters. A graduate in journalism, she has worked with The Economic Times, Financial Chronicle, VCCircle and Mid-Day before starting her second stint at Mint in 2022. As a keen observer of India’s startups ecosystem, she aspires to write a book some day, chronicling some of the most inspiring stories the industry has seen so far in its remarkable journey.