Minimum Investment
About Company
Company Name: Zetwerk Manufacturing Businesses Limited
Industry / Sector: Contract Manufacturing / B2B Manufacturing Platform
Founded Year: December 6, 2017
Promoters: Amrit Pratik Acharya, Srinath Ramakkrushnan, Creovate Innovation Private Limited
Zetwerk Manufacturing Businesses Limited operates a technology-led, asset-light manufacturing platform that connects businesses with manufacturing partners for customized and large-scale production. As one of the most anticipated names in the latest ipo in india, the company serves startups and established enterprises across sectors such as electronics, renewable energy, aerospace and defence, artificial intelligence infrastructure, oil and gas, utilities, and industrial automation. Zetwerk follows an asset-light business model, offering integrated services covering product design, supplier selection, quality assurance, and logistics. Its proprietary technology platform, Zetwerk OS, provides visibility and tracking throughout the manufacturing process. The company operates through two segments: the Manufacturing Business (covering energy, precision and capital goods products) and the Ecosystem Business (branded Terra91, which sources industrial commodities). It operates 26 own manufacturing facilities across India, Spain, the USA, and Germany, and works with 6,979 third-party suppliers across 26 countries. The company served 1,802 customers in FY2026, including 189 outside India, and has delivered products and materials worth ₹74,374.21 crore in gross merchandise value. The company's order book stood at ₹12,370 crore as of March 31, 2026. As of FY2026, the company had 3,000+ employees.
IPO Basic Details
| Company Name | Zetwerk Manufacturing Businesses Limited |
| IPO Type | Mainboard IPO |
| Price Band | ₹143 – ₹151 |
| Lot Size | 99 Shares |
| Total Issue Size | 33,20,07,155 Equity Shares (₹5,012.33 Cr) |
IPO Strengths & Risks
Strengths
- Technology-led, asset-light manufacturing platform with proprietary Zetwerk OS
- Large and diversified customer base including Fortune 500 companies
- Extensive network of 26 own facilities and 6,979 third-party suppliers across 26 countries
- Strong order book of ₹12,370 crore as of March 31, 2026
- Growing revenue with FY26 revenue up 40.4% to ₹15,913 crore
- Experience in serving multiple high-growth sectors like renewables, defence, and electronics
Risks
- The company is loss-making with a restated FY26 net loss of ₹1,606 crore
- Negative cash flow from operations in all three years (₹682 crore outflow in FY26)
- High customer concentration risk
- A significant portion of the fresh issue proceeds (76%) will be used to repay borrowings, not for growth
- Operating in a highly competitive and fragmented manufacturing services market
- Rising debt levels, with consolidated debt at about ₹4,600 crore by May 2026 including acceptances
IPO Important Dates
| IPO Open Date | 15 Oct 2026 |
| IPO Close Date | 19 Oct 2026 |
| Basis of Allotment | 21 Oct 2026 |
| Refund Initiation | 22 Oct 2026 |
| Demat Credit Date | 22 Oct 2026 |
| Listing Date | 23 Oct 2026 |
| Anchor Investor Date | - |
| UPI Mandate Deadline | - |
IPO Objectives
- Capital expenditure for machinery and equipment – -
- Funding working capital requirements – -
- Debt repayment – -
- General corporate purposes – -
Investor Reservation
| QIB Quota | Not more than 50% of the Net Offer (24,84,80,366 shares) |
| Retail Quota | Not less than 35% of the Net Offer (3,31,30,716 shares) |
| HNI Quota | - |
| Employee Quota | - |
| Shareholder Quota | - |
| Anchor Investor Allocation | - |
Market Lot Details
| Application | Lot Size | Shares | Amount |
|---|---|---|---|
| Retail Minimum | 1 Lot | 99 | ₹14,949 |
| Retail Maximum | Not specified in the source | ||
| S-HNI Minimum | Not specified in the source | ||
| S-HNI Maximum | Not specified in the source | ||
| B-HNI Minimum | Not specified in the source |
Key Performance Indicators (KPI)
| ROE | Not explicitly stated in the source (company is loss-making) |
| ROCE | Not explicitly stated in the source |
| RoNW | - |
| PAT Margin | Negative (Net loss of ₹1,606 crore in FY26) |
| EBITDA Margin | 2.65% (Adjusted EBITDA margin, FY26) |
| EPS | Negative (Company is loss-making) |
| NAV per share | - |
| Debt to Equity | 0.40 (FY26, excluding acceptances) |
| P/E Ratio | - |
| Industry P/E | - |
Company Financial Data
| Period | Assets | Total Income | PAT | EBITDA | Net Worth | Borrowings |
|---|---|---|---|---|---|---|
| FY2026 | Not explicitly stated in the source | ₹16,100.63 Cr | -₹1,606.17 Cr | ₹421 Cr (Adjusted EBITDA) | Not explicitly stated in the source | Not explicitly stated in the source (Consolidated debt ~₹4,600 Cr including acceptances as of May 2026) |
| FY2025 | Not explicitly stated in the source | ₹12,798 Cr (Gross Revenue) | -₹371 Cr | ₹323 Cr (Adjusted EBITDA) | Not explicitly stated in the source | Not explicitly stated in the source |
| FY2024 | Not explicitly stated in the source | ₹14,443 Cr (Gross Revenue) | -₹918 Cr | ₹97 Cr (Adjusted EBITDA) | Not explicitly stated in the source | Not explicitly stated in the source |
Grey Market Premium
| GMP Price | ₹14 (as of 16 Oct 2026, indicating ~9.27% listing gain) |
| Kostak Rate | Not Available |
| Subject to Sauda | Not Available |
| Last Updated | 16 Oct 2026 |
| Estimated Listing Price | ₹165 (approx. 9.27% premium over upper price band) |
IPO Subscription Data
| Total Subscription | 0.23x (as of Day 1, 15 Oct 2026, 17:00 IST) |
| QIB (Ex Anchor) | 0.3x |
| HNI Subscription | 0.09x |
| Retail Subscription | 0.22x |
| Anchor | - |
IPO Intermediaries
Registrar: KFin Technologies Limited
Registrar Website: https://www.kfintech.com
IPO Lead Manager(s)
Company Information
Address: #84/1, Ground & 1st Floor, Vaishnavi Sovereign, Green Glen Layout, Bellandur, Bengaluru South, Bengaluru - 560 103, Karnataka, India
Website: https://www.zetwerk.com
Email: cs@zetwerk.com
Phone: +91 7624 9748 90
IPO Documents
Frequently Asked Questions (FAQ)
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