Zetwerk Manufacturing Business IPO: Complete Analysis, Financial Performance, Valuation & Investment Strategy
Zetwerk IPO Key Issue Structure & Highlights
The Zetwerk IPO is a book-built issue combining a Fresh Issue of ₹2,830.00 Crore (18,74,82,119 equity shares) and an Offer for Sale (OFS) of ₹2,182.33 Crore (14,45,25,036 equity shares). Fresh proceeds will primarily be utilized for debt repayment, strategic acquisitions, and general corporate purposes.
| Issue Parameter | Details & Specifications |
|---|---|
| IPO Opening Date | Thursday, October 15, 2026 |
| IPO Closing Date | Monday, October 19, 2026 |
| Price Band | ₹143 to ₹151 per equity share |
| Employee Discount | ₹14.00 per share |
| Face Value | ₹1 per equity share |
| Total Issue Size | 33,20,07,155 Shares (Aggregating up to ₹5,012.33 Cr) |
| Fresh Issue Component | 18,74,82,119 Shares (Aggregating up to ₹2,830.00 Cr) |
| Offer for Sale (OFS) Size | 14,45,25,036 Shares (Aggregating up to ₹2,182.33 Cr) |
| Market Lot Size | 99 Equity Shares |
| Pre-Issue Shareholding | 1,50,67,72,659 Equity Shares |
| Post-Issue Shareholding Base | 1,69,42,54,778 Equity Shares |
| Market Cap at Upper Band | ₹25,583.25 Crore |
| Stock Exchanges Listing | BSE (Bombay Stock Exchange) & NSE (National Stock Exchange) |
| Lead Book Running Managers | Kotak Mahindra Capital, Morgan Stanley, Goldman Sachs, Avendus, JM Financial, HSBC, Pantomath Capital |
| Registrar to the Offer | Kfin Technologies Limited |
2. Important Timetable & Schedule Dates
Investors tracking the Zetwerk Manufacturing Business IPO should monitor the key dates below for bidding, allotment, refunds, demat transfer, and exchange listing:
| IPO Event Schedule | Tentative Timeline Date |
|---|---|
| IPO Opening Date | Thursday, October 15, 2026 |
| IPO Closing Date | Monday, October 19, 2026 |
| Finalization of Allotment Basis | Wednesday, October 21, 2026 |
| Unblocking Funds / Initiating Refunds | Thursday, October 22, 2026 |
| Credit of Shares to Demat Accounts | Thursday, October 22, 2026 |
| Official Stock Exchange Listing | Friday, October 23, 2026 |
3. Bidding Categories, Lot Sizes & Minimum Investment
Bids can be submitted in multiples of 99 shares. The reservation structure allocates not less than 75% to QIBs, not more than 10% to Retail Investors, and not more than 15% to Non-Institutional Investors (NIIs).
| Investor Category | Minimum Lots | Total Shares | Minimum Investment Amount (₹) |
|---|---|---|---|
| Retail Individual (Minimum) | 1 Lot | 99 Shares | ₹14,949 |
| Retail Individual (Maximum) | 13 Lots | 1,287 Shares | ₹1,94,337 |
| Small HNI / sNII (Minimum) | 14 Lots | 1,386 Shares | ₹2,09,286 |
| Small HNI / sNII (Maximum) | 66 Lots | 6,534 Shares | ₹9,86,634 |
| Big HNI / bNII (Minimum) | 67 Lots | 6,633 Shares | ₹10,01,583 |
4. Business Overview & Global Manufacturing Model
Founded in 2017, Zetwerk Manufacturing Businesses Private Limited is a technology-led managed manufacturing marketplace. The company connects industrial equipment buyers, consumer brands, and technology startups with an expansive global network of manufacturing partners for custom components and mass production contracts.
Zetwerk operates an asset-light, tech-first platform model providing end-to-end solutions:
- End-to-End Workflow Solutions: Complete coverage including product design, component engineering, supplier matching, quality control inspection, and international logistics.
- Proprietary Technology Stack (Zetwerk OS): Integrated operating software enabling real-time production tracking, quality oversight, supply chain transparency, and automated vendor matching across the manufacturing cycle.
- Diversified High-Growth Sectors: Serving key verticals including renewable energy, consumer electronics, aerospace, defense, utilities, oil & gas, artificial intelligence infrastructure, and industrial automation.
- Global Infrastructure Scale: A network of 10,000+ manufacturing suppliers and 1,100+ global customers across 25+ countries. Zetwerk also directly operates 20+ manufacturing plants across India, the United States, and Mexico. In FY26, it served 1,802 customers globally.
5. Restated Consolidated Financial Performance
Below is the detailed financial summary of Zetwerk Manufacturing Business Limited across recent periods (amounts in ₹ Crore):
| Financial Indicator | Q1 FY27 (Jun 2026) | FY26 (Mar 2026) | Q1 FY26 (Jun 2025) | FY25 (Mar 2025) | FY24 (Mar 2024) |
|---|---|---|---|---|---|
| Total Assets | ₹12,016.09 Cr | ₹13,384.63 Cr | ₹9,083.09 Cr | ₹10,355.43 Cr | ₹10,330.85 Cr |
| Total Revenue / Income | ₹4,195.70 Cr | ₹16,100.63 Cr | ₹2,702.10 Cr | ₹11,492.23 Cr | ₹12,523.46 Cr |
| Adjusted EBITDA | ₹103.16 Cr | ₹421.34 Cr | ₹31.11 Cr | ₹322.59 Cr | ₹97.03 Cr |
| Profit After Tax (PAT) | -₹732.98 Cr | -₹1,606.17 Cr | -₹1,368.47 Cr | -₹370.71 Cr | -₹917.95 Cr |
| Net Worth | ₹4,094.13 Cr | ₹4,813.72 Cr | ₹3,905.13 Cr | ₹4,453.76 Cr | ₹4,062.46 Cr |
| Reserves & Surplus | -₹771.23 Cr | -₹15.96 Cr | ₹3,803.94 Cr | ₹4,355.22 Cr | ₹4,025.00 Cr |
| Total Borrowings | ₹1,942.19 Cr | ₹1,936.16 Cr | ₹1,707.21 Cr | ₹1,746.55 Cr | ₹1,232.10 Cr |
Financial Trend Analysis: Revenue grew by 40% from ₹11,492.23 Crore in FY25 to ₹16,100.63 Crore in FY26. Adjusted EBITDA expanded to ₹421.34 Crore in FY26. However, bottom-line net losses widened to -₹1,606.17 Crore due to non-cash expenses, ESOP costs, finance charges, and aggressive global footprint expansion.
6. Objects of the Issue (Deployment of Funds)
The company plans to utilize the Fresh Issue proceeds of ₹2,830.00 Crore across three primary objectives:
| Primary Issue Objective | Estimated Utilization Amount |
|---|---|
| Repayment/Prepayment of Outstanding Debt | ₹1,300.00 Crore |
| Prepayment/Repayment of Additional Borrowings | ₹860.00 Crore |
| Inorganic Growth via Acquisitions & General Corporate Purposes | Remaining Net Proceeds |
7. Promoters, Offer for Sale Breakdown & Shareholding
The promoters of the company are Amrit Pratik Acharya and Srinath Ramakkrushnan. Pre-issue promoter holding stands at 15.86%, which will adjust to 11.36% post-issue.
| Selling Shareholder Name | Category | Shares Offered | Estimated Amount (₹ Cr) |
|---|---|---|---|
| Amrit Pratik Acharya | Promoter | 1,42,30,672 Shares | ₹214.88 Cr |
| Srinath Ramakkrushnan | Promoter | 1,42,30,672 Shares | ₹214.88 Cr |
| Creovate Innovation Pvt. Ltd. | Promoter Group | 2,29,74,820 Shares | ₹346.92 Cr |
| Peak XV Partners Investments V | Corporate Investor | 1,76,11,820 Shares | ₹265.94 Cr |
| Lightspeed Venture Partners Select IV | Corporate Investor | 1,35,29,722 Shares | ₹204.30 Cr |
| Other Selling Shareholders | Public Investors | 6,19,47,330 Shares | ₹935.41 Cr |
| Total Offer for Sale (OFS) | – | 14,45 |
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