Zetwerk Manufacturing Businesses is set to enter the Indian primary market with its ₹5,012.33-crore initial public offering (IPO), which will open for subscription on October 15. The technology-led manufacturing company has fixed the price band at ₹143–₹151 per share and is seeking a valuation of around ₹25,583 crore at the upper end of the band.
The IPO will remain open until October 19, while bidding for anchor investors is scheduled for October 14. The share allotment is expected to be finalised on October 21, with the company tentatively scheduled to list on the BSE and NSE on October 23.
The public issue comes as investors assess a busy IPO calendar and look for opportunities in companies linked to India’s manufacturing and industrial growth. Zetwerk’s business model, revenue growth, losses and planned use of the proceeds will be important factors for investors evaluating the offer.
The IPO comprises a fresh issue of shares worth ₹2,830 crore and an offer for sale (OFS) of 14.45 crore shares valued at approximately ₹2,182.33 crore. While the fresh issue will bring funds into the company, the proceeds from the OFS will go to the existing shareholders selling their stakes.
Promoters Amrit Pratik Acharya and Srinath Ramakkrushnan, along with existing investors, are among those offering shares. Investors selling stakes include Peak XV Partners, Accel India and Lightspeed Venture Partners.
Zetwerk plans to use ₹2,160 crore from the net proceeds of the fresh issue to repay debt taken by the company and certain subsidiaries. The remaining funds will support inorganic growth opportunities, including potential acquisitions, and general corporate purposes. The debt repayment component is expected to help strengthen its balance sheet, while acquisitions could support expansion into new markets and business segments.
At the upper end of the price band, the company is seeking a valuation of around ₹25,583 crore, or approximately $2.64 billion. The valuation places the spotlight on whether its growth and business prospects can justify the price investors are being asked to pay.
Grey-market premium signals interest
Zetwerk’s IPO was commanding a grey-market premium (GMP) of nearly 16% on the morning of October 12, according to market tracking platform InvestorGain, as reported by Moneycontrol. The premium indicates the price at which shares are informally being traded ahead of their official listing.
However, the grey market is unofficial and unregulated. Its premium can change sharply before the IPO closes and does not guarantee the listing price or investor returns. Investors should therefore avoid basing their decisions solely on GMP estimates.
Revenue rises, but losses remain
Zetwerk’s financial performance presents a mixed picture. The company reported revenue from operations of ₹15,913.3 crore in the financial year ended March 2026, marking a 40.4% increase from ₹11,331.9 crore in the previous year. However, its net loss widened to ₹1,606.1 crore from ₹370.7 crore in FY25.
The company reported revenue of ₹4,117.9 crore for the April–June 2026 quarter, up 55.4% from ₹2,649.4 crore in the corresponding period a year earlier. Its reported loss from continuing operations for the quarter stood at ₹641.29 crore, compared with ₹881 crore a year earlier, according to the company’s restated financial information cited in IPO coverage.
The quarterly figures suggest that revenue growth has been accompanied by an improvement in the reported loss from continuing operations. However, the annual loss highlights the importance of assessing profitability, operating costs and the company’s ability to convert its expanding business into sustainable earnings.
What does Zetwerk do?
Founded in 2017, Bengaluru-based Zetwerk operates a technology-driven manufacturing platform that connects industrial and consumer businesses with manufacturing partners. Its services cover manufacturing coordination, supplier matching, quality control and logistics, helping customers source customised products and manage large-scale production.
The company serves sectors including renewable energy, electronics, aerospace and defence, oil and gas, and industrial automation. Its customers include Siemens Gamesa, Acer India, the Indian Air Force and NTPC Renewable Energy. The business operates across more than 25 countries and works with a network of suppliers and customers across multiple industries.
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 are the book-running lead managers. KFin Technologies is the registrar for the issue.
Investors can apply for a minimum of 99 shares and in multiples of 99 thereafter. At the upper price of ₹151, the minimum application value is ₹14,949, before applicable charges. Eligible employees participating in the reserved portion will receive a discount of ₹14 per share.
Zetwerk’s IPO offers exposure to a growing manufacturing platform, but its widening annual loss remains a key consideration. Investors will need to weigh its revenue momentum, debt-repayment plans, valuation and path to profitability rather than relying only on early grey-market signals.