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IPO Open

Thu, Oct 15, 2026

IPO Close

Mon, Oct 19, 2026

Price Band

₹143 to ₹151

Market Cap*

₹25,583.25 Cr * on Upper Price

IPO Details

  • IPO Date
    15 to 19 Oct, 2026
  • Listing Date
    Fri, Oct 23, 2026(T)
  • Face Value
    ₹1 per share
  • Price Band
    ₹143 to ₹151
  • Lot Size
    99 Shares
  • Sale Type
    Fresh capital cum OFS
  • Issue Type
    Bookbuilding IPO
  • Listing At
    BSE, NSE
  • Employee Discount
    ₹14.00
  • Total Issue Size
    33,20,07,155 shares (agg. up to ₹5,012 Cr)
  • Fresh Issue
    18,74,82,119 shares (agg. up to ₹2,830 Cr)
  • Offer for Sale
    14,45,25,036 shares of ₹1 (agg. up to ₹2,182 Cr)
  • Share Holding Pre Issue
    1,50,67,72,659 shares
  • Share Holding Post Issue
    1,69,42,54,778 shares

IPO Timetable (Tentative)

  • IPO Open
    Thu, Oct 15, 2026
  • Allotment
    Wed, Oct 21, 2026
  • Credit of Shares
    Thu, Oct 22, 2026
  • IPO Close
    Mon, Oct 19, 2026
  • Refund
    Thu, Oct 22, 2026
  • Listing
    Fri, Oct 23, 2026

Issue Reservation

Investor Category Shares
QIB Not less than 75% of the Net Offer
Retail Not more than 10% of the Net Offer
NII Not more than 15% of the Net Offer

IPO Lot Size

Investors can bid for a minimum of 99 shares and in multiples thereof.

Application Lots Shares Amount
Retail (Min) 1 99 ₹14,949
Retail (Max) 13 1287 ₹1,94,337
S-HNI (Min) 14 1386 ₹2,09,286
S-HNI (Max) 66 6534 ₹9,86,634
B-HNI (Min) 67 6633 ₹10,01,583

Investor Category Reservations

Category Limit Cut-off
RII Up to ₹2 Lakhs Yes
sNII ₹2 Lakhs – ₹10 Lakhs No
bNII Above ₹10 Lakhs No
Employee (EMP) Up to ₹5 Lakhs Yes
Employee + RII/NII Up to ₹5Lakhs (EMP) + RII/NII limits Yes (EMP/RII)

About Zetwerk Manufacturing Business Ltd.

Incorporated in 2017, Zetwerk Manufacturing Businesses Private Limited is a technology-led global manufacturing platform. The Company operates as a managed marketplace connecting industrial and consumer enterprises with a global network of manufacturing partners for custom and large-scale production requirements. The company serves across sizes, from innovative startups to mature companies, and across industries, including utilities, renewables, consumer electronics, artificial intelligence infrastructure, aerospace, space & defence, oil & gas, and industrial automation.

The Company follows an asset-light business model and provides end-to-end solutions, including design, supplier matching, quality control, and logistics. The Company’s proprietary platform, Zetwerk OS, enables real-time tracking and transparency across the manufacturing lifecycle. Its key strengths include scalable manufacturing capacity, strong quality control systems, faster delivery timelines, and a diversified global customer base.

It operates across key sectors such as electronics, renewable energy, aerospace and defence, capital goods, and precision manufacturing. Zetwerk has a presence in over 25 countries and a network of 10,000+ suppliers and 1,100+ customers, including Fortune 500 companies. It also operates 20+ manufacturing facilities across India, the United States, and Mexico.

In Fiscal 2026, the company had 1,802 customers, comprising 1,613 customers within India and 189 customers outside India.

Competitive Strengths:

  • Unique business model enables us to serve multiple demand pools and makes them resilient across economic cycles
  • Building Capabilities to Serve Multiple Industry Verticals
  • Ability to scale in a capital-efficient manner
  • Zetwerk OS, their proprietary technology enables end‑to-end workflow management across the manufacturing lifecycle while driving powerful network effects across their operations
  • Deep relationships with customers driving higher revenue visibility and stickiness
  • Ability to add value-additive ecosystem services to the manufacturing platform
  • Experienced, cycle-tested management team backed by an experienced board of directors

Company Financials (Restated Consolidated)

Zetwerk Manufacturing Business Ltd.’s revenue increased by 40% and profit after tax (PAT) dropped by 333% between the financial year ending with March 31, 2026 and March 31, 2025.    (Amount in ₹ Crore)

Period Ended 30 Jun 2026 31 Mar 2026 30 Jun 2025 31 Mar 2025 31 Mar 2024
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 -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 Borrowing 1,942.19 1,936.16 1,707.21 1,746.55 1,232.10

Recently Listed IPOs in IT Enabled Services

Company Issue Type Issue Size Issue Price PE Ratio Listing Day Close Listing Gain/Loss % LTP
SRIT India Ltd. Mainboard ₹218.40 Cr ₹130 14.25 ₹155.09 +19.30% ₹132.99
ArMee Infotech Ltd. Mainboard ₹300.00 Cr ₹375 19.57 ₹300.00 -20.00% ₹253.90
ESDS Software Solution Ltd. Mainboard ₹720.00 Cr ₹429 35.66 ₹908.40 +111.75% ₹1,498.20

IPO Objects of the Issue

The Company proposes to utilise the Net Proceeds from the Issue towards the following objects:

  • 1 Repayment/prepayment, in part or full, of certain of or all of borrowings availed by the company
    1,300.00
  • 2 Funding inorganic growth through unidentified acquisitions and other strategic acquisitions
  • 3 General Corporate Purposes
  • 4 Repayment/prepayment, in part or full, of certain of or all of borrowings availed
    860.00
  • Total
    2,160.00

Key Performance Indicator (KPI)

KPI Jun 30, 2026 Mar 31, 2026
RoNW -1.74% -21.11%
NAV 25.85 31.26
P/B (x) 4.83

IPO Valuation

Valuation Metric Pre IPO Post IPO
EPS (₹) -10.66 -ve
P/E (x) -14.17 -ve
Market Cap at Offer Price ₹22,752.27 Cr. ₹25,583.25 Cr
  • The value will be calculated using Equity Dilution = Share Holding Pre Issue – Share Holding Post Issue
  • The Pre IPO EPS is calculated based on Pre issue shareholding as on date of RHP and the latest FY earnings as of March 31, 2026 available in RHP.
  • The Post Issue EPS is calculated based on the Post issue shareholding and annualized FY earnings of June 30, 2026 available in RHP.

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

Offer For Sale – Selling Shareholders

Name Category No. of Shares Offered Amount (₹ cr.)
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 known as SCI Investments V) Corporate 1,76,11,820 265.94
Lightspeed Venture Partners Select IV Mauritius Corporate 1,35,29,722 204.30

Zetwerk IPO Recommendations

Review By Subscribe May Apply Neutral Avoid
Brokers 0 0 0 0
Members 0 0 0 0

IPO Registrar

Kfin Technologies Ltd.

IPO Lead Manager(s)

  1. Kotak Mahindra Capital Co.Ltd.
  2. Morgan Stanley India Co.Pvt.Ltd.
  3. Goldman Sachs (India) Securities Pvt.Ltd.
  4. Avendus Capital Pvt.Ltd.
  5. JM Financial Ltd.
  6. HSBC Securities & Capital Markets (India) Pvt.Ltd.
  7. Pantomath Capital Advisors Pvt.Ltd.

Lead Manager Reports

  • Lead Manager Performance Summary
  • Lead Manager Performance Tracker

Contact Details

Zetwerk Manufacturing Business Ltd. Address
84/1, Vaishnavi Sovereign
Ground & 1st Floor, Green Glen Layout,
Bellandur,
Bangalore Urban, Karnataka, 560103

IPO FAQs

Zetwerk IPO is a main-board IPO of 33,20,07,155 equity shares of the face value of ₹1 aggregating up to ₹5,012 Crores. The issue is priced at ₹143 to ₹151. The minimum order quantity is 99.

The IPO opens on Thu, Oct 15, 2026, and closes on Mon, Oct 19, 2026.

Kfin Technologies Ltd. is the registrar for the IPO. The shares are proposed to be listed on BSE, NSE.

Angel One customers can apply online in Zetwerk IPO using UPI as a payment gateway. Angel One customers can apply in Zetwerk IPO by login into Angel One Console (back office) and submitting an IPO application form.

Steps to apply in Zetwerk IPO through Angel One

Visit the Angel One website and login to Console.
Go to Portfolio and click the IPOs link.
Go to the ‘Zetwerk IPO’ row and click the ‘Bid’ button.
Enter your UPI ID, Quantity, and Price.
Submit IPO application form.
Visit the UPI App (net banking or BHIM) to approve the mandate.
Visit Angel One IPO Application Process Review for more detail.

The Zetwerk IPO opens on Thu, Oct 15, 2026 and closes on Mon, Oct 19, 2026.

Zetwerk IPO lot size is 99, and the minimum amount required for application is ₹14,949.

You can apply in Zetwerk IPO online using either UPI or ASBA as a payment method. ASBA IPO application is available in the net banking of your bank account. UPI IPO Application is offered by brokers who don’t offer banking services. Read more detail about applying IPO online through Angel One, Upstox, 5Paisa, Nuvama, HDFC Bank, and SBI Bank.

The finalization of Basis of Allotment for Zetwerk IPO will be done on Wednesday, October 21, 2026, and the allotted shares will be credited to your demat account by Thu, Oct 22, 2026. Check the Zetwerk IPO allotment status.

The Zetwerk IPO listing date is not yet announced. The tentative date of listing is Fri, Oct 23, 2026.

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