Zetwerk Fixes IPO Price Band at INR 143–151 per Share

Bengaluru-based manufacturing platform Zetwerk Manufacturing Businesses has fixed the price band for its initial public offering (IPO) at INR 143–151 per equity share of face value INR 1. The INR 5,012.33 crore issue will open for subscription on October 15 and close on October 19, 2026. The company is targeting a valuation of INR 25,583 crore through the offering. 

The IPO comprises a fresh issue of shares worth INR 2,830 crore and an offer for sale (OFS) of 14.45 crore equity shares by existing shareholders, valued at approximately INR 2,182 crore at the upper end of the price band. The fresh issue size has been increased from INR 2,600 crore proposed earlier, while the OFS component has also been expanded.

The company's co-founders, Amrit Acharya and Srinath Ramakkrushnan, along with promoter group entity Creovate Innovation and existing investors, including Peak XV Partners, Lightspeed Venture Partners and Accel India, are among the shareholders selling shares through the OFS. 

Zetwerk plans to use INR 2,160 crore from the fresh issue proceeds to repay or prepay borrowings availed by the company and certain subsidiaries. The remaining proceeds will be allocated towards inorganic growth opportunities, including acquisitions, and general corporate purposes. The company's shares are proposed to be listed on the BSE and the National Stock Exchange (NSE) on October 23, with the allotment expected to be finalised on October 21. The anchor investor bidding is scheduled for October 14.

Investors can bid for a minimum lot of 99 shares, requiring an investment of INR 14,949 at the upper end of the price band. The issue has reserved 75 percent of the net offer for qualified institutional buyers, 15 percent for non-institutional investors and 10 percent for retail investors, excluding the employee reservation. Eligible employees may receive a discount of INR 14 per share. 

For the financial year ended March 2026, Zetwerk reported revenue of INR 15,913.3 crore, up 40.4 percent from INR 11,331.9 crore in the previous year. Its net loss widened to INR 1,606.1 crore from INR 370.7 crore in FY25. In the quarter ended June 2026, revenue rose 55.4 percent year-on-year to INR 4,117.9 crore, while the net loss narrowed to INR 732.9 crore from INR 1,368.4 crore in the corresponding quarter a year earlier.