Zetwerk Manufacturing Business IPO has fixed its price band at Rs 143–151 per share. The Rs 5,012.33-crore IPO will open for subscription on October 15, 2026, and remain open until October 19, giving investors three days to place their bids. The company plans to list its shares on the BSE and NSE, with the tentative listing date set for October 23.
The book-built issue comprises a fresh issue of Rs 2,830 crore and an offer for sale (OFS) of 14.45 crore shares worth approximately Rs 2,182 crore. The IPO allotment is expected to be finalised on October 21, 2026. Investors can bid for a minimum of 99 equity shares, with applications thereafter accepted in multiples of 99 shares. Eligible employees participating in the employee reservation portion will receive a discount of Rs 14 per share.
The price band ranges from Rs 143 at the floor price to Rs 151 at the cap price, against a face value of Rs 1 per equity share. However, investors should note that the company reported a loss in FY2026 based on its restated consolidated financial information. Consequently, its basic and diluted earnings per share (EPS) were negative, making the price-to-earnings (P/E) ratio unascertainable. The weighted average return on net worth for the last three financial years stood at negative 15.64%.
Kotak Mahindra Capital Company, Morgan Stanley India Company, Goldman Sachs (India) Securities, Avendus Capital, JM Financial, HSBC Securities & Capital Markets (India) and Pantomath Capital Advisors are the book-running lead managers for the issue. KFin Technologies has been appointed as the registrar.
IPO Objects of the Issue
The company plans to utilise the IPO proceeds primarily to repay or prepay, in part or full, certain outstanding borrowings. It also intends to allocate funds towards inorganic growth through unidentified acquisitions and other strategic acquisitions, along with general corporate purposes.
Of the total estimated proceeds of Rs 2,160 crore, Rs 1,300 crore is earmarked for one borrowing repayment/prepayment objective, while Rs 860 crore is allocated towards another borrowing repayment/prepayment objective.
About Zetwerk Manufacturing Business Ltd.
Zetwerk Manufacturing Businesses Private Limited, incorporated in 2017, is a technology-led global manufacturing platform that connects industrial and consumer enterprises with manufacturing partners for customised and large-scale production. It serves diverse sectors, including electronics, renewable energy, aerospace and defence, oil and gas, AI infrastructure and industrial automation. The company follows an asset-light model, offering end-to-end services such as design, supplier matching, quality control and logistics through its proprietary platform, Zetwerk OS.
Zetwerk operates in over 25 countries, with a network of more than 10,000 suppliers and 1,100 customers, including Fortune 500 companies. It also has over 20 manufacturing facilities across India, the US and Mexico. In fiscal 2026, the company served 1,802 customers, comprising 1,613 in India and 189 overseas, supported by its scalable manufacturing capabilities, quality control systems and diversified global customer base.
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