Zetwerk Manufacturing Businesses is looking to expand its US operations after securing transformer orders worth around Rs 2,000 crore for data centres.

The Bengaluru-based manufacturing company plans to use its upcoming initial public offering (IPO) to reduce debt and fund future growth as demand for power equipment rises alongside investments in artificial intelligence (AI) and data centre infrastructure.

Zetwerk CEO Amrit Pratik Acharya said the company secured approximately Rs 2,000 crore in orders for transformers used in US data centres last year. The orders are expected to contribute to revenue in the coming periods.

The US already accounts for nearly 30% of Zetwerk’s manufacturing business revenue. The company plans to continue investing in the market as data centre operators increase spending on infrastructure to support AI workloads.

Zetwerk operates a hybrid manufacturing model, combining its own facilities with a network of manufacturing partners. Its product portfolio includes transformers, solar modules, wind turbine components and electronic products.

Zetwerk’s Rs 5,012 crore IPO opened for subscription on October 15, 2026, with a price band of Rs 143 to Rs 151 per share. The issue comprises a fresh share sale of Rs 2,830 crore and an offer for sale worth approximately Rs 2,182 crore.

The company plans to use around Rs 2,160 crore from the fresh issue to repay borrowings at the company and subsidiary levels. The remaining proceeds will support acquisitions and general corporate purposes.

Management said Zetwerk had debt of around Rs 2,800 crore and cash of approximately Rs 3,300 crore as of March 2026.

Zetwerk reported revenue of around Rs 16,101 crore in FY26, while its net loss widened to approximately Rs 1,606 crore. The company has also recorded negative operating cash flow in recent years.

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