Zetwerk Manufacturing Businesses has announced a price band of Rs 143 to Rs 151 per share ahead of its initial public offering. Subscription for the Rs 5,012.33-crore offering opens on 15 October 2026, with the bidding window running through 19 October, spanning three days in total.
Shares are scheduled to begin trading on both the BSE and NSE around 23 October 2026, when the listing is currently expected to take place. Allotment of IPO shares is scheduled to be completed by 21 October 2026.
Structured as a book-built offering, the transaction comprises two components: a primary capital raise of Rs 2,830 crore through newly issued shares, alongside a secondary sale in which existing shareholders are offloading 14.45 crore shares at a combined valuation of approximately Rs 2,182 crore.
Each lot put forward for purchase carries a minimum of 99 equity shares, with any further participation structured around that same 99-share unit. Equity shares carry a face value of Rs 1 each. Workers who qualify under the employee reservation scheme are set to receive shares at a rate Rs 14 below the standard offer price.
The company's restated consolidated financial information for FY2026 recorded a net loss. Both basic and diluted earnings per share landed in negative territory, meaning no price-to-earnings ratio could be calculated for the period. Over the three financial years in question, the average return on net worth — calculated on a weighted basis — came in at a loss of 15.64%.
Seven firms have been appointed to oversee book-running lead management responsibilities for the offering: 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. KFin Technologies has taken up the registrar role.
Funds raised through the IPO are earmarked predominantly for settling outstanding debt obligations, whether in whole or in part. A portion of the raised capital is also directed toward expansion through acquisitions — targets not yet named — as well as other strategic transactions and routine operational expenses. Out of total estimated proceeds of Rs 2,160 crore, Rs 1,300 crore has been set aside to retire one category of borrowings, with the remaining Rs 860 crore directed toward settling a separate debt obligation.
Founded in 2017, Zetwerk Manufacturing Businesses Private Limited operates as a technology-driven platform linking industrial and consumer companies with production partners capable of handling both custom orders and high-volume output on a global scale. Industries drawing on its offerings include electronics, renewable energy, aerospace and defence, oil and gas, AI infrastructure, and industrial automation.
Built around an asset-light structure, the business handles the full span of manufacturing services — from initial design and supplier matching through to quality checks and final delivery — by routing work through its own platform, Zetwerk OS. A supplier network spanning more than 10,000 partners feeds into Zetwerk's operations across upwards of 25 countries, where a client base of approximately 1,100 buyers — including Fortune 500 companies — draws on that manufacturing reach. Production and assembly operations span more than 20 plants distributed across India, the United States, and Mexico.
Throughout fiscal 2026, a total of 1,802 customers drew on the company's output — 1,613 of them based within India and the remaining 189 spread across international markets — with that reach underpinned by manufacturing infrastructure built to flex with demand, rigorous quality oversight, and a customer portfolio spanning multiple regions.
