Zetwerk Manufacturing Business is set to launch its maiden initial public offering (IPO) on October 15, with the Bengaluru-based manufacturing platform increasing its fresh issue size to Rs 2,830 crore. The public issue will also include an offer-for-sale (OFS) of up to 14.45 crore equity shares by existing shareholders, according to the red herring prospectus (RHP) filed on October 11.
The company has raised the fresh issue from the Rs 2,600 crore proposed earlier in its updated draft red herring prospectus (UDRHP), filed on August 13. The OFS component has also increased from the previously proposed 9.68 crore shares.
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Credits: Entrackr
Zetwerk IPO: Important Dates and Subscription Details
The IPO process will begin with the opening of the anchor book for institutional investors on October 14, a day before the public subscription opens. The issue will close on October 19, while the share allotment is expected to be finalised on October 21. Zetwerk’s shares are scheduled to list on the stock exchanges on October 23.
The company is expected to announce its IPO price band on October 12.
Of the net offer, excluding the employee reservation, 75% has been reserved for qualified institutional buyers (QIBs), 15% for non-institutional investors (NIIs), and 10% for retail investors. Additionally, up to seven lakh shares have been reserved for eligible employees, who may receive a discount on the final offer price.
Zetwerk entered the IPO process in March 2026 by filing its draft offer document through the confidential route. The Securities and Exchange Board of India (SEBI) approved the draft papers in July, paving the way for the company to file its updated offer document.
What Does Zetwerk Manufacturing Business Do?
Founded by Amrit Pratik Acharya and Srinath Ramakkrushnan, Zetwerk operates a technology-led, asset-light manufacturing platform that connects global customers with manufacturing capabilities across multiple industries.
The company combines capacity from third-party suppliers and its own facilities into an integrated manufacturing network supported by its proprietary Zetwerk OS platform. Its manufacturing partners offer services ranging from sheet metal stamping, metal fabrication and injection moulding to forging, machining, extrusion and assembly.
Its supplier network spans manufacturing hubs in India, Vietnam, Thailand, Taiwan, Germany, Spain, Eastern Europe, Mexico and the United States.
Zetwerk serves a diverse range of industries, including renewable energy, consumer electronics, artificial intelligence infrastructure, aerospace, defence, oil and gas, utilities and industrial automation. Its customers include Siemens Gamesa, Acer India, boAt, CG Power and Industrial Solutions, NTPC Renewable Energy, Indian Oil Corporation, DRDO’s Electronics and Radar Development Establishment, and the Indian Air Force.
The company’s technology-driven manufacturing model allows it to coordinate production across suppliers and geographies, catering to customers with varied industrial requirements.
How Zetwerk Plans to Use IPO Proceeds
Zetwerk intends to utilise Rs 2,160 crore from the net proceeds of the fresh issue to repay borrowings taken by the company and certain subsidiaries. The remaining funds will be directed towards inorganic growth opportunities, including potential acquisitions that have not yet been identified, and general corporate purposes.
The company’s promoters currently hold a 20.66% stake, while public shareholders own the remaining 79.34%. Its investors include Peak XV Partners, Greenoaks Capital Partners, Accel India, D1 Capital Partners and Lightspeed Venture Partners.
Credits: Analytics Insight
Zetwerk Financial Performance: Revenue Rises, Annual Loss Widens
Zetwerk reported revenue of Rs 4,117.9 crore for the quarter ended June 2026, marking a 55.4% increase from Rs 2,649.4 crore in the corresponding quarter of the previous year. Its net loss narrowed to Rs 732.9 crore from Rs 1,368.4 crore during the same period.
However, the annual financial figures present a different picture. For the financial year ended March 2026, Zetwerk’s net loss widened to Rs 1,606.1 crore from Rs 370.7 crore in the previous financial year. Revenue grew 40.4% year-on-year to Rs 15,913.3 crore, compared with Rs 11,331.9 crore.
Kotak Mahindra Capital Company, Morgan Stanley India Company, Goldman Sachs (India) Securities, Avendus Capital, JM Financial, HSBC Securities and Capital Markets (India), and Pantomath Capital Advisors have been appointed as merchant bankers for the IPO.
With revenue growth accelerating alongside substantial losses, Zetwerk’s public offering will bring its manufacturing platform and financial performance under closer investor scrutiny.
