Zetwerk IPO 2026: Details, Price Band, GMP, Financials & Analysis

Zetwerk IPO is a ₹5,012.33 crore book-built issue scheduled to open for subscription from October 15 to October 19, 2026. The IPO comprises a fresh issue of ₹2,830 crore and an offer for sale (OFS) of ₹2,182.33 crore. The shares are proposed to be listed on BSE and NSE on October 23, 2026.

The price band is ₹143–₹151 per share, with a face value of ₹1 per share. The minimum application is one lot of 99 shares, requiring an investment of ₹14,949 at the upper price band. Eligible employees are offered a discount of ₹14 per share, as per the supplied IPO details.

Zetwerk operates a technology-driven manufacturing platform that connects businesses with manufacturing partners. Its services span electronics, renewable energy, aerospace and defence, capital goods, precision engineering and other industrial segments.

Zetwerk IPO Details

Zetwerk IPO Timeline

Dates are tentative and may change.

Zetwerk IPO GMP

The latest supplied Zetwerk IPO GMP is ₹20 as of October 12, 2026. Against the upper price band of ₹151, this indicates an unofficial estimated listing price of ₹171.

The supplied GMP has declined from ₹30 to ₹20 over the two reported sessions. This indicates a reduction in the unofficial premium, although the limited history is insufficient to establish a reliable trend.

Disclaimer: Grey Market Premium is unofficial and may change before listing. Estimated listing prices based on GMP are indicative only and do not guarantee actual listing performance.

Zetwerk IPO Subscription Status

The Zetwerk IPO will open for subscription on October 15, 2026, and close on October 19, 2026. Live subscription figures are not available in the supplied data yet.

Subscription figures can be updated once bidding begins, using the latest available exchange data.

Zetwerk IPO Day-wise Subscription Trend

The IPO bidding period spans five calendar dates but three working-day sessions. The table tracks the first, second and final bidding days.

Zetwerk IPO Current Subscription Data

Live subscription data is not available yet. The following table can be updated after bidding opens.

Zetwerk IPO Lot Size

The minimum application is 99 shares, and applications can be made in multiples of the lot size.

Zetwerk IPO Reservation

About Zetwerk

Zetwerk Manufacturing Businesses Private Limited, incorporated in 2017, operates a technology-driven manufacturing platform connecting industrial and consumer businesses with a diversified network of manufacturing partners.

The company follows an asset-light model and provides integrated manufacturing services, including product design, supplier identification, quality assurance and logistics management. Its proprietary technology platform, Zetwerk OS, supports workflow coordination and visibility across the manufacturing lifecycle.

Its manufacturing capabilities serve industries such as electronics, renewable energy, aerospace and defence, capital goods, precision engineering, artificial intelligence infrastructure, oil and gas, and industrial automation.

Business Scale and Operations

According to the supplied company information, Zetwerk has:

• A network of more than 10,000 suppliers.
• More than 1,100 customers, including Fortune 500 enterprises.
• Manufacturing infrastructure comprising over 20 facilities across India, the United States and Mexico.
• An international presence spanning more than 25 countries.
• Served 1,802 customers during FY26, including 1,613 in India and 189 outside India.

Its asset-light operating model enables it to coordinate manufacturing through partner facilities rather than relying entirely on company-owned production capacity.

Competitive Strengths

• Diversified manufacturing platform: Zetwerk serves several industries, helping it address varied manufacturing requirements and customer demand.
• Asset-light scalability: Its partner network can support expansion without requiring every production facility to be owned by the company.
• Proprietary technology: Zetwerk OS supports workflow management, coordination, quality assurance and manufacturing visibility.
• Global customer base: The company serves customers across India and international markets.
• Value-added services: Design, supplier sourcing, logistics and quality control allow the company to offer more than basic manufacturing procurement.
• Industry expertise: Its capabilities across several manufacturing segments can support relationships with enterprises that require customised products and production processes.

Zetwerk IPO Objectives

The company proposes to use the IPO proceeds for debt repayment, acquisitions and general corporate purposes.

The supplied objectives table identifies ₹2,160 crore in debt-repayment allocations, while the fresh issue is ₹2,830 crore. The amounts allocated to acquisitions and general corporate purposes were not separately specified. Investors should check the final offer documents for the complete allocation and reconciliation.

Zetwerk Financial Performance

Zetwerk's financial results show substantial revenue generation alongside continued net losses.

Restated consolidated financials (₹ crore):

The figures above reproduce the supplied source data. The reported FY26 PAT of -₹1,606.17 crore represents a larger loss than FY25's -₹370.71 crore. The source's statement that PAT dropped by 333% should therefore be interpreted alongside the underlying figures, not as a profit decline from a positive base.

Total income increased from ₹11,492.23 crore in FY25 to ₹16,100.63 crore in FY26. However, the company reported a net loss of ₹1,606.17 crore in FY26. EBITDA increased to ₹421.34 crore from ₹322.59 crore, suggesting positive reported EBITDA despite the net loss.

Borrowings increased from ₹1,232.10 crore in FY24 to ₹1,936.16 crore in FY26. Debt levels and the company's ability to improve profitability remain important factors to monitor.

Zetwerk Key Performance Indicators

The negative RoNW reflects the company's reported losses. Investors should consider profitability, cash flow, working-capital requirements and returns on capital alongside revenue growth.

Zetwerk IPO Valuation

Since the company reports negative earnings, conventional P/E comparisons have limited usefulness. Investors may need to assess valuation using revenue, adjusted EBITDA, cash flow, growth prospects and the path towards sustainable profitability.

Promoter Holding

The promoters listed in the supplied information are:

• Amrit Pratik Acharya
• Srinath Ramakkrushnan

Promoter holding is reported to decrease from 15.86% before the IPO to 11.36% after the IPO. Investors should verify the final shareholding structure and the classification of promoter and other pre-IPO shareholders in the offer documents.

Zetwerk IPO Peer Comparison

The supplied peer list is largely made up of technology-enabled and business process services companies, which may differ from Zetwerk's manufacturing-platform business model. Peer multiples should therefore be used cautiously.

Risks Investors Should Consider

• Continued net losses: Zetwerk reported a net loss of ₹1,606.17 crore in FY26.
• Borrowings: Total borrowings stood at ₹1,936.16 crore as of March 31, 2026.
• Execution risk: Coordinating a large supplier network across countries requires consistent quality, delivery and operational controls.
• Manufacturing cyclicality: Demand can be affected by capital expenditure, industrial activity and sector-specific investment cycles.
• Customer concentration: The supplied data does not provide detailed customer-concentration figures, so investors should review this information in the offer documents.
• Acquisition and expansion risk: Inorganic growth requires effective integration and capital allocation.
• Valuation uncertainty: Negative earnings limit the usefulness of conventional P/E valuation metrics.

Should You Invest in Zetwerk IPO?

Zetwerk offers exposure to a technology-enabled manufacturing platform with a broad supplier network, international presence and customers across multiple industrial sectors. Its asset-light model and proprietary technology may support scalable operations, while revenue increased to ₹16,100.63 crore in FY26.

However, revenue growth has not yet translated into net profitability. The company reported a loss of ₹1,606.17 crore in FY26, and borrowings stood at ₹1,936.16 crore.

These figures make the sustainability of growth, cash generation and the path to profitability important considerations.

The IPO includes both a fresh issue and an OFS. While part of the proceeds is intended for debt repayment, the complete allocation towards acquisitions and general corporate purposes should be verified in the final offer documents.

The latest supplied GMP is ₹20 as of October 12, 2026, implying an unofficial estimated listing price of ₹171 at the upper price band.

Investors should evaluate the company's business model, financial performance, cash flow, debt levels, valuation and execution risks before making a decision. The GMP should not be treated as a substitute for fundamental analysis.

Zetwerk IPO Allotment Status

The tentative allotment date is October 21, 2026. Investors can check their application status through the registrar's IPO status portal after the basis of allotment is finalized.

Refunds and demat credits are scheduled for October 22, 2026, followed by the proposed listing on October 23, 2026.

Zetwerk IPO Registrar

• Kfin Technologies Ltd.
• Plot No. 31 & 32, Financial District, Nanakramguda, Serilingampally.
• Website: https://ipostatus.kfintech.com/
• Phone: 040-79615565
• Email: zetwerk.ipo@kfintech.com

Zetwerk IPO Lead Managers

The supplied list of book-running lead managers includes:

• Kotak Mahindra Capital Co. Ltd.
• JM Financial Ltd.
• Morgan Stanley India Co. Pvt. Ltd.
• HSBC Securities & Capital Markets (India) Pvt. Ltd.
• Goldman Sachs (India) Securities Pvt. Ltd.
• Avendus Capital Pvt. Ltd.
• Pantomath Capital Advisors Pvt. Ltd.

Zetwerk Company Details

• Company: Zetwerk Manufacturing Business Ltd.
• Registered Office: 84/1, Vaishnavi Sovereign, Ground & 1st Floor, Green Glen Layout, Bellandur, Bengaluru, Karnataka – 560103.
• Website: https://www.zetwerk.com/
• Phone: +91 7624 9748 90
• Email: cs@zetwerk.com

Zetwerk IPO Summary

Zetwerk IPO is a ₹5,012.33 crore book-built issue comprising a fresh issue of ₹2,830 crore and an OFS of ₹2,182.33 crore. The IPO is scheduled to open from October 15 to October 19, 2026, with a price band of ₹143–₹151 per share and a lot size of 99 shares.

Zetwerk operates a technology-driven manufacturing platform connecting businesses with manufacturing partners across sectors such as electronics, renewable energy, aerospace and defence, and precision engineering. The company reported FY26 total income of ₹16,100.63 crore but a net loss of ₹1,606.17 crore.

Zetwerk IPO GMP is ₹20 as of October 12, 2026. Against the upper price band of ₹151, this indicates an unofficial estimated listing price of ₹171.

Investors should assess its revenue growth alongside profitability, borrowing levels, cash flow and the risks associated with its asset-light manufacturing model.

FAQs

1. What is Zetwerk IPO?

Zetwerk IPO is a ₹5,012.33 crore book-built issue comprising a fresh issue of ₹2,830 crore and an offer for sale of ₹2,182.33 crore.

2. When will Zetwerk IPO open?

The IPO is scheduled to open on October 15, 2026.

3. What is the closing date of Zetwerk IPO?

The IPO will close on October 19, 2026.

4. What is the Zetwerk IPO price band?

The price band is ₹143 to ₹151 per share.

5. What is the Zetwerk IPO lot size?

The minimum lot size is 99 shares, requiring ₹14,949 at the upper price band.

6. What is the latest Zetwerk IPO GMP?

The latest supplied GMP is ₹20 as of October 12, 2026, implying an unofficial estimated listing price of ₹171 at the upper price band.

7. What is the Zetwerk IPO listing date?

The tentative listing date is October 23, 2026, on BSE and NSE.

8. What are the objectives of Zetwerk IPO?

The supplied objectives include repayment or prepayment of borrowings, funding acquisitions and strategic initiatives, and general corporate purposes.

9. Who is the registrar of Zetwerk IPO?

Kfin Technologies Ltd. is the registrar.

10. Who are the lead managers of Zetwerk IPO?

The supplied lead managers include Kotak Mahindra Capital, JM Financial, Morgan Stanley India, HSBC Securities, Goldman Sachs India, Avendus Capital and Pantomath Capital Advisors.

Disclaimer: This article is for informational purposes only and does not constitute investment advice. IPO details, dates, GMP and financial information may change. Investors should verify the final offer documents and conduct their own due diligence before making investment decisions.
 

Author: Komal Bhatt

Komal Bhatt is a finance content writer at InvestKraft, specialising in well-researched articles on financial products, stock markets, and investment opportunities, with a particular focus on unlisted shares.

She holds a Master’s degree in Commerce from the University of Delhi, which gives her a solid academic foundation in finance and business. With over three years of hands-on experience in creating digital finance content, Komal has developed a clear understanding of investor needs through her work on wealth management, NISM certification programs, and market education materials.

Komal is passionate when it comes to breaking down complex financial concepts into simple, accurate and actionable insights. Her goal is to help everyday investors understand markets better and make more informed decisions based on reliable, research-backed information.