Bengaluru-based Zetwerk, one of India's best-known manufacturing technology startups, has set the price band for its initial public offering at Rs 143 to Rs 151 per share. The Rs 5,012 crore issue opens for public subscription on Wednesday, October 15, and closes on October 19, with shares expected to list on October 23.
At the upper end of the band, Zetwerk Manufacturing Businesses will be valued at about Rs 25,583 crore, or roughly $2.6 billion, making it one of the biggest new-age tech listings of the year.
Zetwerk IPO: key details at a glance
| Price band | Rs 143 - Rs 151 per share |
| Total issue size | About Rs 5,012 crore |
| Fresh issue | Rs 2,830 crore |
| Offer for sale (OFS) | 14.45 crore shares |
| Anchor book | October 14, 2026 |
| Subscription opens | October 15, 2026 |
| Subscription closes | October 19, 2026 |
| Expected listing | October 23, 2026 |
| Valuation (upper band) | About Rs 25,583 crore |
What Zetwerk does
Co-founded by Amrit Acharya and Srinath Ramakkrushnan, Zetwerk runs a technology platform that connects companies that need manufactured parts with a large network of factories. Instead of owning every plant, it uses software to manage orders, quality and supply chains across precision parts, electronics, energy equipment and more. Its customers include names such as Siemens Gamesa, Acer India, the Indian Air Force and NTPC Renewable Energy.
That model has made it a poster child for the "Make in India" startup wave, sitting at the meeting point of tech and heavy industry.
Who is selling shares
The issue has been enlarged from what the company proposed in its updated draft papers in August. The fresh issue has gone up from Rs 2,600 crore to Rs 2,830 crore, and the OFS portion from 9.68 crore shares to 14.45 crore shares.
- Promoters Amrit Pratik Acharya and Srinath Ramakkrushnan: 1.42 crore shares each
- Creovate Innovation (promoter group): up to 2.30 crore shares
- Lightspeed Venture Partners: 2.51 crore shares
- Peak XV Partners: 2.34 crore shares
- Accel India: up to 1.2 crore shares
How the money will be used
Most of the fresh issue is going towards cutting debt. Zetwerk plans to use Rs 1,300 crore to repay or prepay borrowings at the company level and Rs 860 crore to clear debt at nine subsidiaries. The rest will go towards acquisitions, strategic investments and general corporate purposes.
Financial performance
Zetwerk's revenue from continuing operations rose to Rs 15,913 crore in FY26 from Rs 11,332 crore in FY25. In the first quarter of FY27 (April to June 2026), revenue grew about 55% year-on-year to Rs 4,118 crore. Losses have narrowed sharply too: the loss from continuing operations in that quarter was about Rs 64 crore, compared with Rs 881 crore a year earlier.
What it means for retail investors
For investors, the Zetwerk IPO is a test of appetite for asset-light manufacturing platforms. The strong revenue growth and shrinking losses are positives, while the large OFS means a good chunk of the money goes to existing investors rather than the company. As with any IPO, investors should read the red herring prospectus, look at valuation against listed peers and consider their own risk appetite before applying. ViralDose does not give investment advice.
The timing is also busy. The IPO market has been active this year, with more than 230 companies raising about $12.65 billion as of early October, and a very large Jio Platforms IPO is expected later this month, which could compete for investor money.
How to apply for the Zetwerk IPO
- Log in to your broker app or your bank's net banking portal (ASBA).
- Go to the IPO section and select Zetwerk Manufacturing Businesses.
- Enter the number of lots and your bid price within Rs 143-151 (or choose cut-off price).
- Enter your UPI ID and approve the mandate on your UPI app before the issue closes on October 19.
What happens next
The anchor book opens on October 14, and how big institutional investors respond will set the tone for the public issue. Allotment is expected after the issue closes, with listing pencilled in for October 23 on the stock exchanges.
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