Zetwerk IPO
Zetwerk IPO is a book-building public issue with a stated issue size of approximately ₹5,012.33 crore, according to the supplied IPO details.
The issue comprises a fresh issue of 18,74,82,119 equity shares, aggregating to approximately ₹2,830 crore, and an Offer for Sale (OFS) of 14,45,25,036 equity shares, aggregating to approximately ₹2,182.33 crore. The fresh issue is intended to raise capital for the company’s stated corporate purposes, while the OFS proceeds will go to the selling shareholders.
The Zetwerk IPO is scheduled to open for subscription on 15 October 2026 and close on 19 October 2026. The basis of allotment is expected on 21 October 2026. The shares are proposed to be listed on NSE and BSE, with a tentative listing date of 23 October 2026.
The IPO price band is ₹143 to ₹151 per share, and the minimum application size is 99 shares. At the upper price band of ₹151, the minimum retail investment is ₹14,949, before any applicable charges.
Zetwerk IPO Details
Zetwerk Manufacturing Businesses Ltd. is entering the primary market with a book-built IPO comprising a fresh issue and an Offer for Sale. According to the supplied information, the issue has a stated aggregate size of approximately ₹5,012.33 crore.
The price band is fixed at ₹143 to ₹151 per share, with a face value of ₹1 per share. Investors can apply for a minimum of 99 shares and in multiples of the lot size thereafter.
At the upper price band, one lot of 99 shares requires an investment of ₹14,949. The supplied details also mention an employee discount of ₹14 per share. Eligible employees should check the final offer documents for the applicable discount terms and eligibility conditions.
The IPO is proposed to be listed on both NSE and BSE. The tentative allotment date is 21 October 2026, and the tentative listing date is 23 October 2026.
Zetwerk IPO Details
| Particulars | Details |
|---|---|
| Company Name | Zetwerk Manufacturing Businesses Ltd. |
| IPO Open Date | 15 October 2026 |
| IPO Close Date | 19 October 2026 |
| Expected Allotment | 21 October 2026* |
| Refund / ASBA Unblocking | 22 October 2026* |
| Demat Credit | 22 October 2026* |
| Tentative Listing Date | 23 October 2026* |
| Stated Issue Size | Approximately ₹5,012.33 Crore* |
| Price Band | ₹143 to ₹151 per share |
| Face Value | ₹1 per share |
| Lot Size | 99 Shares |
| Minimum Retail Investment | ₹14,949 at the upper price band |
| Fresh Issue | 18,74,82,119 Shares; stated amount ₹2,830 Crore |
| Offer for Sale | 14,45,25,036 Shares; stated amount ₹2,182.33 Crore |
| Issue Type | Book Building IPO |
| Sale Type | Fresh Issue cum Offer for Sale |
| Listing Exchanges | NSE and BSE |
| Employee Discount | ₹14 per share, as supplied |
| Market Capitalization at Upper Price | ₹25,583.25 Crore, as supplied |
| Registrar | KFin Technologies Ltd. |
| Lead Managers | Kotak Mahindra Capital Co. Ltd., Morgan Stanley India Co. Pvt. Ltd., Goldman Sachs (India) Securities Pvt. Ltd., Avendus Capital Pvt. Ltd., JM Financial Ltd., HSBC Securities & Capital Markets (India) Pvt. Ltd. and Pantomath Capital Advisors Pvt. Ltd. |
Zetwerk IPO Issue Size
| Issue Component | Shares Offered | Amount as Supplied |
|---|---|---|
| Fresh Issue | 18,74,82,119 | ₹2,830.00 Crore |
| Offer for Sale (OFS) | 14,45,25,036 | ₹2,182.33 Crore |
| Total Issue | 33,20,07,155 | ₹5,012.33 Crore* |
The fresh issue will result in new shares being issued by the company. The net proceeds attributable to the fresh issue are proposed to be used for the purposes disclosed in the offer document, including repayment or prepayment of borrowings, potential acquisitions and general corporate purposes.
In contrast, the OFS involves existing shares being sold by shareholders. The proceeds from the OFS will be received by the selling shareholders, not by Zetwerk itself.
Amount verification: At ₹151 per share, the stated fresh issue quantity works out to approximately ₹2,830.98 crore, and the stated OFS quantity works out to approximately ₹2,182.33 crore. The combined amount is approximately ₹5,013.31 crore. The final issue amount and any applicable offer terms should be confirmed from the official RHP.
Zetwerk IPO Timeline
| Event | Date |
|---|---|
| IPO Opens | Thursday, 15 October 2026 |
| IPO Closes | Monday, 19 October 2026 |
| Basis of Allotment | Wednesday, 21 October 2026* |
| Refund / ASBA Unblocking | Thursday, 22 October 2026* |
| Shares Credited to Demat | Thursday, 22 October 2026* |
| Listing | Friday, 23 October 2026* |
The above dates are tentative and based on the supplied IPO schedule. The final allotment, refund, demat credit and listing dates may change according to the official issue timetable and exchange announcements.
Zetwerk IPO Issue Reservation
| Investor Category | Reservation |
|---|---|
| Qualified Institutional Buyers (QIB) | Not less than 75% of the Net Offer |
| Retail Individual Investors (RII) | Not more than 10% of the Net Offer |
| Non-Institutional Investors (NII) | Not more than 15% of the Net Offer |
The reservation percentages above are reproduced from the supplied information. Investors should verify the final category allocation, including any employee reservation, against the official RHP.
Zetwerk IPO Investor Categories
| Category | Investment Limit | Cut-off Price |
|---|---|---|
| Retail Individual Investor (RII) | Up to ₹2 Lakhs | Yes |
| Small NII (sNII) | Above ₹2 Lakhs up to ₹10 Lakhs | No |
| Big NII (bNII) | Above ₹10 Lakhs | No |
| Employee (EMP) | Up to ₹5 Lakhs, subject to the final offer terms | As applicable |
| Employee + RII/NII | Employee application plus applicable RII/NII category limits | As applicable |
Zetwerk IPO Lot Size
Investors can bid for a minimum of 99 shares and thereafter in multiples of 99 shares. The investment amounts below are calculated using the upper price band of ₹151 per share.
| Investor Category | Lots | Shares | Investment at ₹151 |
|---|---|---|---|
| Retail Minimum | 1 | 99 | ₹14,949 |
| Retail Maximum | 13 | 1,287 | ₹1,94,337 |
| Small HNI Minimum | 14 | 1,386 | ₹2,09,286 |
| Small HNI Maximum | 66 | 6,534 | ₹9,86,634 |
| Big HNI Minimum | 67 | 6,633 | ₹10,01,583 |
These calculations use the supplied lot size and upper price band. Application limits and investor-category eligibility should be confirmed against the final issue documents and applicable rules.
About Zetwerk Manufacturing Businesses Ltd.
Zetwerk Manufacturing Businesses Ltd. was incorporated in 2017 and operates as a technology-led global manufacturing platform. Its business model connects industrial and consumer enterprises with a network of manufacturing partners for custom and large-scale production requirements.
The company follows an asset-light managed marketplace model and provides end-to-end manufacturing services, including design, supplier matching, quality control, production coordination and logistics. Its platform is designed to provide visibility and coordination throughout the manufacturing lifecycle.
Zetwerk serves a diverse range of industries, including utilities, renewable energy, consumer electronics, artificial intelligence infrastructure, aerospace, space and defence, oil and gas, industrial automation and precision manufacturing.
Its proprietary technology platform, Zetwerk OS, supports workflow management and tracking across manufacturing operations. The platform is intended to improve coordination between customers, suppliers and production partners while supporting quality control and delivery management.
According to the supplied company overview, Zetwerk has a presence in more than 25 countries, a network of over 10,000 suppliers and more than 1,100 customers, including Fortune 500 companies. The company also operates more than 20 manufacturing facilities across India, the United States and Mexico, as stated in the supplied information.
In Fiscal 2026, the company had 1,802 customers, comprising 1,613 customers in India and 189 customers outside India. Its diversified customer base and industry exposure are important parts of its business model.
Zetwerk Business Segments
| Business Segment | Business Overview |
|---|---|
| Electronics Manufacturing | Manufacturing services for electronics and related products, including custom production requirements. |
| Renewable Energy | Manufacturing and supply-chain support for renewable energy and related infrastructure. |
| Industrial Manufacturing | Managed manufacturing services for industrial components, equipment and custom production. |
| Aerospace, Space and Defence | Manufacturing capabilities supporting specialised and precision-oriented industrial requirements. |
| AI Infrastructure | Manufacturing-related services for infrastructure and components associated with AI and data-intensive industries. |
| Oil and Gas | Manufacturing and supply-chain services for industrial customers in the energy sector. |
| Consumer Products | Production coordination and manufacturing services for consumer-oriented businesses. |
| Industrial Automation | Manufacturing services and supply-chain coordination for automation and industrial applications. |
Zetwerk IPO Competitive Strengths
- A technology-led managed marketplace connecting customers with a network of manufacturing partners.
- Diversified exposure across several manufacturing industries and end markets.
- An asset-light business model designed to scale through manufacturing partners and supplier relationships.
- Zetwerk OS provides technology-enabled workflow management across the manufacturing lifecycle.
- A broad supplier network and customer relationships spanning India and international markets.
- End-to-end services covering supplier matching, design coordination, quality control and logistics.
- Exposure to manufacturing demand from renewable energy, electronics, industrial automation, aerospace and other sectors.
- Experienced founders and management, supported by an established investor base, as described in the supplied company information.
Zetwerk IPO Financial Performance
The following table reproduces the supplied restated consolidated financial information for Zetwerk Manufacturing Businesses Ltd. All amounts are in ₹ crore.
| Particulars (₹ Crore) | 30 Jun 2026 | 31 Mar 2026 | 30 Jun 2025 | 31 Mar 2025 | 31 Mar 2024 |
|---|---|---|---|---|---|
| Total Assets | 12,016.09 | 13,384.63 | 9,083.09 | 10,355.43 | 10,330.85 |
| Total Income | 4,195.70 | 16,100.63 | 2,702.10 | 11,492.23 | 12,523.46 |
| Profit After Tax (PAT) | -732.98 | -1,606.17 | -1,368.47 | -370.71 | -917.95 |
| EBITDA* | 103.16 | 421.34 | 31.11 | 322.59 | 97.03 |
| Net Worth | 4,094.13 | 4,813.72 | 3,905.13 | 4,453.76 | 4,062.46 |
| Reserves and Surplus | -771.23 | -15.96 | 3,803.94 | 4,355.22 | 4,025.00 |
| Total Borrowings | 1,942.19 | 1,936.16 | 1,707.21 | 1,746.55 | 1,232.10 |
Note: Amounts are in ₹ crore. EBITDA is described as adjusted EBITDA in the supplied information. The June figures represent interim reporting periods, while the March figures are year-end figures; they should not be directly compared as equivalent full-year periods.
Financial Performance Analysis
- Revenue / income: Total income for FY2026 was ₹16,100.63 crore compared with ₹11,492.23 crore in FY2025, an increase of approximately 40.1%.
- Profitability: The company reported a net loss of ₹1,606.17 crore in FY2026 compared with a net loss of ₹370.71 crore in FY2025. The reported loss therefore widened substantially.
- EBITDA: Adjusted EBITDA was ₹421.34 crore in FY2026 compared with ₹322.59 crore in FY2025, according to the supplied data.
- Borrowings: Total borrowings stood at ₹1,936.16 crore as of 31 March 2026, compared with ₹1,746.55 crore as of 31 March 2025.
Zetwerk IPO Objects of the Issue
According to the supplied IPO information, the net proceeds from the fresh issue are intended to be used for the purposes disclosed in the offer document.
| No. | Issue Objects | Amount (₹ Crore) |
|---|---|---|
| 1 | Repayment or prepayment, in part or full, of certain borrowings availed by the company | 1,300.00 |
| 2 | Funding inorganic growth through unidentified acquisitions and other strategic acquisitions | Not specified |
| 3 | General corporate purposes | Not specified |
| 4 | Repayment or prepayment of borrowings, as separately listed in the supplied issue-object table | 860.00 |
| Total of the two separately stated borrowing amounts | 2,160.00 | |
Zetwerk IPO Key Performance Indicators (KPI)
| KPI | 30 June 2026 | 31 March 2026 |
|---|---|---|
| Return on Net Worth (RoNW) | -1.74% | -21.11% |
| Net Asset Value (NAV) | ₹25.85 | ₹31.26 |
| Price-to-Book Ratio (P/B) | Not specified | 4.83x |
The supplied KPI information reports negative RoNW for both periods. The NAV was ₹25.85 as of 30 June 2026 and ₹31.26 as of 31 March 2026. These figures should be read alongside the company’s reported losses and the definitions used in the official offer document.
Zetwerk IPO Valuation
The supplied IPO information gives a market capitalization of approximately ₹25,583.25 crore at the upper price band of ₹151 per share.
| Valuation Metric | Pre-IPO | Post-IPO |
|---|---|---|
| Price Band Upper End | ₹151 | ₹151 |
| EPS (₹) | -₹10.66 | Negative, as supplied |
| P/E Ratio | -14.17x, as supplied | Not meaningful on negative earnings |
| Market Capitalization at Offer Price | ₹22,752.27 Crore | ₹25,583.25 Crore |
The supplied pre-IPO and post-IPO market capitalizations reflect different share counts. The figures should be verified against the official RHP, particularly because the supplied valuation table reports negative earnings.
A conventional price-to-earnings ratio is generally not useful when a company reports negative earnings. Investors may also consider revenue growth, adjusted EBITDA, cash flows, debt, NAV and other relevant valuation measures.
Zetwerk IPO Shareholding Structure
| Category | Pre-IPO | Post-IPO |
|---|---|---|
| Promoter and Promoter Group | 15.86% | 11.36% |
| Public | 84.14% | 88.64% |
| Total | 100% | 100% |
Company Promoters: Amrit Pratik Acharya and Srinath Ramakkrushnan, according to the supplied information.
The supplied shareholding table indicates that the promoter and promoter group holding is expected to reduce from 15.86% before the IPO to 11.36% after the IPO. The final shareholding pattern should be checked against the RHP.
Zetwerk IPO Offer for Sale – Selling Shareholders
| Name | Category | Shares Offered | Amount (₹ Crore) |
|---|---|---|---|
| Amrit Pratik Acharya | Promoter | 1,42,30,672 | 214.88 |
| Srinath Ramakkrushnan | Promoter | 1,42,30,672 | 214.88 |
| Creovate Innovation Pvt. Ltd. | Promoter | 2,29,74,820 | 346.92 |
| Peak XV Partners Investments V (formerly SCI Investments V) | Corporate | 1,76,11,820 | 265.94 |
| Lightspeed Venture Partners Select IV Mauritius | Corporate | 1,35,29,722 | 204.30 |
| Selected selling shareholders listed above | 8,25,77,706 | 1,246.92 | |
The table above reproduces the selected selling shareholders included in the supplied information. It is not a complete reconciliation of the total OFS of 14,45,25,036 shares. Refer to the official RHP for the full list of selling shareholders and the final share quantities.
Recently Listed IPOs in IT-Enabled Services
The following comparison is reproduced from the supplied information. These companies operate in different business areas, so their figures should not be treated as directly comparable valuations for Zetwerk.
| Company | Issue Type | Issue Size | Issue Price | P/E Ratio | Listing Day Close | Listing Gain / Loss | LTP |
|---|---|---|---|---|---|---|---|
| SRIT India Ltd. | Mainboard | ₹218.40 Cr | ₹130 | 14.25 | ₹155.09 | +19.30% | ₹126.04 |
| ArMee Infotech Ltd. | Mainboard | ₹300.00 Cr | ₹375 | 19.57 | ₹300.00 | -20.00% | ₹248.60 |
| ESDS Software Solution Ltd. | Mainboard | ₹720.00 Cr | ₹429 | 35.66 | ₹908.40 | +111.75% | ₹1,675.30 |
Historical listing performance does not predict the listing performance of Zetwerk IPO. Business models, profitability, valuations, market conditions and investor demand can differ substantially between issues.
Zetwerk IPO Recommendations
| Review By | Subscribe | May Apply | Neutral | Avoid |
|---|---|---|---|---|
| Brokers | 2 | 0 | 4 | 0 |
| Members | 0 | 0 | 0 | 0 |
According to the supplied recommendation summary, two broker reviews are listed as Subscribe and four as Neutral. These opinions are not a guarantee of returns or listing gains. Investors should independently review the company’s financial position, valuation and risk factors.
Zetwerk IPO Pros and Cons
Potential Positives
- Technology-led manufacturing platform connecting customers and manufacturing partners.
- Diversified exposure to electronics, renewable energy, industrial manufacturing, aerospace and other sectors.
- Asset-light operating model intended to support scalability.
- Proprietary Zetwerk OS platform for manufacturing workflow management.
- Large supplier network and customer base, according to the supplied company information.
- International presence and exposure to multiple end markets.
- Total income increased by approximately 40.1% in FY2026 compared with FY2025, based on the supplied figures.
- Fresh issue proceeds are intended to support the stated corporate objectives, including borrowing repayment and potential acquisitions.
Key Risks / Considerations
- The company reported a net loss of ₹1,606.17 crore in FY2026, compared with ₹370.71 crore in FY2025.
- The reported loss widened substantially despite the increase in total income.
- The supplied issue size does not reconcile exactly with the stated share quantities at the upper price band.
- The company operates through a broad manufacturing and supplier network, making execution and quality control important.
- Demand may be affected by industrial spending, customer orders and economic conditions across multiple sectors.
- International operations may expose the business to currency, regulatory and cross-border supply-chain risks.
- The supplied valuation information reports negative EPS, limiting the usefulness of conventional P/E-based valuation.
- The stated IPO-object table contains borrowing-related entries that require reconciliation with the official RHP.
- Investors should carefully review the complete risk factors in the official offer document before applying.
Zetwerk IPO Registrar and Lead Managers
IPO Registrar: KFin Technologies Ltd.
Book Running Lead Managers:
- Kotak Mahindra Capital Co. Ltd.
- Morgan Stanley India Co. Pvt. Ltd.
- Goldman Sachs (India) Securities Pvt. Ltd.
- Avendus Capital Pvt. Ltd.
- JM Financial Ltd.
- HSBC Securities & Capital Markets (India) Pvt. Ltd.
- Pantomath Capital Advisors Pvt. Ltd.
Investors should consult the official offer documents for the final lead-manager details, issue process and investor-service information.
Zetwerk IPO Registrar Contact Details
| Particulars | Details |
|---|---|
| Registrar | KFin Technologies Ltd. |
| Phone | 040-79615565 |
| zetwerk.ipo@kfintech.com | |
| Website | KFin Technologies Official Website |
Zetwerk Manufacturing Businesses Ltd. Contact Details
Company Address:
84/1, Vaishnavi Sovereign,
Ground & 1st Floor, Green Glen Layout,
Bellandur,
Bangalore Urban, Karnataka – 560103
Phone: +91 7624 9748 90
Email: cs@zetwerk.com
Company Website: Zetwerk Official Website
Zetwerk IPO Quick Summary
Zetwerk IPO is a book-building public issue scheduled to open on 15 October 2026 and close on 19 October 2026.
The stated issue size is approximately ₹5,012.33 crore, comprising a fresh issue and an Offer for Sale. The final issue amount should be verified against the official RHP because the supplied share quantities and stated amounts do not reconcile exactly.
The price band is ₹143 to ₹151 per share, and the minimum lot size is 99 shares. At the upper price band, one retail lot requires an investment of ₹14,949.
Zetwerk operates a technology-led manufacturing platform connecting customers with manufacturing partners. Its business spans electronics, renewable energy, industrial manufacturing, aerospace, defence, industrial automation and other sectors.
The company’s supplied financial information reports FY2026 total income of ₹16,100.63 crore and a net loss of ₹1,606.17 crore. Investors should evaluate the company’s growth, profitability, cash flows and borrowings carefully.
The stated allotment date is 21 October 2026, and the tentative listing date is 23 October 2026. The IPO GMP is currently shown as Awaiting Update because no current GMP figure was provided.
Zetwerk IPO FAQs
Zetwerk IPO Official Documents
Investors should refer to the official Red Herring Prospectus (RHP) for detailed information about Zetwerk’s business operations, financial statements, promoters, shareholding structure, selling shareholders, issue objects and risk factors.
Before publishing a direct RHP link, verify the document URL through the official company, lead managers or applicable regulatory and stock-exchange websites.
Zetwerk IPO Disclaimer
This Zetwerk IPO information is provided solely for educational and informational purposes. IPO investments are subject to market risks, and actual listing performance may differ from expectations. Investors should carefully review the company’s official RHP, financial statements, risk factors, valuation and other disclosures before making an investment decision.
IPO Grey Market Premium (GMP) is unofficial and should not be considered a guarantee of listing gains. TradingMinds does not guarantee IPO returns or assure any future share-price performance.
Data verification note: This post is based on the information supplied for publication. The stated issue size does not exactly match the combined share quantities valued at ₹151. The issue-object table also contains borrowing-related entries requiring verification. Some financial periods are interim periods rather than full financial years. Please verify the final issue terms, financial figures, valuation and shareholding information against the official RHP before publication.
*Note: IPO allotment, refund, demat credit and listing dates are tentative and may change according to the final IPO schedule, regulatory requirements and applicable exchange processes.
