Zetwerk Manufacturing Businesses IPO (₹5013 cr) opens Oct 15–19 at ₹143–151. Check lot size, financials, risks, allotment steps, listing date and FAQs.
Last updated: Mon, Oct 12, 2026, 11:05 AM IST
- IPO dates: Thu, Oct 15, 2026 to Mon, Oct 19, 2026
- Price band: ₹143 to ₹151 per share
- Lot size: 99 shares (₹14,949 at the upper band)
- Issue size: ₹5,013 crore
Zetwerk Manufacturing Businesses Ltd., a technology-led, asset-light manufacturing platform for industrial and consumer goods, is raising ₹5,013 crore through its IPO, which opens on Thu, Oct 15, 2026 and closes on Mon, Oct 19, 2026 at a price band of ₹143 to ₹151 per share. Here is everything you need to know about the Zetwerk Manufacturing Businesses IPO.
Zetwerk Manufacturing Businesses IPO Details
| Field | Value |
|---|---|
| IPO date | Thu, Oct 15, 2026 to Mon, Oct 19, 2026 |
| Listing date | To be announced |
| Face value | ₹1 per share |
| Price band | ₹143 to ₹151 per share |
| Lot size | 99 shares |
| Total issue size | ₹5,013 crore |
| Listing at | NSE & BSE |
| Lead managers | Kotak Mahindra Capital Co Ltd, Morgan Stanley India Co Pvt Ltd, Goldman Sachs (India) Securities Pvt Ltd, Avendus Capital Pvt Ltd., JM Financial Consultants Pvt Ltd, HSBC Securities and Capital Markets (India) Pvt Ltd., Pantomath Capital Advisors Pvt Ltd. |
| Registrar | KFIN Technologies Ltd. |
Zetwerk Manufacturing Businesses IPO Timeline
| Event | Date |
|---|---|
| Anchor bidding | Wed, Oct 14, 2026 (tentative) |
| IPO opens | Thu, Oct 15, 2026 |
| IPO closes | Mon, Oct 19, 2026 |
| UPI mandate cut-off | Mon, Oct 19, 2026, 5 PM |
| Basis of allotment | Tue, Oct 20, 2026 (tentative) |
| Refunds initiated | Wed, Oct 21, 2026 (tentative) |
| Shares credited to demat | Wed, Oct 21, 2026 (tentative) |
| Listing date | Thu, Oct 22, 2026 (tentative) |
Dates other than IPO open, close and listing follow SEBI’s standard T+3 listing schedule (T = the close date) and can shift for exchange holidays.
Zetwerk Manufacturing Businesses IPO Lot Size and Minimum Investment
| Application | Lots | Shares | Amount (₹, at upper band) |
|---|---|---|---|
| Retail (minimum) | 1 | 99 | 14,949 |
| Retail (maximum) | 13 | 1,287 | 1,94,337 |
| sNII (minimum) | 14 | 1,386 | 2,09,286 |
| sNII (maximum) | 66 | 6,534 | 9,86,634 |
| bNII (minimum) | 67 | 6,633 | 10,01,583 |
For example, at the upper price band of ₹151, one lot of 99 shares needs ₹14,949 (99 × ₹151). Retail investors can apply for up to 13 lots (₹1,94,337), within the ₹2 lakh retail limit.
About Zetwerk Manufacturing Businesses
Zetwerk Manufacturing Businesses Ltd. operates as a technology-led, asset-light manufacturing platform that enables customers to source diversified industrial and consumer products. As per the DRHP, the company functions through two distinct segments: the Manufacturing Business, which encompasses energy products, precision products, and capital goods, and the Ecosystem Business, branded as Terra91, which focuses on sourcing industrial commodities and raw materials. The company earns revenue primarily by contracting directly with customers as a principal, while coordinating production through a network of 6,979 third-party suppliers across 26 countries and 26 of its own manufacturing facilities.
Incorporated in December 2017, the company utilizes its proprietary ‘Zetwerk OS’ to manage end-to-end manufacturing workflows across the lifecycle of its products. The business was founded by Amrit Pratik Acharya and Srinath Ramakkrushnan, who met at IIT Madras and began their careers at ITC. By leveraging its proprietary technology, the company aims to transform fragmented capacity across its extensive supply network, allowing it to serve multiple demand pools and maintain resilience across various economic cycles. The platform provides a comprehensive service that bridges the gap between customer requirements and global manufacturing capabilities.
Zetwerk Manufacturing Businesses Financial Performance
| Metric | FY 2025-26 | FY 2024-25 | FY 2023-24 |
|---|---|---|---|
| Revenue from operations (₹ crore) | 15,913.32 | 11,331.86 | 12,364.37 |
| Total income (₹ crore) | 16,121.70 | 11,514.07 | 12,548.88 |
| Profit after tax (₹ crore) | -964.39 | -215.07 | -852.53 |
| Net worth (₹ crore) | 4,653.90 | 4,411.79 | 4,065.26 |
| Total borrowings (₹ crore) | 1,069.81 | 1,637.54 | 1,064.78 |
| EPS (₹) | -143.39 | -32.38 | -85.88 |
- Revenue from operations fell 8.4% in FY 2024-25 to ₹11,331.86 crore, followed by a 40.4% growth in FY 2025-26 to ₹15,913.32 crore. This indicates significant volatility in the top-line performance over the last two years.
- Profit after tax grew 74.8% in FY 2024-25 to ₹-215.07 crore, but fell 348.4% in FY 2025-26 to ₹-964.39 crore. The widening losses highlight the ongoing challenges in achieving profitability for the company.
- The PAT margin was -6.9% in FY 2023-24, -1.9% in FY 2024-25, and -6.06% in FY 2025-26. These figures show that the company has consistently operated at a loss throughout the reported period.
- Total borrowings decreased from ₹1,637.54 crore to ₹1,069.81 crore in FY 2025-26, resulting in a debt-to-equity ratio of 0.23x. The reduction in debt suggests a shift in the company’s capital structure management.
Zetwerk Manufacturing Businesses IPO Valuation and Key Ratios
| Metric | Value |
|---|---|
| Return on equity, FY 2025-26 (%) | -57.28 |
| Debt-to-equity, FY 2025-26 (x) | 0.23 |
| PAT margin, FY 2025-26 (%) | -6.06 |
The company reported a return on equity of -57.28% and a PAT margin of -6.06% for FY 2025-26, with a debt-to-equity ratio of 0.23x. These ratios reflect the financial position of the company based on the latest fiscal year data. As per the DRHP, there are no listed companies in India or globally that operate in a similar business model, and therefore no direct peer comparison is provided for valuation purposes.
Promoters and Shareholding
Promoters: Amrit Pratik Acharya, Srinath Ramakkrushnan.
| Holder | Pre-issue % | Post-issue % |
|---|---|---|
| Promoter & promoter group | 75.72% | — |
| Public | 24.28% | — |
The promoters of the company are Amrit Pratik Acharya and Srinath Ramakkrushnan. Before the issue, the promoter and promoter group held 75.72% of the equity, while the public held 24.28%. The shareholding structure will change following the completion of the IPO and the fresh issue of shares.
Objects of the Issue
| Purpose | Amount (₹ crore) |
|---|---|
| Repayment/prepayment, in part or full, of certain of or all of borrowings availed by | 1,250.00 |
| certain of our Subsidiaries, namely, (i) Sharp Tanks and Structurals Private Limited | 550.00 |
The company intends to use the net proceeds from the fresh issue primarily for the repayment or prepayment of borrowings. Specifically, ₹1,250.00 crore is allocated to reduce the company’s debt, while ₹550.00 crore is earmarked for its subsidiary, Sharp Tanks and Structurals Private Limited. These measures are intended to optimize the company’s capital structure and reduce interest obligations.
Strengths and Risks
Strengths
- The proprietary ‘Zetwerk OS’ technology enables end-to-end workflow management across the manufacturing lifecycle, driving network effects across 6,979 third-party suppliers.
- The business model serves multiple demand pools, providing resilience across economic cycles as noted in the DRHP.
- The company maintains a comprehensive and institutionalized risk management framework with protection against external risks.
- The platform operates an asset-light model across 26 countries, allowing for scalable operations.
Risks
- The company relies on third-party suppliers for manufacturing and raw materials, exposing it to price volatility and quality issues.
- There is an absence of firm, long-term purchase commitments with many customers, which may impact revenue visibility.
- The company faces outstanding legal proceedings against its promoters, including an FIR filed on July 28, 2023.
- Financing agreements contain restrictive covenants that could limit operational flexibility.
Things Investors Should Know
- The minimum investment for retail investors is ₹14,949 for 99 shares at the upper price band of ₹151.
- The IPO opens on Thu, Oct 15, 2026 and the UPI mandate cut-off is Mon, Oct 19, 2026 at 5 PM.
- The registrar for this issue is KFIN Technologies Ltd.
- Lead managers include Kotak Mahindra Capital, Morgan Stanley, Goldman Sachs, Avendus, JM Financial, HSBC, and Pantomath.
- The DRHP discloses ongoing criminal proceedings against the promoters, Amrit Pratik Acharya and Srinath Ramakkrushnan.
- The offer includes both a fresh issue and an offer for sale, where existing shareholders sell their stakes.
How to Check Zetwerk Manufacturing Businesses IPO Allotment Status
- Registrar: open the IPO allotment status page of KFIN Technologies Ltd., select Zetwerk Manufacturing Businesses, and enter your PAN, application number or DP/client ID.
- BSE: on bseindia.com, open the IPO allotment status page, choose “Equity”, select the issue name, and enter your application number and PAN.
- NSE: look up the issue on nseindia.com and use its application status option with your application number and PAN.
- Broker or UPI app: most brokers and UPI apps also show whether your application was allotted.
If you are not allotted shares, the amount blocked in your bank account through ASBA or your UPI mandate is released after the refund date. No money is debited.
Zetwerk Manufacturing Businesses IPO Listing Details
| Field | Value |
|---|---|
| Exchanges | NSE & BSE |
Zetwerk Manufacturing Businesses IPO FAQs
What is the Zetwerk Manufacturing Businesses IPO price band?
The price band for the Zetwerk Manufacturing Businesses IPO is set between ₹143 and ₹151 per share. Investors typically place their bids within this range, with many retail investors choosing to bid at the upper band of ₹151 to increase their chances of allotment during the subscription period.
When does the Zetwerk Manufacturing Businesses IPO open and close?
The IPO is scheduled to open for subscription on Thu, Oct 15, 2026. The bidding process will remain open for investors until the issue closes on Mon, Oct 19, 2026. Investors must ensure their UPI mandates are submitted by 5 PM on the closing date.
What is the Zetwerk Manufacturing Businesses IPO lot size and minimum investment?
The lot size for this IPO is 99 shares. At the upper price band of ₹151 per share, the minimum investment required for a single retail application is ₹14,949. Investors must apply for shares in multiples of this lot size as defined by the company.
What is the Zetwerk Manufacturing Businesses IPO allotment date and how do I check allotment status?
The tentative date for the basis of allotment is Tue, Oct 20, 2026. Once the allotment process is finalized, investors can check their status through the registrar, KFIN Technologies Ltd., or via the official websites of the stock exchanges where the shares will be listed.
Who are the promoters of Zetwerk Manufacturing Businesses and how much will they hold after the IPO?
The promoters of the company are Amrit Pratik Acharya and Srinath Ramakkrushnan. Before the IPO, the promoter and promoter group held 75.72% of the company’s equity. The post-issue shareholding percentage will be determined after the completion of the fresh issue and the offer for sale process.
How will Zetwerk Manufacturing Businesses use the IPO money?
The company plans to use the net proceeds from the fresh issue to repay or prepay certain borrowings. Specifically, ₹1,250.00 crore is allocated for the company’s debt, and ₹550.00 crore is designated for its subsidiary, Sharp Tanks and Structurals Private Limited, to strengthen the overall financial position.
Who is the registrar and lead manager of the Zetwerk Manufacturing Businesses IPO?
KFIN Technologies Ltd. is the registrar for the IPO. The lead managers include Kotak Mahindra Capital, Morgan Stanley, Goldman Sachs, Avendus Capital, JM Financial, HSBC Securities and Capital Markets, and Pantomath Capital Advisors. These entities are responsible for managing the issue process and regulatory compliance.
Is the Zetwerk Manufacturing Businesses IPO a fresh issue or an offer for sale?
The IPO consists of both a fresh issue and an offer for sale. The fresh issue involves the company creating new shares to raise capital, while the offer for sale allows existing shareholders to sell their current holdings. The proceeds from the fresh issue go to the company.
What are the key risks of the Zetwerk Manufacturing Businesses IPO?
Key risks include a reliance on third-party suppliers for manufacturing, the lack of long-term purchase commitments with customers, and potential exposure to credit risks. Additionally, the company faces ongoing legal proceedings against its promoters and subsidiaries, which could impact its operations or reputation as disclosed in the DRHP.
This article is for information only and is not investment advice. Business, risk and litigation details are as per the company’s DRHP; issue, financial and exchange data are from ThePip’s IPO database as of Mon, Oct 12, 2026, 11:05 AM IST. IPO investments are subject to market risks; read the offer document carefully before investing.
