Zetwerk Sets Price Band at Rs 143-151 Per Share for Rs 5,012 Crore IPO Opening October 15

Bengaluru-headquartered digital manufacturing platform Zetwerk Manufacturing Business Ltd has announced the price band for its upcoming initial public offering (IPO) at Rs 143 to Rs 151 per equity share of face value Rs 1 each.

At the upper price band of Rs 151, the tech-led manufacturing unicorn is targeting an equity valuation of approximately Rs 25,583 crore ($2.7 billion). The public issue is scheduled to open for bidding on Thursday, October 15, 2026, and close on Monday, October 19, 2026. Anchor investor bidding will take place on Wednesday, October 14, 2026.

Issue Structure and Selling Shareholders

The Rs 5,012.33 crore issue comprises a mix of fresh equity capital and an offer for sale (OFS):

Breakdown of offer components:

• Fresh issue of equity shares aggregating up to Rs 2,830 crore.
• Offer for sale (OFS) of 14.45 crore equity shares, aggregating approximately Rs 2,182.3 crore at the upper end of the price band.

Promoters and co-founders Amrit Pratik Acharya and Srinath Ramakkrushnan will each offload up to 1.42 crore shares in the OFS, while promoter group entity Creovate Innovation will sell up to 2.30 crore shares. Early institutional backers are also trimming their holdings: Lightspeed Venture Partners is selling 2.51 crore shares, Peak XV Partners is offloading 2.34 crore shares, and Accel India V is divesting up to 1.20 crore shares. Promoter shareholding in the company will dilute from 21.08 per cent prior to the issue down to 15.71 per cent post-listing.

Key IPO Dates and Bid Details

Important schedule and investment parameters:

• Anchor Investor Bidding: October 14, 2026
• IPO Opening Date: October 15, 2026
• IPO Closing Date: October 19, 2026
• Finalisation of Allotment: October 21, 2026
• Credit to Demat Accounts: October 22, 2026
• Tentative Listing Date: October 23, 2026 (BSE and NSE)
• Minimum Bid Lot: 99 equity shares (and multiples of 99 thereafter)
• Minimum Retail Investment: Rs 14,949 at the upper band cap of Rs 151 per share

The company has set aside 75 per cent of the net offer for Qualified Institutional Buyers (QIBs), 15 per cent for Non-Institutional Investors (NIIs), and 10 per cent for Retail Individual Investors. An employee reservation portion includes a discount of Rs 14 per share for eligible staff.

Deployment of Proceeds

Zetwerk plans to deploy the proceeds from its fresh issue toward de-leveraging its balance sheet and exploring inorganic expansions.

Planned capital expenditure and debt retirement:

• Debt repayment at company level: Rs 1,300 crore
• Debt repayment across nine operational subsidiaries: Rs 860 crore
• General corporate purposes and acquisitions: Balance fresh proceeds earmarked for opportunistic buyouts and platform enhancements

By directing Rs 2,160 crore toward prepaying or repaying existing borrowings, the company aims to reduce finance overheads and improve free cash flows.

Operations and Financial Health

Founded in 2017 by Amrit Pratik Acharya, Srinath Ramakkrushnan, Vishal Chaudhary, Ankit Fatehpuria, and Rahul Sharma, Zetwerk functions as an outsourced precision manufacturing network. Its order book spans consumer electronics, renewables, aerospace and defence components, infrastructure, and industrial automation.

Zetwerk's operational revenue rose to Rs 15,913 crore in FY26 from Rs 11,332 crore in FY25. Prospective retail and institutional investors should note that the company closed FY26 with net losses, leaving its basic and diluted earnings per share (EPS) negative and the price-to-earnings (P/E) multiple unascertainable. The company’s three-year weighted average return on net worth stood at -15.64%.

The public issue is being managed by Kotak Mahindra Capital, Morgan Stanley India, Goldman Sachs (India) Securities, Avendus Capital, JM Financial, HSBC Securities, and Pantomath Capital Advisors, with KFin Technologies acting as the registrar.

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