Zetwerk Manufacturing IPO Opens October 15: Price Band, Dates, Lot Size & Key Details

By Thanushree

Zetwerk Manufacturing Business Ltd has fixed the price band for its ₹5,012 crore IPO at ₹143-₹151 per share. The issue opens for public subscription on October 15, 2026, and closes on October 19, 2026. Shares are expected to list on BSE and NSE on October 23.

This is one of the larger mainboard IPOs this week. It combines a fresh issue of ₹2,830 crore and an Offer for Sale (OFS) of about ₹2,182 crore (14.45 crore shares).

Zetwerk IPO Important Dates

• Anchor investor bidding: October 14, 2026

• IPO open: October 15, 2026

• IPO close: October 19, 2026

• Allotment finalisation: October 21, 2026 (October 20 is a market holiday for Dussehra)

• Refunds / share credit to demat: October 22, 2026

• Listing date: October 23, 2026 (BSE & NSE)

Price Band, Lot Size and Minimum Investment

• Price band: ₹143-₹151 per share (face value ₹1)

• Lot size: 99 shares

• Minimum investment (retail): ₹14,949 (at upper end of price band)

• Employee discount: ₹14 per share for eligible employees

At the upper end of the band, the company is valued at roughly ₹25,500-26,000 crore.

IPO Structure and Share Reservation

• Fresh issue: ₹2,830 crore

• Offer for Sale: 14.45 crore shares (≈ ₹2,182 crore at upper band)

• Total issue size: ≈ ₹5,012 crore

Reservation (excluding employee portion):

• Qualified Institutional Buyers (QIBs): 75%

• Non-Institutional Investors (NIIs/HNIs): 15%

• Retail investors: 10%

• Employee reservation: 7 lakh shares

Book Running Lead Managers include Kotak Mahindra Capital, Morgan Stanley, Goldman Sachs, Avendus Capital, JM Financial, HSBC Securities and Pantomath Capital. Registrar is KFin Technologies.

How Zetwerk Was Founded

Zetwerk was founded in May 2018 in Bengaluru by four IIT alumni, Amrit Pratik Acharya, Srinath Ramakkrushnan, Rahul Sharma and Vishal Chaudhary (Ankit Fatehpuria later joined as a co-founder).

Amrit Acharya (IIT Madras, electrical engineering) had worked at ITC handling suppliers and factory setup, then moved to McKinsey in San Francisco. After he came back to India, he reconnected with his IIT Madras batch mate and former ITC colleague Srinath Ramakkrushnan. Srinath’s family ran a steel fabrication unit in Coimbatore and regularly faced issues with sourcing, logistics and reliable suppliers. 

• The founders initially planned a SaaS software tool to help large companies manage their supplier databases. 

• They quickly realised customers needed more: reliable partners who could handle production, quality and on-time delivery. 

• Within months, they pivoted to a technology-led manufacturing platform that connects buyers with suppliers and owns manufacturing capacity. 

They started from a one-bedroom apartment in HSR Layout, Bengaluru, and built what is now a global manufacturing network.

What Does Zetwerk Do?

Zetwerk is a Bengaluru-based technology-led manufacturing platform founded in 2018. It connects industrial and consumer companies with manufacturing capacity through its proprietary Zetwerk OS platform.

The company runs its own facilities (around 26 across India, US, Germany and Spain) and works with a large network of third-party suppliers. It serves sectors such as renewable energy, consumer electronics, aerospace & defence, oil & gas, AI infrastructure and industrial automation.

Notable customers include Siemens Gamesa, Acer India, CG Power, NTPC Renewable Energy, L&T MHI Power Boiler, DRDO, Indian Air Force and others.

Use of IPO Proceeds

Fresh issue proceeds will mainly go toward:

• Repayment or prepayment of borrowings

• Funding inorganic growth through acquisitions

• General corporate purposes

OFS proceeds go to selling shareholders (promoters Amrit Pratik Acharya, Srinath Ramakkrushnan, Creovate Innovation, and investors including Peak XV Partners, Lightspeed, Accel and others).

Financial Snapshot of Zetwerk

FY26's net loss includes major one-time exceptional expenses associated with shareholding modifications and the halt of civil infrastructure operations. Operating performance improved, with adjusted metrics showing better results and revenue growth of about 40%

With the issue opening on October 15 and listing expected on October 23, interested investors should carefully review the price band of ₹143-151, lot size, company fundamentals, and risk factors in the offer document before applying. 

Disclaimer: As with any IPO, past growth and current order book strength do not guarantee future performance, so informed decision-making remains essential.

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