The Zetwerk Manufacturing Businesses IPO is a mainboard public issue of Zetwerk Manufacturing Businesses Limited, a technology-led manufacturing company serving industrial and consumer product businesses in India and international markets. The company operates a manufacturing platform that combines its own manufacturing facilities with a large network of third-party suppliers. Its business covers energy products, precision products, capital goods and industrial commodities.
The Zetwerk Manufacturing Businesses IPO opened for subscription on 15-October-2026 and will close on 19-October-2026. The IPO comprises a fresh issue of approximately ₹2,830 Crores and an offer for sale of approximately ₹2,182.33 Crores, taking the total issue size to approximately ₹5,012.33 Crores. Investors can use this page to check the Zetwerk IPO date, price band, market lot, IPO size, GMP, allotment date, subscription details and listing information.
Zetwerk serves customers across several industries, including renewable energy, utilities, consumer electronics, artificial intelligence infrastructure, aerospace, space and defence, oil and gas and industrial automation. The company’s customers include businesses such as Siemens Gamesa, Acer India, the Indian Air Force and NTPC Renewable Energy.
Zetwerk Manufacturing Businesses IPO Promoters
Amrit Pratik Acharya and Srinath Ramakkrushnan are the promoters of Zetwerk Manufacturing Businesses Limited. Amrit Pratik Acharya is the company’s Managing Director, Chairman and Chief Executive Officer, while Srinath Ramakkrushnan is an Executive Director and Chief Operating Officer.
Zetwerk Manufacturing Businesses Overview
Zetwerk Manufacturing Businesses Limited is a technology-led manufacturing platform focused on industrial and consumer products. The company combines its own manufacturing facilities with a network of third-party suppliers to provide manufacturing capacity to customers.
The company has evolved from an asset-light manufacturing marketplace into a broader manufacturing platform with its own plants. As of 31-March-2026, Zetwerk had 26 of its own manufacturing facilities across India, Spain, Germany and the United States, supported by approximately 6,979 third-party suppliers across 26 countries.
Zetwerk’s business is divided into two major segments: the Manufacturing Business and the Ecosystem Business.
Manufacturing Business
The Manufacturing Business supplies industrial and consumer products through three principal verticals: Energy Products, Precision Products and Capital Goods. The company also provides original design manufacturing for certain products and components.
In FY2026, the Manufacturing Business generated approximately ₹9,374.68 Crores of revenue from operations from continuing operations and accounted for approximately 58.91% of the company’s revenue from operations from continuing operations.
- Energy Products: ₹6,507.57 Crores revenue in FY2026
- Precision Products: ₹1,397.19 Crores revenue in FY2026
- Capital Goods: ₹1,464.40 Crores revenue in FY2026
Ecosystem Business – Terra91
The company’s Ecosystem Business operates under the Terra91 brand. It sources industrial commodities such as ferrous and non-ferrous metals and petrochemicals and supplies these products to customers as a principal.
The Ecosystem Business generated approximately ₹6,538.65 Crores of revenue from operations from continuing operations in FY2026, representing approximately 41.09% of revenue from operations from continuing operations.
Zetwerk Manufacturing Businesses IPO Date, Details & Price Band
The Zetwerk IPO price band, IPO dates, issue size, face value and other important details are provided in the table below.
| IPO Opening Date | 15-October-2026 |
| IPO Closing Date | 19-October-2026 |
| Price Band | ₹143-₹151 per share |
| Fresh Issue | ₹2,830 Crores |
| Offer for Sale | ₹2,182.33 Crores |
| Total IPO Size | ₹5,012.33 Crores |
| Face Value | ₹1 per share |
| Issue Type | Book Built Issue |
| Listing On | NSE, BSE |
| Employee Discount | ₹14 per share |
Zetwerk Manufacturing Businesses IPO Market Lot
The Zetwerk Manufacturing Businesses IPO minimum market lot is 99 shares. Based on the upper price band of ₹151 per share, one retail lot requires an application amount of ₹14,949.
Retail investors can apply for a minimum of one lot and a maximum of 13 lots. Bids can be made in multiples of 99 shares. Eligible employees are entitled to a discount of ₹14 per share.
| Lot | No. of Shares | Amount | |
| Retail Minimum | 1 | 99 | ₹14,949 |
| Retail Maximum | 13 | 1,287 | ₹1,94,337 |
| S-HNI Minimum | 14 | 1,386 | ₹2,09,286 |
| S-HNI Maximum | 67 | 6,633 | ₹10,01,583 |
| B-HNI Minimum | 68 | 6,732 | ₹10,16,532 |
Zetwerk Manufacturing Businesses IPO: Objects of the Issue
The fresh issue proceeds from the Zetwerk IPO will primarily be used for repayment or prepayment of borrowings and for funding the company’s inorganic growth plans.
- ₹1,250 Crores: Repayment or prepayment of certain borrowings of the company.
- ₹550 Crores: Repayment or prepayment of borrowings of nine subsidiaries through investment in those subsidiaries.
- Inorganic Growth: Funding unidentified acquisitions and other strategic acquisitions.
- General Corporate Purposes: A portion of the proceeds may be used for general corporate purposes.
The offer for sale component will result in existing shareholders selling their shares. Proceeds from the OFS will accrue to the selling shareholders and will not be received by the company.
Zetwerk Manufacturing Businesses Financial Performance
Zetwerk has reported strong growth in revenue, but the company remains loss-making. Revenue from operations increased from ₹12,364.37 Crores in FY2024 to ₹15,913.32 Crores in FY2026. However, the company reported a restated loss after tax of ₹1,606.17 Crores in FY2026.
The company’s loss after tax was ₹917.95 Crores in FY2024 and ₹370.71 Crores in FY2025 before increasing significantly to ₹1,606.17 Crores in FY2026.
| Total Revenue | EBITDA | Profit After Tax | |
| 31-Mar-26 | 15,913.32 | -353.53 | -1,606.17 |
| 31-Mar-25 | 11,331.86 | 293.33 | -370.71 |
| 31-Mar-24 | 12,364.37 | -293.54 | -917.95 |
Zetwerk Manufacturing Businesses IPO Latest Quarterly Performance
For the quarter ended 30-June-2026, Zetwerk reported revenue from operations of approximately ₹4,118 Crores, representing growth of more than 55% compared with the corresponding period of the previous year.
The company’s restated loss from continuing operations narrowed to approximately ₹64.13 Crores for the quarter, compared with a much larger loss in the corresponding period of the previous year.
Zetwerk Manufacturing Businesses IPO Strengths
Zetwerk operates across multiple manufacturing categories and has developed a large manufacturing ecosystem serving customers in several industrial sectors.
- Diversified manufacturing platform: Zetwerk operates across energy products, precision products, capital goods and industrial commodities.
- Large manufacturing network: The company had 26 own manufacturing facilities and approximately 6,979 third-party suppliers across 26 countries as of 31-March-2026.
- Strong manufacturing order book: The manufacturing order book stood at approximately ₹12,370.01 Crores as of 31-March-2026, compared with ₹8,628.98 Crores a year earlier.
- Exposure to high-growth sectors: The company has significant exposure to renewable energy, electronics, EVs, aerospace, defence, AI infrastructure and other industrial sectors.
- International presence: Zetwerk has manufacturing facilities and business operations across India, the United States and other international markets.
- Strong recent revenue growth: Revenue from operations increased substantially in FY2026, while the June 2026 quarter also recorded strong year-on-year revenue growth.
- Repeat customers: The company has reported a high proportion of repeat business, which can help support customer relationships and revenue visibility.
Zetwerk Manufacturing Businesses IPO Risks
Investors should carefully evaluate the risks disclosed in the company’s RHP before applying for the IPO. Although Zetwerk has achieved substantial revenue growth, the company continues to report losses and negative operating cash flows.
- Continued losses: The company reported a restated loss of ₹1,606.17 Crores in FY2026.
- Negative operating cash flow: The company has reported negative cash flow from operating activities for multiple years.
- Increasing borrowings: Total borrowings increased to approximately ₹1,936.16 Crores as of 31-March-2026 from ₹1,232.10 Crores in FY2024.
- Customer concentration: The top 10 customers accounted for a significant portion of revenue from continuing operations in FY2026.
- Low profitability: Despite substantial revenue, the company has not yet demonstrated consistent net profitability.
- Raw material and pricing risks: Manufacturing operations are exposed to fluctuations in raw material prices, supply-chain conditions and customer pricing pressure.
- Dependence on key sectors: A substantial portion of revenue is generated from energy-related products, making the company exposed to developments in renewable energy and infrastructure spending.
Zetwerk Manufacturing Businesses IPO GMP & Grey Market Premium
The Zetwerk Manufacturing Businesses IPO GMP (Grey Market Premium) represents the premium at which the IPO is reportedly being traded in the unofficial grey market. GMP can change frequently depending on IPO demand, subscription levels, market sentiment and broader market conditions.
As of 15-October-2026, reports indicated a GMP of approximately ₹21.50 per share. Against the upper IPO price of ₹151, this indicates an unofficial estimated listing price of approximately ₹172.50 per share, representing an indicative premium of around 14.24%.
At a GMP of ₹21.50, the indicative premium for one retail lot of 99 shares would be approximately ₹2,128.50. However, GMP is unofficial and should not be treated as a guaranteed listing gain or listing price.
Check the latest Zetwerk Manufacturing Businesses IPO GMP, Kostak Rate and Subject to Sauda information before making an investment decision.
Zetwerk Manufacturing Businesses IPO Subscription Status
The Zetwerk Manufacturing Businesses IPO opened for subscription on 15-October-2026. Initial reports indicated relatively subdued bidding on the opening day, with the issue receiving approximately 12% subscription at the time of reporting.
Subscription figures can change significantly during the three-day bidding period. Investors should check the latest category-wise subscription data before making an application decision.
Zetwerk Manufacturing Businesses IPO Review
The Zetwerk Manufacturing Businesses IPO provides investors exposure to a diversified manufacturing platform with operations spanning energy products, precision products, capital goods and industrial commodities.
The company has built a large manufacturing ecosystem combining its own manufacturing facilities with thousands of third-party suppliers. Its exposure to renewable energy, electronics, EVs, aerospace, defence and AI infrastructure provides opportunities for long-term growth.
However, the company’s financial profile remains a key concern. Despite strong revenue growth, Zetwerk reported a substantial loss of ₹1,606.17 Crores in FY2026 and has experienced negative operating cash flows. Borrowings have also increased significantly.
The IPO valuation should therefore be evaluated primarily on the company’s revenue growth, manufacturing scale, order book, operating leverage and future path to profitability rather than traditional P/E-based valuation metrics.
For investors with a high-risk appetite, Zetwerk may offer exposure to India’s growing manufacturing and industrial ecosystem. However, investors should carefully evaluate the company’s continuing losses, cash-flow position, debt levels and ability to achieve sustainable profitability before applying.
Zetwerk Manufacturing Businesses IPO Prospectus
The Zetwerk Manufacturing Businesses IPO Prospectus contains detailed information about the company’s business, financial performance, risk factors, promoters, management, selling shareholders, IPO objectives and proposed use of funds. Investors should read the RHP carefully before applying for the issue.
| DRHP / UDRHP | Download |
| RHP | Download |
| Anchor Investors List | Download |
Zetwerk Manufacturing Businesses IPO Allotment Date & Details
After the IPO closes, the registrar will process the basis of allotment. Investors can check their application status through the registrar’s website once the allotment process is completed.
| Allotment Date | 21-October-2026 |
| Initiation of Refunds | 22-October-2026 |
| Transfer of Shares to Demat Accounts | 22-October-2026 |
| Listing Date | 23-October-2026 |
| Check Allotment Status | Click here |
Zetwerk Manufacturing Businesses IPO Registrar
KFin Technologies Limited is the registrar for the Zetwerk Manufacturing Businesses IPO. The registrar is responsible for processing IPO applications, maintaining application records and handling the allotment process.
Website: www.kfintech.com
Zetwerk Manufacturing Businesses IPO Contact Address
Zetwerk Manufacturing Businesses Limited
Registered Office: #84/1, Ground & 1st Floor, Green Glen Layout, Bellandur, Bengaluru, Karnataka, India.
Email: cs@zetwerk.com
Website: www.zetwerk.com
Zetwerk Manufacturing Businesses IPO Lead Managers
The book running lead managers to the Zetwerk Manufacturing Businesses IPO include:
- 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
- Pantomath Capital Advisors Private Limited
Zetwerk Manufacturing Businesses IPO FAQs
When is the Zetwerk Manufacturing Businesses IPO opening date?
The Zetwerk Manufacturing Businesses IPO opened for subscription on 15-October-2026 and will close on 19-October-2026.
What is the Zetwerk Manufacturing Businesses IPO price band?
The Zetwerk Manufacturing Businesses IPO price band is ₹143 to ₹151 per share.
What is the minimum lot size of the Zetwerk IPO?
The minimum application lot is 99 shares, requiring ₹14,949 at the upper price band of ₹151 per share.
What is the Zetwerk Manufacturing Businesses IPO size?
The Zetwerk IPO size is approximately ₹5,012.33 Crores, consisting of a fresh issue of approximately ₹2,830 Crores and an offer for sale of approximately ₹2,182.33 Crores.
How will Zetwerk use the IPO proceeds?
The company plans to use a significant portion of the fresh issue proceeds for repayment or prepayment of borrowings and for funding inorganic growth and strategic acquisitions.
What is the latest Zetwerk IPO GMP?
As of 15-October-2026, the reported GMP was approximately ₹21.50 per share. Against the upper issue price of ₹151, this indicates an unofficial estimated listing price of approximately ₹172.50. GMP is unofficial and can change before listing.
What is the latest Zetwerk IPO subscription status?
Initial reports on 15-October-2026 indicated approximately 12% subscription for the Zetwerk IPO at the time of reporting. Subscription figures can change throughout the bidding period.
Is Zetwerk Manufacturing Businesses profitable?
No. Zetwerk reported a restated loss after tax of approximately ₹1,606.17 Crores in FY2026. The company also reported losses in FY2024 and FY2025.
What are the main businesses of Zetwerk?
Zetwerk operates through two major business segments: the Manufacturing Business, comprising Energy Products, Precision Products and Capital Goods, and the Ecosystem Business, operated under the Terra91 brand.
How many manufacturing facilities does Zetwerk have?
As of 31-March-2026, Zetwerk had 26 own manufacturing facilities across India, Spain, Germany and the United States, supported by approximately 6,979 third-party suppliers across 26 countries.
When is the Zetwerk IPO allotment date?
The tentative basis of allotment date is 21-October-2026.
When will Zetwerk IPO shares be listed?
The Zetwerk Manufacturing Businesses shares are expected to be listed on the NSE and BSE on 23-October-2026.
Where can I check Zetwerk IPO allotment status?
Investors can check the Zetwerk IPO allotment status through the official website of KFin Technologies Limited, the registrar to the issue, after the basis of allotment is finalized.
Is Zetwerk IPO GMP reliable?
No. IPO GMP is an unofficial market indicator and can change frequently. Investors should not consider GMP as a guaranteed indication of the actual listing price or listing gain.