Zetwerk Manufacturing Business IPO is a Mainboard Book Build Issue of Zetwerk Manufacturing Businesses Limited. The public issue consists of a fresh issue of equity shares and an Offer for Sale (OFS) by existing shareholders. The company plans to raise approximately ₹5,012.33 crore through the IPO, including ₹2,830 crore from the fresh issue and approximately ₹2,182.33 crore through the OFS. The equity shares are proposed to be listed on both the BSE and NSE.
The fresh issue proceeds will be available to the company for the purposes specified in its offer documents, including repayment or prepayment of borrowings and other stated corporate objectives. The OFS proceeds will go to the respective selling shareholders rather than the company. Investors should review the final prospectus to understand the complete allocation of proceeds and the terms of the offer.
Zetwerk Manufacturing Businesses Limited operates a technology-enabled manufacturing platform that connects businesses with manufacturing partners. Its operations cover several sectors, including consumer electronics, renewable energy, aerospace and defence, industrial equipment, and precision manufacturing. The company follows a managed marketplace model, coordinating manufacturing requirements, supplier relationships, quality control, and logistics.
The company operates in a market supported by demand for outsourced manufacturing, supply-chain diversification, industrial investment, and technology-enabled production. However, its financial performance, profitability, working-capital requirements, competition, and IPO valuation should be assessed carefully before making an investment decision.
Table of Contents
Zetwerk Manufacturing Business IPO Details
| IPO Details | Information |
|---|---|
| IPO Name | Zetwerk Manufacturing Business IPO |
| Company Name | Zetwerk Manufacturing Businesses Limited |
| IPO Type | Book Build Issue |
| IPO Category | Mainboard IPO |
| Face Value | ₹1 Per Equity Share |
| Price Band | ₹143 to ₹151 Per Share |
| Total Issue Size | ₹5,012.33 Crore (33,19,42,384 shares) |
| Fresh Issue | ₹2,830.00 Crore (18,74,17,218 shares) |
| Offer for Sale | ₹2,182.33 Crore (14,45,25,166 shares by investors) |
| IPO Open Date | 15 October 2026 |
| IPO Close Date | 19 October 2026 |
| Anchor Investor Bidding | 14 October 2026 |
| Basis of Allotment | 21 October 2026 |
| Refund Initiation | 22 October 2026 |
| Shares Credited to Demat Account | 22 October 2026 |
| Listing Date | 23 October 2026 |
| Listing Exchange | BSE & NSE |
| Lot Size | 99 Equity Shares |
| Minimum Investment | ₹14,949 |
| Registrar | KFin Technologies Limited |
| Book Running Lead Managers | Kotak Mahindra Capital Company Limited, Morgan Stanley India Company Private Limited, Goldman Sachs (India) Securities Private Limited, Avendus Capital Private Limited, JM Financial Limited, HSBC Securities and Capital Markets (India) Private Limited, and Pantomath Capital Advisors Private Limited |
The IPO comprises a fresh issue of equity shares aggregating approximately ₹2,830 crore and an Offer for Sale of 14,45,25,036 equity shares. The final use of proceeds should be read alongside the offer document and its stated objects.
Zetwerk Manufacturing Business IPO Dates
| IPO Event | Date |
|---|---|
| Anchor Investor Bidding | 14 October 2026 |
| IPO Opening Date | 15 October 2026 |
| IPO Closing Date | 19 October 2026 |
| Basis of Allotment | 21 October 2026 |
| Refund Initiation | 22 October 2026 |
| Shares Credited to Demat Account | 22 October 2026 |
| Listing Date | 23 October 2026 |
The IPO is scheduled to open on 15 October 2026 and close on 19 October 2026. Investors should submit their applications within the bidding period and ensure that the required payment mandate is completed successfully. The allotment process is expected to be completed on 21 October 2026, followed by refunds and demat credit on 22 October 2026.
Zetwerk Manufacturing Business IPO Reservation
| Investor Category | Reservation |
|---|---|
| Qualified Institutional Buyers (QIB) | To be updated |
| Non-Institutional Investors (NII) | To be updated |
| Retail Individual Investors (RII) | To be updated |
| Total Subscription | To be updated |
The final reservation percentages should be confirmed from the Red Herring Prospectus (RHP). Investors should check the category-wise allocation before applying, as the applicable reservation and allocation rules determine the shares available to each investor category.
Zetwerk Manufacturing Business IPO Lot Size
| Application | Lots | Shares | Amount |
|---|---|---|---|
| Retail Minimum | 1 | 99 Shares | ₹14,949 |
| Retail Maximum | 13 | 1,287 Shares | ₹1,94,337 |
| S-HNI Minimum | 14 | 1,386 Shares | ₹2,09,286 |
| S-HNI Maximum | 66 | 6,534 Shares | ₹9,86,634 |
| B-HNI Minimum | 67 | 6,633 Shares | ₹10,01,583 |
The minimum retail application consists of 99 equity shares. At the upper price band of ₹151 per share, the minimum investment is ₹14,949. The application amount increases according to the number of lots selected. Investors should ensure that sufficient funds are available and that their UPI mandate or ASBA application is completed within the prescribed deadline.
Grey Market Premium (GMP)
| Date | GMP | Sub2 | Kostak |
|---|---|---|---|
| 11-Oct-2026 | ₹18.00 | — | — |
| 12-Oct-2026 | ₹20.00 | — | — |
| 13-Oct-2026 (Current) | ₹22.00 | — | — |
About Zetwerk Manufacturing Businesses Limited
Zetwerk Manufacturing Businesses Limited operates a technology-enabled manufacturing platform that connects industrial and consumer businesses with a network of manufacturing partners. The company helps customers fulfil customised and large-scale production requirements by coordinating manufacturing capacity, supplier selection, quality assurance, and delivery.
The company’s operations span multiple industry verticals, including electronics, renewable energy, aerospace and defence, capital goods, industrial automation, and precision manufacturing. Its business model enables customers to access manufacturing capabilities without having to independently establish every production facility or supplier relationship.
Zetwerk also uses technology to coordinate manufacturing workflows and provide visibility across the production process. Its platform-based approach, supplier network, and presence across multiple markets support its role in outsourced manufacturing and supply-chain management.
Business Operations
Zetwerk Manufacturing Businesses Limited operates through a diversified manufacturing platform serving customers across different industries.
- Industrial Manufacturing: Coordinates production requirements for industrial customers, including equipment and engineered components.
- Consumer Electronics: Supports manufacturing requirements for electronics products and related components.
- Renewable Energy: Serves businesses involved in renewable energy infrastructure and associated manufacturing requirements.
- Aerospace and Defence: Participates in manufacturing supply chains for specialised components and equipment.
- Capital Goods: Supports customers requiring industrial equipment and engineered manufacturing solutions.
- Precision Manufacturing: Coordinates production of components that require specified quality standards and manufacturing processes.
- Supplier Network Management: Connects customers with manufacturing partners to meet production needs across different locations.
- Quality Control: Coordinates quality checks and manufacturing processes to meet customer requirements.
- Logistics and Delivery: Supports the movement of manufactured products through the supply chain.
- Technology-Enabled Operations: Uses its proprietary Zetwerk OS platform to manage workflows and improve visibility across the manufacturing lifecycle.
Industry Overview
The global manufacturing industry is undergoing changes driven by supply-chain diversification, industrial investment, automation, and demand for flexible production capacity. Businesses increasingly work with external manufacturing partners to manage production requirements, reduce complexity, and access specialised capabilities.
India’s manufacturing sector may benefit from domestic industrial investment, infrastructure development, renewable energy expansion, electronics production, and efforts to diversify global supply chains. These developments can create opportunities for companies that coordinate manufacturing requirements across multiple sectors.
However, manufacturing businesses remain exposed to fluctuations in industrial demand, raw-material prices, customer spending, foreign exchange movements, logistics costs, and competition. The ability to manage suppliers, maintain quality standards, and deliver products on time can materially influence business performance.
Business Strategy
Zetwerk’s strategy centres on connecting customers with manufacturing partners through a technology-enabled platform. Its model allows it to serve multiple industries while coordinating manufacturing capacity across a broad supplier network.
The company aims to strengthen customer relationships, expand its presence across industry verticals, improve manufacturing coordination, and support complex production requirements. Its technology platform can help manage order visibility, supplier coordination, quality control, and logistics.
The company’s ability to scale operations, improve margins, manage working capital, and convert revenue growth into sustainable profits will remain important factors for investors to monitor.
Zetwerk Manufacturing Business IPO Financial Information
A company’s financial performance provides important information about its revenue, profitability, assets, liabilities, and capital requirements. Reviewing multiple financial periods helps investors understand whether the business is growing sustainably and how effectively it manages its operations.
Zetwerk’s reported financial results show a large operating business with significant revenue, but the company has also reported losses. Investors should therefore assess revenue growth alongside profitability, borrowing levels, cash flow, and working-capital requirements.
Zetwerk Manufacturing Business Financial Summary
| Particulars | FY2024 | FY2025 | FY2026 |
|---|---|---|---|
| Total Income | ₹12,523.46 Crore | ₹11,492.23 Crore | ₹16,100.63 Crore |
| EBITDA | ₹97.03 Crore | ₹322.59 Crore | ₹421.34 Crore |
| Profit After Tax (PAT) | -₹917.95 Crore | -₹370.71 Crore | -₹1,606.17 Crore |
| Total Assets | ₹10,330.85 Crore | ₹10,355.43 Crore | ₹13,384.63 Crore |
| Net Worth | ₹4,062.46 Crore | ₹4,453.76 Crore | ₹4,813.72 Crore |
| Total Borrowings | ₹1,232.10 Crore | ₹1,746.55 Crore | ₹1,936.16 Crore |
The financial figures show that total income increased to ₹16,100.63 crore in FY2026 from ₹11,492.23 crore in FY2025. EBITDA also increased during the period, indicating improvement in the reported operating earnings measure. However, the company reported a net loss of ₹1,606.17 crore in FY2026, compared with a net loss of ₹370.71 crore in FY2025.
Total assets and borrowings also increased in FY2026. Investors should investigate the reasons behind the higher net loss, assess the company’s cash-flow position, and determine whether operating improvements can translate into sustainable profitability. Revenue growth alone does not establish financial strength.
Zetwerk Manufacturing Business IPO Key Performance Indicators (KPIs)
Key Performance Indicators help investors assess the company’s profitability, operational performance, financial position, and capital utilisation. These measures should be interpreted alongside the company’s business model and financial statements.
| KPI | Value |
|---|---|
| Earnings Per Share (EPS) | ₹(6.69) |
| Price to Earnings (P/E) | Not meaningful while reported earnings remain negative |
| Return on Net Worth (RoNW) | (21.11)% |
| Return on Equity (ROE) | Negative (Due to net losses) |
| Return on Capital Employed (ROCE) | Negative / Not Ascertainable |
| EBITDA Margin | 1.85% |
| PAT Margin | (10.09)% |
| Debt-to-Equity Ratio | 0.54 (Pre-Issue) |
| Net Asset Value (NAV) Per Share | ₹31.26 |
The company’s reported net loss means that investors should not rely on a conventional positive price-to-earnings multiple without examining the relevant earnings figures and valuation methodology. Investors should refer to the final offer document for the official KPI calculations, the relevant financial periods, and the valuation basis used for the IPO.
Objects of the Zetwerk Manufacturing Business IPO
The fresh issue proceeds will be used for the purposes specified in the final offer document. These objectives are important because they explain how the company intends to deploy the funds raised from public investors.
- Repayment or prepayment of certain borrowings, as specified in the offer document.
- Funding strategic growth initiatives and eligible acquisitions, where provided for in the offer document.
- General corporate purposes, within the limits disclosed in the prospectus.
The fresh issue proceeds will be received by Zetwerk Manufacturing Businesses Limited. The proceeds from the Offer for Sale will be received by the respective selling shareholders. Investors should review the RHP for the final allocation of funds and the amount assigned to each object.
Zetwerk Manufacturing Business IPO Listing Performance
The listing performance section tracks how the company’s shares perform when trading begins on the stock exchanges. The actual listing price may differ from the issue price and from any unofficial grey-market indications.
| Particular | Value |
|---|---|
| Listing Exchange | BSE & NSE |
| Listing Date | 23 October 2026 |
| Issue Price | ₹151 Per Share (Upper Price Band) |
| Listing Price | To be updated after listing |
| Listing Gain | To be updated after listing |
| Listing Gain (%) | To be updated after listing |
The actual listing price and listing gain will be known only when the shares begin trading. Investors should not treat unofficial grey-market premiums as guaranteed listing returns.
Zetwerk Manufacturing Business IPO GMP
Zetwerk Manufacturing Business IPO GMP represents the unofficial premium or discount at which the shares may reportedly trade in the grey market before listing. It is an informal market indicator rather than an exchange-published price, and it can change depending on investor sentiment, demand, and expectations.
As of 12 October 2026, an unofficial market report indicated a grey-market premium of approximately ₹30 per share. Against the upper price band of ₹151, this would imply an indicative price of ₹181. This is only an unofficial indication and does not guarantee the actual listing price or listing gain.
Investors should consider the company’s financial performance, valuation, subscription demand, and risk factors rather than relying solely on the GMP. Grey-market figures can vary between sources and may change rapidly.
Zetwerk Manufacturing Business IPO GMP Snapshot
| Particular | Value |
|---|---|
| IPO Price Band | ₹143 to ₹151 |
| Latest Reported GMP | ₹21.00 to ₹30.00 per Share |
| Indicative Listing Price | ₹172.00 to ₹181.00 |
| GMP Status | Unofficial and subject to change |
| Actual Listing Price | To be updated after listing |
The indicative listing price is calculated by adding the reported GMP to the upper price band. It is not an official estimate or guarantee. The actual listing price will be determined by market trading after the shares are listed.
Zetwerk Manufacturing Business IPO Subscription Status
The subscription status shows the level of investor demand received during the IPO bidding period. It is generally reported separately for Qualified Institutional Buyers, Non-Institutional Investors, and Retail Individual Investors.
As the IPO is scheduled to open on 15 October 2026, final subscription figures are not yet available as of 12 October 2026. The figures should be updated during the bidding period and after the issue closes.
Zetwerk Manufacturing Business IPO Subscription
| Investor Category | Subscription |
|---|---|
| Qualified Institutional Buyers (QIB) | Yet to be updated |
| Non-Institutional Investors (NII) | Yet to be updated |
| Retail Individual Investors (RII) | Yet to be updated |
| Employee Category | To be confirmed from the offer document |
| Total Subscription | Yet to be updated |
The final subscription figures will indicate the level of participation in each investor category. Investors should review the final numbers along with the company’s valuation, financial position, and business outlook.
Zetwerk Manufacturing Business IPO Review
Zetwerk Manufacturing Businesses Limited operates a technology-enabled manufacturing platform that connects industrial and consumer businesses with manufacturing partners. Its operations across multiple sectors provide exposure to different manufacturing demand pools, including electronics, renewable energy, aerospace and defence, and industrial equipment.
The company’s revenue base demonstrates the scale of its operations. Total income increased in FY2026, and reported EBITDA was higher than in FY2025. However, the company reported a substantial net loss in FY2026, which makes profitability and cash-flow performance important considerations for prospective investors.
The IPO includes both a fresh issue and an Offer for Sale. The fresh issue will provide capital to the company for the disclosed objectives, while the OFS allows existing shareholders to sell part of their holdings. Investors should understand this distinction when evaluating how the issue proceeds will be distributed.
The manufacturing platform model may offer opportunities through supplier coordination, technology adoption, and customer relationships. Nevertheless, the business can face risks from industrial demand fluctuations, working-capital needs, supplier performance, competition, and the costs of scaling operations.
Overall, investors should evaluate Zetwerk’s revenue growth, operating performance, reported losses, debt levels, valuation, and use of IPO proceeds before making a decision. The company’s future ability to improve profitability and generate sustainable cash flows will be important to its long-term prospects.
Zetwerk Manufacturing Business IPO Strengths
- Technology-enabled manufacturing platform serving multiple industries.
- Diversified exposure to electronics, renewable energy, industrial equipment, and other manufacturing sectors.
- Supplier network that helps coordinate customer production requirements.
- Reported increase in total income in FY2026.
- Reported improvement in EBITDA compared with FY2025.
- Platform-based operations that support manufacturing coordination and workflow visibility.
Zetwerk Manufacturing Business IPO Risk Factors
- The company reported a substantial net loss in FY2026.
- Manufacturing operations are exposed to changes in industrial demand and customer spending.
- Working-capital requirements may affect cash flow and borrowing needs.
- Supplier delays or quality issues may affect customer relationships and delivery timelines.
- Competition may put pressure on pricing and operating margins.
- Higher borrowings may increase financing costs and financial risk.
- Future growth depends on effective execution, operational efficiency, and improved profitability.
- The IPO valuation should be assessed carefully in light of the company’s reported losses.
Zetwerk Manufacturing Business IPO Promoters
Zetwerk Manufacturing Businesses Limited was founded by Amrit Pratik Acharya and Srinath Ramakkrushnan. The company’s business model focuses on connecting industrial and consumer businesses with manufacturing partners through a technology-enabled platform.
The promoters’ experience, the company’s governance structure, and the interests of existing shareholders are relevant considerations for prospective investors. Investors should refer to the final offer document for the complete promoter shareholding details before and after the IPO.
Zetwerk Manufacturing Business IPO Promoters Details
| Promoter | Designation |
|---|---|
| Amrit Pratik Acharya | Promoter |
| Srinath Ramakkrushnan | Promoter |
Zetwerk Manufacturing Business IPO Management Team
The company’s leadership and management structure are important to its operational execution, strategic planning, financial management, and corporate governance. Investors should review the official management disclosures in the offer document to understand the responsibilities and experience of the directors and key managerial personnel.
The final list of directors and key managerial personnel should be confirmed from the company’s prospectus rather than inferred from incomplete public information.
Zetwerk Manufacturing Business IPO Registrar Details
The registrar manages IPO applications, processes allotment-related information, facilitates refunds, and coordinates the credit of shares to successful applicants. Investors can use the official registrar portal to check allotment status once the basis of allotment has been finalised.
| Particular | Details |
|---|---|
| Registrar Name | KFin Technologies Limited |
| Website | https://www.kfintech.com/ |
| IPO Allotment Status | https://ipostatus.kfintech.com/ |
| Email ID | Refer to the official IPO registrar contact details |
| Contact Number | Refer to the official KFin Technologies contact details |
Zetwerk Manufacturing Business IPO Lead Manager Details
Book Running Lead Managers coordinate the IPO process, assist with regulatory compliance, support the preparation of offer documents, and manage the public issue in coordination with the company and other intermediaries.
| Particular | Details |
|---|---|
| Lead Managers | Kotak Mahindra Capital Company Limited; Morgan Stanley India Company Private Limited; Goldman Sachs (India) Securities Private Limited; Avendus Capital Private Limited; JM Financial Limited; HSBC Securities and Capital Markets (India) Private Limited; Pantomath Capital Advisors Private Limited |
Zetwerk Manufacturing Businesses Limited Contact Details
| Particular | Details |
|---|---|
| Company Name | Zetwerk Manufacturing Businesses Limited |
| Registered Office | Refer to the company’s official offer document |
| Website | https://www.zetwerk.com/ |
| Email ID | Refer to the official company contact details |
How to Check Zetwerk Manufacturing Business IPO Allotment Status
Investors can check their IPO allotment status after the basis of allotment is finalised. The allotment is expected on 21 October 2026. Applicants should keep their PAN, application number, or demat account details available when checking the result.
Through KFin Technologies Limited
- Visit the official KFin Technologies IPO allotment portal.
- Select Zetwerk Manufacturing Business IPO from the available issue list, once listed.
- Choose the applicable search option, such as PAN or application number.
- Enter the required details accurately.
- Submit the information to view the allotment status.
Through BSE
- Visit the official BSE website.
- Open the IPO allotment status section.
- Select the relevant issue, once the allotment data is available.
- Enter your application details and PAN as requested.
- Submit the details to check the allotment result.
Successful applicants should verify that the allotted shares are credited to their demat accounts. Applicants who do not receive an allotment should check the refund or mandate-release status through their bank or broker.
Zetwerk Manufacturing Business IPO Conclusion
Zetwerk Manufacturing Business IPO provides investors with an opportunity to invest in a technology-enabled manufacturing platform serving customers across several industry verticals. Its diversified operations and reported increase in total income during FY2026 indicate the scale of its business, while the improvement in reported EBITDA provides an additional operating-performance measure to assess.
However, the company reported a substantial net loss in FY2026, and its borrowings have increased over the reported period. These factors make profitability, cash flow, debt management, and valuation important areas for investor analysis.
The IPO includes a fresh issue and an Offer for Sale, so investors should understand how the proceeds will be used and how much will go to existing shareholders. A careful review of the prospectus, financial statements, valuation, business risks, and growth strategy can help investors determine whether the IPO aligns with their investment objectives.
Zetwerk Manufacturing Business IPO FAQs
What is Zetwerk Manufacturing Business IPO?
Zetwerk Manufacturing Business IPO is the proposed Mainboard public issue of Zetwerk Manufacturing Businesses Limited, a technology-enabled manufacturing platform connecting businesses with manufacturing partners.
What is the price band of Zetwerk Manufacturing Business IPO?
The announced price band is ₹143 to ₹151 per equity share.
What is the total issue size of Zetwerk Manufacturing Business IPO?
The total issue size is approximately ₹5,012.33 crore, comprising a fresh issue of ₹2,830 crore and an Offer for Sale of approximately ₹2,182.33 crore.
When will Zetwerk Manufacturing Business IPO open and close?
The IPO is scheduled to open on 15 October 2026 and close on 19 October 2026.
What is the lot size of Zetwerk Manufacturing Business IPO?
The lot size is 99 equity shares. At the upper price band of ₹151 per share, the minimum retail investment is ₹14,949.
What is the expected allotment date of Zetwerk Manufacturing Business IPO?
The basis of allotment is expected to be finalised on 21 October 2026.
When will Zetwerk Manufacturing Business IPO be listed?
The shares are scheduled to be listed on the BSE and NSE on 23 October 2026.
Who is the registrar for Zetwerk Manufacturing Business IPO?
KFin Technologies Limited is the registrar for the IPO. Investors can check allotment information through its official IPO status portal once the results are available.
What is the GMP of Zetwerk Manufacturing Business IPO?
An unofficial market report indicated a GMP of approximately ₹30 per share as of 12 October 2026. Grey-market premiums can change quickly and do not guarantee the actual listing price.
Is Zetwerk Manufacturing Business IPO worth investing in?
Investors should evaluate the company’s financial performance, reported losses, borrowing levels, valuation, business model, and risk factors before deciding whether to apply. The IPO’s suitability depends on each investor’s financial circumstances, risk tolerance, and investment objectives.
