Zetwerk Manufacturing Businesses Limited is a Bengaluru-based technology-enabled global manufacturing company providing customised manufacturing solutions for industrial and consumer businesses. Incorporated in December 2017, the company operates a hybrid manufacturing model combining its own production facilities with a global network of third-party suppliers. Its services include product design, engineering, supplier selection, manufacturing, quality control, procurement and logistics.
The company serves industries including renewable energy, power and utilities, consumer electronics, AI infrastructure, aerospace and defence, oil and gas, and industrial automation.
Its operations are divided into two business segments:
- Manufacturing Business: Covers Energy Products, Precision Products and Capital Goods, including transformers, solar and wind components, electronics, industrial machinery and steel structures.
- Ecosystem Business (Terra91): Focuses on procuring and supplying industrial raw materials, including steel, aluminium, copper, zinc, lead and petrochemicals, through an integrated sourcing platform.
The company’s proprietary Zetwerk OS platform manages supplier matching, production planning, quality inspections, order tracking and logistics across its manufacturing network.
As of June 30, 2026, Zetwerk operated 26 manufacturing facilities across India, the United States, Spain and Germany, supported by suppliers across 26 countries. During FY2026, it served 1,802 customers, including 1,613 domestic and 189 international customers. Its major customers include Siemens Gamesa, Acer India, boAt, NTPC Renewable Energy, CG Power, Indian Oil Corporation and DRDO.
As of June 30, 2026, the company’s Manufacturing Business order book stood at ₹13,062.40 crore. It employed 3,754 employees and 7,482 contract labourers across its operations.
Zetwerk Manufacturing Business IPO – Details
| IPO Opening Date | 15 October 2026 |
| IPO Closing Date | 19 October 2026 |
| Issue Type | Book Built Issue IPO |
| Issue Size | Total Issue Size: 33,20,07,155 Shares Worth ₹5,012.33 Crore Fresh Issue: 18,74,82,119 Shares Worth ₹2,830.00 Crore Offer For Sale: 14,45,25,036 Shares Worth ₹2,182.33 Crore |
| Face Value | ₹1 per equity share |
| IPO Price | ₹143 – ₹151 per share |
| Market Lot | 99 Shares |
| Min Order | 99 Shares [1 Lot] |
| Employee Discount | ₹14 |
| Listing At | BSE, NSE |
| Register | Kfin Technologies Ltd. |
| QIB Shares Offered | 75% |
| NII (HNI) Shares Offered | 15% |
| Retail Shares Offered | 10% |
Zetwerk Manufacturing Business IPO – Date Schedule
| IPO Open Date | 15 October 2026 |
| IPO Close Date | 19 October 2026 |
| Basis of Allotment | 21 October 2026 |
| Initiation of Refund | 22 October 2026 |
| Credit of Shares to Demat Account | 22 October 2026 |
| IPO Listing Date | 23 October 2026 |
| Cut-off time for UPI mandate confirmation | 5 PM on October 19, 2026 |
Zetwerk Manufacturing Business IPO – Lots Size & Price
| Application | Lots | Shares | Amount |
|---|---|---|---|
| Retail (Min) | 1 | 99 | ₹14,949 |
| Retail (Max) | 13 | 1287 | ₹1,94,337 |
| S-HNI (Min) | 14 | 1386 | ₹2,09,286 |
| S-HNI (Max) | 66 | 6534 | ₹9,86,634 |
| B-HNI (Min) | 67 | 6633 | ₹10,01,583 |
Competitive Strength
- Unique business model enables us to serve multiple demand pools and makes them resilient across economic cycles.
- Building Capabilities to Serve Multiple Industry Verticals.
- Ability to scale in a capital-efficient manner.
- Zetwerk OS, their proprietary technology enables end‑to-end workflow management across the manufacturing lifecycle while driving powerful network effects across their operations.
- Deep relationships with customers driving higher revenue visibility and stickiness.
- Ability to add value-additive ecosystem services to the manufacturing platform.
- Experienced, cycle-tested management team backed by an experienced board of directors.
Company Promoters
- Amrit Pratik Acharya
- Srinath Ramakkrushnan
Company Financials
| Particulars | Total Revenue | Total Expense | Profit After Tax | Total Borrowing |
|---|---|---|---|---|
| 31 March 2024 | ₹12,523.46 Cr | ₹875.50 Cr | – ₹917.95 Cr | ₹1,232.10 Cr |
| 31 March 2025 | ₹11,492.23 Cr | ₹980.12 Cr | – ₹370.71 Cr | ₹1,746.55 Cr |
| 31 March 2026 | ₹16,100.63 Cr | ₹1,138.43 Cr | – ₹1,606.17 Cr | ₹1,936.16 Cr |
| 30 June 2026 | ₹4,195.70 Cr | ₹330.05 Cr | – ₹732.98 Cr | ₹1,942.19 Cr |
Key Performance Indicator
| KPI | Values (Mar 31, 2026) | Values (June 30, 2026) |
|---|---|---|
| RoNW | -21.11% | -1.74% |
| NAV | 31.26 | 25.85 |
| Pre IPO | Post IPO | |
| EPS (₹) | – | – |
| P/E (x) | – | – |
Object Of The Issue
| Objects of the Issue | Expected Amount (₹ in crores) |
|---|---|
| Repayment/prepayment, in part or full, of certain of or all of borrowings availed by the company. | ₹1,300.00 |
| Repayment/prepayment, in part or in full, of certain or all borrowings availed by Certain Subsidiaries, namely, (i) Sharp Tanks and Structurals Private Limited; (ii) Terra91 International Private Limited; (iii) Smile Electronics Limited; (iv) Kryfs Power Components Limited; (v) Kryfs Transformers Private Limited; (vi) Unimacts Global LLC; (vii) Zetwerk Manufacturing SG Pte. Ltd.; (viii) Zap91 Solar India Private Limited; and (ix) Zet Town India Private Limited, through investments in such subsidiaries. | ₹860.00 |
| Funding inorganic growth through unidentified acquisitions and other strategic acquisitions, and general corporate purposes. |
Zetwerk Manufacturing Business IPO Peer Comparison
- There are no listed companies in India or globally that operate under a business model similar to that of the Company.
✅Strengths
- Asset-Light Model with scalable global manufacturing capabilities.
- Diversified Presence across multiple industries and geographies.
- Technology Advantage through proprietary Zetwerk OS.
- Strong Supplier Network spanning 26 countries.
- Manufacturing Growth with 50.02% revenue growth in FY2026.
⚠️Risks
- Supplier Dependency on third-party manufacturers.
- Supplier Concentration with top 10 suppliers contributing 38.18% of FY2026 expenses.
- Industry Risks from demand fluctuations in key sectors.
- Commodity Volatility due to raw material and currency fluctuations.
- Profitability Risk from challenges in sustaining profits.
Zetwerk Manufacturing Business IPO Promoter Holding
| Pre Issue Share Holding | 21.08% |
| Post Issue Share Holding | 15.71% |
Zetwerk Manufacturing Business IPO Prospectus
Company Contact Information
| Zetwerk Manufacturing Business Ltd. 84/1, Vaishnavi Sovereign, Ground & 1st Floor, Green Glen Layout, Bellandur, Bangalore Urban, Karnataka, 560103 Phone: +91 7624 9748 90 Email: cs@zetwerk.com Website: https://www.zetwerk.com/ |
Zetwerk Manufacturing Business IPO Registrar
| Kfin Technologies Ltd. Phone: 040-79615565 Email: zetwerk.ipo@kfintech.com Website: https://ipostatus.kfintech.com/ |
Zetwerk Manufacturing Business IPO Lead Manager(s)
| 1. JM Financial Limited 2. Avendus Capital Private Limited 3. Kotak Mahindra Capital Company Limited 4. Pantomath Capital Advisors Private Limited 5. Morgan Stanley India Company Private Limited 6. Goldman Sachs (India) Securities Private Limited 7. HSBC Securities and Capital Markets (India) Private Limited |
Zetwerk Manufacturing Business IPO FAQs
| What is the Zetwerk Manufacturing Business IPO? Zetwerk Manufacturing Business IPO is a main-board IPO. The issue is priced at ₹143 to ₹151 per equity share. The IPO is to be listed on the BSE & NSE. |
| When will the Zetwerk Manufacturing Business IPO open? The IPO is to open on 15 October 2026 for QIB, NII, and Retail Investors. |
| What is Zetwerk Manufacturing Business IPO Investors Portion? The investors’ portion for QIB – 75%, NII – 15%, and Retail – 10%. |
| What is the Zetwerk Manufacturing Business IPO Size? Zetwerk Manufacturing Business IPO size is ₹5,012.33 Crore. |
| What are the Zetwerk Manufacturing Business IPO Minimum and maximum lot sizes for Retail? The minimum bid is 99 Shares with ₹14,949, while the maximum bid is 1287 Shares with ₹1,94,337. |
| What is the Zetwerk Manufacturing Business IPO Allotment Date? Zetwerk Manufacturing Business IPO allotment date is 21 October 2026. |
| What is the Zetwerk Manufacturing Business IPO Listing Date? Zetwerk Manufacturing Business IPO listing date is 23 October 2026. The IPO is to be listed on the BSE and the NSE. |
