Zetwerk Manufacturing Businesses IPO
Zetwerk Manufacturing Businesses IPO is a Mainboard book-built issue of approximately ₹5,012.33 crore, comprising a Fresh Issue of ₹2,830 crore and an Offer for Sale of 14.45 crore equity shares worth approximately ₹2,182.33 crore. The price band is ₹143
Zetwerk Manufacturing Businesses IPO Details
Zetwerk Manufacturing Businesses IPO bidding is scheduled to start on October 15, 2026, and end on October 19, 2026. The basis of allotment is expected to be finalized on October 21, 2026. Refund initiation and credit of shares to successful applicants' Demat accounts are scheduled for October 22, 2026. The shares are expected to list on BSE and NSE on October 23, 2026.
Zetwerk Manufacturing Businesses IPO GMP
Zetwerk Manufacturing Businesses IPO GMP was reported at ₹30 per share on October 12, 2026, against the upper price band of ₹151. This represents an indicative grey-market premium of approximately 19.87%. Based on this quote, the estimated listing price would be ₹181 per share. GMP is an unofficial market indicator that may change before listing and does not guarantee actual listing performance.
Zetwerk Manufacturing Businesses IPO Timeline (Tentative)
Zetwerk Manufacturing Businesses IPO is scheduled to open for public subscription on October 15, 2026, and close on October 19, 2026. The basis of allotment is expected to be finalized on October 21. Refund initiation and credit of shares to successful applicants' Demat accounts are scheduled for October 22, followed by the proposed stock exchange listing on October 23, 2026.
| Event | Tentative Date |
|---|---|
| IPO Open Date | Thu, Oct 15, 2026 |
| IPO Close Date | Mon, Oct 19, 2026 |
| Basis of Allotment | Wed, Oct 21, 2026 |
| Initiation of Refunds | Thu, Oct 22, 2026 |
| Credit of Shares to Demat | Thu, Oct 22, 2026 |
| Listing Date | Fri, Oct 23, 2026 |
Zetwerk Manufacturing Businesses IPO Lot Size
The Zetwerk Manufacturing Businesses IPO lot size is 99 shares. At the upper price band of ₹151 per share, one lot requires a minimum investment of ₹14,949. Retail investors can apply for up to 13 lots under the standard retail application limit, amounting to ₹1,94,337 at the upper price band. The following amounts are calculated using the reported price band and lot size.
| Application | Lots | Shares | Amount (₹) |
|---|---|---|---|
| Retail (Min) | 1 | 99 | 14,949 |
| Retail (Max) | 13 | 1,287 | 1,94,337 |
| S-HNI (Min) | 14 | 1,386 | 2,09,286 |
| S-HNI (Max) | 66 | 6,534 | 9,86,634 |
| B-HNI (Min) | 67 | 6,633 | 10,01,583 |
Zetwerk Manufacturing Businesses IPO Subscription
Zetwerk Manufacturing Businesses IPO subscription figures will be available after the bidding process begins on October 15, 2026. The subscription status will indicate demand from Qualified Institutional Buyers, Non-Institutional Investors and Retail Individual Investors. Final category-wise subscription figures should be recorded after bidding closes on October 19, 2026.
| Category | Subscription (times) |
|---|---|
| QIB | |
| NII | |
| RII | |
| Total |
About Zetwerk Manufacturing Businesses
Zetwerk Manufacturing Businesses Limited is a technology-enabled manufacturing company established in 2017 and headquartered in Bengaluru, India. The company operates a manufacturing platform that connects industrial and consumer businesses with manufacturing partners to fulfil custom manufacturing and large-scale production requirements. Its operating model combines manufacturing capabilities, supplier coordination, quality management and logistics to help customers source products and components.
The company serves a range of industries, including consumer electronics, renewable energy, aerospace and defence, industrial automation, precision manufacturing, capital goods and other industrial sectors. Its platform enables customers to work with a network of manufacturing suppliers for different product requirements. The business model is designed to coordinate the manufacturing process, from sourcing and production planning to quality control and delivery, rather than relying exclusively on company-owned production facilities.
Zetwerk has developed a supplier network and manufacturing presence serving customers in India and international markets. Its business includes manufacturing solutions for industrial and consumer products, with customer requirements varying by sector, product specifications and order volumes. The company works with manufacturing partners and uses technology to coordinate orders, supplier capacity, production visibility and fulfilment. Its customer base includes businesses operating in industrial equipment, renewable energy, electronics and other manufacturing-intensive sectors.
The company's financial performance is influenced by order volumes, supplier costs, working-capital requirements, execution efficiency and demand across its end markets. Although revenue has grown, the company has reported losses in recent financial periods. Investors should therefore examine its ability to improve profitability, manage borrowings, generate cash flows and maintain operational efficiency. The IPO includes a fresh issue intended partly for debt repayment, as well as an Offer for Sale by existing shareholders.
Strengths
- Technology-enabled manufacturing platform: Zetwerk connects customers with manufacturing partners and coordinates sourcing, production, quality and delivery.
- Diversified industry exposure: The company serves multiple sectors, including electronics, renewable energy, aerospace and defence, capital goods and industrial automation.
- Large manufacturing network: Its supplier-based model provides access to manufacturing capacity across different product categories.
- Domestic and international operations: The company serves customers across markets, creating opportunities to participate in multiple manufacturing ecosystems.
- Revenue growth: Revenue from operations increased to ₹15,913.32 crore in FY2026 from ₹11,331.90 crore in FY2025, according to reported financial figures.
- Debt repayment objective: A portion of the fresh issue proceeds is intended for repayment or prepayment of borrowings, which could help reduce debt obligations.
Risks to Consider
- Continuing losses: The company reported a net loss of ₹1,606.17 crore in FY2026, making the path to sustainable profitability an important consideration.
- Working-capital requirements: Manufacturing orders and supplier payments can require substantial working capital, potentially affecting cash flows.
- Supplier dependence: The business relies on third-party manufacturing partners for parts of its production and fulfilment network.
- Execution and quality risks: Delays, manufacturing defects or failure to meet customer specifications may affect customer relationships and financial performance.
- Competitive industry: The company competes with manufacturing service providers, contract manufacturers and other industrial suppliers.
- Customer and sector concentration: Changes in orders from major customers or downturns in important end markets may affect revenue and operating performance.
Zetwerk Manufacturing Businesses Financials (₹ Cr)
Zetwerk Manufacturing Businesses has reported substantial revenue from its manufacturing platform, while profitability remains a key area to monitor. Reported revenue from operations increased from ₹11,331.90 crore in FY2025 to ₹15,913.30 crore in FY2026. The company reported a net loss of ₹370.71 crore in FY2025 and ₹1,606.17 crore in FY2026. For the quarter ended June 30, 2026, the company reported revenue of approximately ₹4,117.90 crore and a net loss of approximately ₹732.90 crore. Investors should review the restated financial statements in the offer documents for the final reported figures.
| Period | Revenue | PAT | Total Assets | Net Worth |
|---|---|---|---|---|
| FY2024 | 12,523.46 | -917.95 | 10,330.85 | 4,062.46 |
| FY2025 | 11,492.23 | -370.71 | 10,355.43 | 4,453.76 |
| FY2026 | 16,100.63 | -1,606.17 | 13,384.63 | 4,813.72 |
| Quarter ended June 30, 2026 | 4,195.70 | -732.98 | 12,016.09 | 4,094.13 |
KPIs & Valuation
Zetwerk Manufacturing Businesses' valuation should be considered alongside its revenue growth, operating performance, losses, borrowings and working-capital requirements. The company reported a net loss of ₹1,606.17 crore for FY2026, so conventional price-to-earnings valuation measures may not be meaningful for that period. Investors should examine the final offer-document disclosures and the valuation implied by the issue price before making an investment decision.
Objects of the Issue
Zetwerk Manufacturing Businesses IPO comprises a fresh issue of ₹2,830 crore and an Offer for Sale of 14,45,25,036 equity shares by existing shareholders. The company intends to use the net proceeds from the fresh issue primarily for repayment or prepayment of borrowings, with the remaining proceeds allocated towards inorganic growth opportunities and general corporate purposes. The proceeds from the Offer for Sale will accrue to the selling shareholders rather than the company. The company proposes to utilise the fresh issue proceeds for:
- Repayment or prepayment, in full or part, of certain borrowings availed by the company and its subsidiaries.
- Funding inorganic growth through acquisitions and other strategic opportunities that have not yet been identified.
- General corporate purposes.
Promoters, Lead Managers & Registrar
Zetwerk Manufacturing Businesses IPO has several book-running lead managers, including 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. KFin Technologies Limited is reported as the registrar to the issue.
Promoters
Lead Managers (BRLM)
Registrar
| Name | KFin Technologies Limited |
|---|---|
| Phone | 040-6716 2222 |
| zetwerk.ipo@kfintech.com | |
| Website | https://www.kfintech.com/ |
Zetwerk Manufacturing Businesses IPO Review
Zetwerk Manufacturing Businesses operates a technology-enabled manufacturing platform that connects industrial and consumer businesses with manufacturing suppliers. Its exposure to sectors such as electronics, renewable energy, aerospace and defence, and industrial automation provides access to a wide range of manufacturing requirements. The company's scale and supplier network are important features of its business model.
The company has reported strong revenue growth, with revenue from operations increasing to ₹15,913.32 crore in FY2026 from ₹11,331.90 crore in FY2025. However, it also reported a net loss of ₹1,606.17 crore in FY2026. Investors should assess whether the company can improve margins, manage operating costs and convert revenue growth into sustainable profitability.
One of the stated purposes of the fresh issue is repayment or prepayment of borrowings. Reducing debt may support the company's financial position, but investors should review the amount of debt to be repaid, the company's remaining obligations and its future working-capital requirements. The Offer for Sale portion will provide liquidity to existing shareholders and will not generate proceeds for the company.
Before investing, investors should consider the IPO valuation, financial losses, cash flows, supplier dependence, execution risks and competitive environment. The reported Grey Market Premium is unofficial and should not be treated as a guarantee of listing gains. The final investment decision should be based on the offer documents and an assessment of the company's financial position and long-term business prospects.
How to Apply
Zetwerk Manufacturing Businesses IPO applications can generally be submitted through ASBA or UPI-enabled IPO application facilities offered by banks and stockbrokers. Investors should verify the final issue dates, price band, lot size and application limits before submitting an application.
Through UPI
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Log in to your stockbroker app or website.
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Open the IPO section.
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Select Zetwerk Manufacturing Businesses IPO.
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Enter the number of lots you want to apply for.
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Select the bid price or the cut-off option if available and applicable.
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Enter your valid UPI ID.
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Submit the IPO application.
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Open your UPI app when the mandate request arrives.
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Approve the mandate using your UPI PIN before the deadline.
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The application amount will be blocked in your bank account. If shares are allotted, the required amount will be debited; otherwise, the blocked amount will be released.
Prospectus & Documents
Investors can review the company's Updated Draft Red Herring Prospectus and subsequent offer documents for information about Zetwerk Manufacturing Businesses, its financial statements, risk factors, promoter and selling shareholder details, issue structure and proposed utilisation of fresh issue proceeds. The updated draft prospectus was filed with SEBI in August 2026. The final RHP and Prospectus should be added when available through the official disclosures.
Last updated Oct 12, 2026.