Zetwerk Manufacturing Business IPO
- Price band
- ₹143 – ₹151
- Issue size
- ₹5,012.33 Cr
- Min. investment
- ₹14,949
- 99 shares
- GMP
- ₹2
- +1.32%
- Subscribed
- 3.06x
- Bidding dates
- 15 – 19 Oct 2026
IPO timeline
- Opens15 OctThu
- Closes19 OctMon
- Allotment · Today21 OctWed
- Refunds22 OctThu
- Demat credit22 OctThu
- Listing23 OctFri
Issue details
- Price band
- ₹143 – ₹151 per share
- Issue size
- ₹5,012.33 Cr
- Fresh issue
- Not available
- Offer for sale
- Not available
- Issue type
- Fresh capital cum OFS
- Face value
- ₹1 per share
- Lot size
- 99 shares
- Minimum investment
- ₹14,949
- Listing on
- BSE, NSE
- Exchange code
- 8044
This issue combines a fresh issue and an offer for sale. The amounts for each part are not available in our data; see the offer document for the split.
Lot size and investment
| Application | Lots | Shares | Amount |
|---|---|---|---|
| Retail (Min) | 1 | 99 | ₹14,949 |
| Retail (Max) | 13 | 1,287 | ₹1,94,337 |
| S-HNI (Min) | 14 | 1,386 | ₹2,09,286 |
| B-HNI (Min) | 67 | 6,633 | ₹10,01,583 |
Reservation
- QIB
- 24,84,80,366 shares (75.00% of the Offer)
- NII
- 4,96,96,073 shares (15.00% of the Offer)
- Retail
- 3,31,30,716 shares (10.00% of the Offer)
- Employee
- 7,00,000 shares (0.21% of the Offer)
Allotment status
The allotment for this IPO is final. Check whether you received shares on the registrar's website using your PAN, application number or demat account (DP / Client ID).
Check allotment on KFin Technologies- 1Open the registrar's allotment page and select this IPO from the list.
- 2Enter your PAN, application number or DP / Client ID.
- 3Submit to see the number of shares allotted, if any.
- Basis of allotment
- 21 Oct 2026
- Refunds initiated
- 22 Oct 2026
- Shares credited to demat
- 22 Oct 2026
- Listing
- 23 Oct 2026
Grey market premium (GMP)
- Current GMP
- ₹2
- +1.32%
- Estimated listing price
- ₹153
- Issue price ₹151
- Highest
- ₹30
- 11 Oct
- Lowest
- ₹2
- 20 Oct
GMP by day (₹ per share)
Day-wise GMP table
| Date | GMP | Premium | Est. listing |
|---|---|---|---|
| 21 Oct 2026 | ₹2 | +1.32% | ₹153 |
| 20 Oct 2026 | ₹2 | +1.32% | ₹153 |
| 19 Oct 2026 | ₹3.5 | +2.32% | ₹154.5 |
| 18 Oct 2026 | ₹5.5 | +3.64% | ₹156.5 |
| 17 Oct 2026 | ₹7.2 | +4.77% | ₹158.2 |
| 16 Oct 2026 | ₹7.5 | +4.97% | ₹158.5 |
| 15 Oct 2026 | ₹14 | +9.27% | ₹165 |
| 14 Oct 2026 | ₹22 | +14.57% | ₹173 |
| 13 Oct 2026 | ₹23 | +15.23% | ₹174 |
| 12 Oct 2026 | ₹16 | +10.60% | ₹167 |
| 11 Oct 2026 | ₹30 | — | ₹181 |
- Subject to sauda
- ₹200 retail · ₹2,800 HNI
GMP is an unofficial indicator from an unregulated market. It is shown for information only and is not a prediction of the listing price or a recommendation to apply.
Subscription status
- QIB4.73x
- NII (HNI)1.4x
- Retail0.73x
- Employee1.59x
| Category | Shares offered | Shares bid for | Subscribed |
|---|---|---|---|
| Qualified Institutional Buyers (QIB) | 9,89,17,930 | 46,82,02,185 | 4.73x |
| Non-Institutional Investors (NII) | 5,12,69,349 | 7,18,53,111 | 1.4x |
| bNII — bids above ₹10 Lakh | 3,41,79,566 | 5,75,49,987 | 1.68x |
| sNII — bids ₹2 Lakh to ₹10 Lakh | 1,70,89,783 | 1,43,03,124 | 0.84x |
| Retail Individual Investors (RII) | 3,41,79,566 | 2,50,90,659 | 0.73x |
| Employee | 7,00,000 | 11,14,740 | 1.59x |
| Total | 18,50,66,845 | 56,62,60,695 | 3.06x |
Financials
- P/E Ratio
- -ve
- EPS (₹)
- -ve
- RoNW
- -1.74%
- NAV (₹)
- 25.85
Separate pre- and post-issue P/E are not available for this IPO; the P/E shown is as disclosed for the issue.
| Period ended | 30 Jun 2026 | 31 Mar 2026 | 30 Jun 2025 | 31 Mar 2025 | 31 Mar 2024 |
|---|---|---|---|---|---|
| Assets | 12,016.09 | 13,384.63 | 9,083.09 | 10,355.43 | 10,330.85 |
| Total Income | 4,195.70 | 16,100.63 | 2,702.10 | 11,492.23 | 12,523.46 |
| Profit After Tax | -732.98 | -1,606.17 | -1,368.47 | -370.71 | -917.95 |
| EBITDA | 103.16 | 421.34 | 31.11 | 322.59 | 97.03 |
| NET Worth | 4,094.13 | 4,813.72 | 3,905.13 | 4,453.76 | 4,062.46 |
| Reserves and Surplus | -771.23 | -15.96 | 3,803.94 | 4,355.22 | 4,025.00 |
| Total Borrowing | 1,942.19 | 1,936.16 | 1,707.21 | 1,746.55 | 1,232.10 |
About Zetwerk Manufacturing Business
Zetwerk Manufacturing Business Ltd. was incorporated in 2017 as a technology-led global manufacturing platform. It works as a managed marketplace that connects industrial and consumer enterprises with a network of manufacturing partners for custom and large-scale production. Its customers range from startups to mature companies. The company follows an asset-light model and offers design, supplier matching, quality control and logistics. Its platform, Zetwerk OS, tracks work across the manufacturing cycle. It serves electronics, renewable energy, aerospace and defence, capital goods and precision manufacturing. The source page says it is present in over 25 countries, with 10,000+ suppliers, 1,100+ customers and 20+ manufacturing facilities across India, the United States and Mexico. In FY2026 it had 1,802 customers, of which 1,613 were in India and 189 outside India.
Strengths
- Total income grew from Rs 11,492.23 crore in FY2025 to Rs 16,100.63 crore in FY2026, up about 40%.
- EBITDA rose from Rs 97.03 crore in FY2024 to Rs 322.59 crore in FY2025 and Rs 421.34 crore in FY2026.
- The company had 1,802 customers in FY2026, with 1,613 in India and 189 outside India.
- The asset-light model serves electronics, renewable energy, aerospace and defence, and capital goods customers.
- Net worth was Rs 4,813.72 crore on 31 March 2026, up from Rs 4,453.76 crore a year earlier.
Risks
- The company made a loss after tax of Rs 1,606.17 crore in FY2026, against losses of Rs 370.71 crore in FY2025 and Rs 917.95 crore in FY2024.
- The loss for the quarter ended 30 June 2026 was Rs 732.98 crore, and net worth fell to Rs 4,094.13 crore from Rs 4,813.72 crore on 31 March 2026.
- Reserves and surplus turned negative at Rs -771.23 crore on 30 June 2026, from Rs -15.96 crore on 31 March 2026.
- The source shows RoNW as -1.74%, which looks inconsistent with a FY2026 loss of Rs 1,606.17 crore on net worth of Rs 4,813.72 crore, so this figure needs checking.
- Because of the losses, EPS is negative (pre issue EPS is Rs -10.66), so a price to earnings multiple at the upper band of Rs 151 cannot be used.
- Total borrowing rose from Rs 1,746.55 crore in FY2025 to Rs 1,936.16 crore in FY2026.
- Rs 1,300.00 crore and Rs 860.00 crore of proceeds are listed for repaying borrowings, and part is for unidentified acquisitions.
- Promoter holding falls from 15.86% before the issue to 11.36% after it. One lot is 99 shares, about Rs 14,949 at the upper band of Rs 151.
Objects of the issue
- Repayment/prepayment, in part or full, of certain of or all of borrowings availed by the company₹1,300 Cr
- Funding inorganic growth through unidentified acquisitions and other strategic acquisitions
- General Corporate Purposes
- Repayment/prepayment, in part or full, of certain of or all of borrowings availed₹860 Cr
Promoters and shareholding
Amrit Pratik Acharya and Srinath Ramakkrushnan
- Promoter holding, pre-issue
- 15.86%
- Promoter holding, post-issue
- 11.36%
Anchor investors
Registrar, lead managers and documents
Lead managers
Company contact
84/1, Vaishnavi Sovereign, Ground & 1st Floor, Green Glen Layout, Bellandur, Bangalore Urban, Karnataka, 560103
+91 7624 9748 90
cs@zetwerk.comDocuments
Zetwerk Manufacturing Business IPO: common questions
1.When does the Zetwerk Manufacturing Business IPO open and close?
The Zetwerk Manufacturing Business IPO opens on 15 Oct 2026 and closes on 19 Oct 2026.
2.What is the price band of the Zetwerk Manufacturing Business IPO?
The price band is ₹143 – ₹151 per share, with a lot size of 99 shares and a minimum investment of ₹14,949.
3.What is the size of the Zetwerk Manufacturing Business IPO?
The issue size is ₹5,012.33 Cr (Fresh capital cum OFS).
4.What is the GMP of the Zetwerk Manufacturing Business IPO?
The last reported grey market premium is ₹2 per share as of 21 Oct 2026, 08:24 AM IST. GMP is unofficial and changes frequently.
5.When is the Zetwerk Manufacturing Business IPO allotment?
The basis of allotment is expected on 21 Oct 2026. Allotment status can be checked with the registrar, KFin Technologies Limited.
6.When will the Zetwerk Manufacturing Business IPO list?
The shares are expected to list on 23 Oct 2026 on BSE, NSE.
7.Who is the lead manager of the Zetwerk Manufacturing Business IPO?
The book running lead managers are JM Financial Ltd., HSBC Securities & Capital Markets (India) Pvt. Ltd., Avendus Capital, Kotak Mahindra Capital Company Limited, Pantomath Capital Advisors Pvt Ltd, Goldman Sachs (India) Securities Private Limited, and the registrar is KFin Technologies Limited.
8.What will the money raised in the Zetwerk Manufacturing Business IPO be used for?
As stated in the offer document, the proceeds are for: Repayment/prepayment, in part or full, of certain of or all of borrowings availed by the company; Funding inorganic growth through unidentified acquisitions and other strategic acquisitions; General Corporate Purposes; Repayment/prepayment, in part or full, of certain of or all of borrowings availed.
9.How can my company launch an IPO like Zetwerk Manufacturing Business?
Start with an IPO readiness assessment: eligibility for the Main Board, audited financials, governance, conversion to a public limited company and an indicative valuation. Be IPO Ready advises promoters through each step, from readiness to listing day.
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