Zetwerk's ₹5,012cr IPO opens on October 15
What's the story
Bengaluru-based manufacturing platform Zetwerk will launch its initial public offering (IPO) on October 15. The company has set a price band of ₹143-₹151 per share for its ₹5,012.3 crore issue, valuing the company at over ₹25,500 crore at the upper price cap. As detailed in its Red Herring Prospectus, the IPO offer combines a ₹2,830 crore fresh issue to pay down debt and fund expansion with a ₹2,182.3 crore offer-for-sale component offloading 14.45 crore shares.
IPO process
IPO timetable
Zetwerk began its IPO journey by confidentially filing its draft offer document in March 2026.
The Securities and Exchange Board of India (SEBI) approved the draft papers in July, after which the company filed its updated draft red herring prospectus (UDRHP).
The company's anchor book for institutional investors will open on October 14, while public subscription will close on October 19.
Share allotment will be finalized on October 21, with equity shares listed on stock exchanges on October 23.
Share distribution
Retail portion and employee reservation
Of the net offer, excluding the employee reservation, 75% has been reserved for qualified institutional buyers (QIBs), 15% for non-institutional investors (NIIs), and the remaining 10% for retail investors.
The company has also reserved up to seven lakh shares for eligible employees who may be offered these at a discount to the final offer price.
Business model
About Zetwerk
Founded by Amrit Pratik Acharya and Srinath Ramakkrushnan, Zetwerk runs an asset-light manufacturing platform for industrial and consumer goods markets globally.
The company combines manufacturing capacity from third-party suppliers and its own facilities into a unified network powered by its proprietary Zetwerk OS platform.
Its clients include Siemens Gamesa, Acer India, boAt, NextPower CG Power, and Industrial Solutions across sectors like utilities, renewable energy, consumer electronics, AI infrastructure, aerospace, space, defense, oil, gas, and industrial automation.
Financials
Financial performance of the company
Zetwerk posted a net loss of ₹732.9 crore for the quarter ended June 2026, down from a loss of ₹1,368.4 crore in the same quarter last year. Revenue increased by 55.4% YoY to ₹4,117.9 crore from ₹2,649.4 crore.
For FY26, the company's net loss widened to ₹1,606.1 crore from ₹370.7 crore in FY25 while revenue grew by 40.4% to ₹15,913.3 crore from ₹11,331.9 crore in FY25.