IPO Overview
Founded in 2018 by Amrit Pratik Acharya, Srinath Ramakkrushnan, Vishal Chaudhary, Ankit Fatehpuria and Rahul Sharma, Zetwerk Manufacturing Businesses Limited operates a tech-enabled B2B managed manufacturing marketplace that connects original equipment manufacturers (OEMs) and enterprise buyers with both its own factories and a wide network of SME third-party suppliers for custom manufacturing requirements. The company operates through its proprietary technology platform, Zetwerk OS, which coordinates orders across multiple facilities and automates key decisions across the manufacturing lifecycle. The company operates two reportable business segments — its Manufacturing Business enables customers to manufacture industrial and consumer products through its supplier network and owned facilities, while the Ecosystem Business, branded Terra91, aggregates and sources industrial commodities including ferrous metals, non-ferrous metals, and petrochemicals for manufacturing customers and suppliers.
Backed by marquee investors including Khosla Ventures, Baillie Gifford, Rakesh Gangwal, Accel, Peak XV, and Lightspeed, Zetwerk has built a technology-enabled manufacturing network with 26 owned facilities across India, the US, Germany, and Spain, and 6,979 third-party suppliers across 26 countries.
Zetwerk Manufacturing Businesses Limited plans to raise ₹5,012.33 crore through its IPO, priced at ₹143–₹151 per share. The issue opens on October 15, 2026 and closes on October 19, 2026, with listing tentatively scheduled on BSE and NSE on October 23, 2026.
IPO Detailed Information
Issue Details
| Parameter | Details |
| IPO Type | Book Built – Mainboard |
| Listing Exchange | BSE & NSE |
| Anchor Investor Date | 14 October 2026 |
| IPO Open Date | 15 October 2026 |
| IPO Close Date | 19 October 2026 |
| Allotment Date | 21 October 2026 (Expected) |
| Credit to Demat | 22 October 2026 |
| Listing Date | 23 October 2026 (Tentative) |
| Price Band | ₹143 – ₹151 per share |
| Face Value | ₹1 per share |
| Lot Size | 99 shares |
| Minimum Investment (Retail) | ₹14,949 (1 lot = 99 shares) |
| Issue Size | ₹5,012.33 crore |
| Fresh Issue | 18,74,82,119 shares (₹2,830 crore) |
| Offer For Sale (OFS) | 14,45,25,036 shares (₹2,182 crore) |
| Employee Discount | ₹14 per share |
| Post-IPO Market Cap | ~₹25,583 crore (at upper band) |
Issue Break-up
| Category | Allocation |
| Qualified Institutional Buyers (QIB) | ~75% |
| Non-Institutional Investors (NII/HNI) | ~15% |
| Retail Individual Investors (RII) | ~10% |
| Employee Reservation | Up to eligible employees |
OFS / Selling Shareholders
Promoters Amrit Pratik Acharya and Srinath Ramakkrushnan, and promoter group entity Creovate Innovation, will offload shares through the OFS. Additionally, Peak XV, Accel, Lightspeed, and Kae Capital are among the selling shareholders.
The OFS proceeds will go entirely to the selling shareholders and will not be received by the company.
Objects of the Issue (Fund Utilization)
Of the fresh issue proceeds, ₹1,250 crore will be used to repay borrowings at the company level. Another ₹550 crore will go towards debt at its subsidiaries. The remaining funds are earmarked for potential acquisitions and general corporate purposes — taking the total debt repayment allocation to ₹1,800 crore.
- Repayment of borrowings at company level — ₹1,250 crore
- Repayment of borrowings at subsidiary level — ₹550 crore
- Potential strategic acquisitions — remaining proceeds
- General corporate purposes
Lead Managers & Registrar
- Book Running Lead Managers: Kotak Mahindra Capital Company Ltd., Goldman Sachs (India) Securities Pvt. Ltd., Citigroup Global Markets India Pvt. Ltd., and others
- Registrar to the Issue: Kfin Technologies Ltd.
Promoters & Management
The company was founded and is promoted by Amrit Pratik Acharya and Srinath Ramakkrushnan, who continue to lead the company as co-founders. Promoter group entity Creovate Innovation also holds a stake in the company. The co-founders bring deep expertise in manufacturing technology, supply chain management, and enterprise sales.
Key Investors (Pre-IPO):
- Khosla Ventures, Baillie Gifford, Rakesh Gangwal
- Accel, Peak XV Partners (formerly Sequoia India), Lightspeed, Kae Capital
Company Details
Zetwerk Manufacturing Businesses Limited operates a tech-enabled B2B managed manufacturing marketplace that connects OEMs and enterprise buyers with SME factories for custom manufacturing requirements. Unlike a traditional listing platform, Zetwerk manages the manufacturing process from start to finish.
Sectors Served:
- Energy Products
- Precision Products & Capital Goods
- Consumer Electronics
- Aerospace, Space & Defence
- Oil & Gas
- Industrial Automation
Key Customers:
Its customers include French industrial group Schneider Electric, India’s top refiner Indian Oil, Germany’s Siemens, and Taiwanese technology goods brand Acer.
Key Capabilities:
- Proprietary Zetwerk OS technology platform coordinates orders across multiple facilities and automates key decisions across the manufacturing lifecycle. Hybrid manufacturing model combines the scalability of third-party manufacturing capacity with selective ownership of facilities for complex and high-value manufacturing.
Manufacturing Footprint:
- 26 owned manufacturing facilities across India, the US, Germany, and Spain, with 6,979 third-party suppliers across multiple countries.
Recognition:
- Recognised as India’s Fastest Growing Engineering Brand 2026 in the Strongest Indian Brands 2026 rankings published by independent brand valuation consultancy Brand Finance.
Financial Snapshot
| Period | Revenue (₹ Cr) | PAT (₹ Cr) |
| FY24 | ₹12,364.37 | -₹917.95 (Loss) |
| FY25 | ₹11,331.86 | -₹370.71 (Loss) |
| FY26 | ₹15,913.32 | -₹1,606.17 (Loss) |
Key Financial Metrics
- Revenue from operations dropped 8.4% in FY25 to ₹11,331.86 crore before sharply rebounding 40.4% in FY26 to ₹15,913.32 crore — two-year CAGR of ~13.4% from FY24 to FY26.
- Net loss widened sharply to ₹1,606.17 crore in FY26 from ₹370.71 crore in FY25 and ₹917.95 crore in FY24, mainly due to accounting charges and non-cash valuation adjustments.
- Adjusted EBITDA improved significantly to ₹421.34 crore in FY26 from ₹322.59 crore in FY25 — indicating improving operational efficiency even as net losses widened.
- Basic and diluted EPS stood at -₹6.69 for FY26. Return on Net Worth (RoNW) was -21.11% in FY26. Debt/Equity ratio at 0.41x with total borrowings of ₹1,936.16 crore.
- Manufacturing order book doubled to ₹12,370 crore in FY26 from ₹6,170 crore in FY24 — strong future revenue visibility despite current losses.
- Key Investor Note: Company is pre-profitability at PAT level. Post-IPO debt repayment of ₹1,800 crore is expected to meaningfully reduce finance costs and narrow losses going forward.
Company Strengths
- Tech-enabled hybrid manufacturing model combining scalability of third-party capacity with selective ownership of facilities for complex and high-value manufacturing — a differentiated approach not easily replicable.
- Repeat customers contributed 80.15% of FY26 manufacturing revenue, with Net Revenue Retention (NRR) at 120%, reflecting strong client stickiness and growing wallet share.
- Explosive order book growth — manufacturing order book doubled from ₹6,170 crore in FY24 to ₹12,370 crore in FY26
- Strong global presence — international markets contributed nearly 30% of manufacturing revenue in FY26, with facilities across India, the US, Germany, and Spain.
- Backed by marquee institutional investors including Peak XV, Accel, Lightspeed, Khosla Ventures, and Rakesh Gangwal
- Strategic realignment — discontinued the civil infrastructure business in FY26 to sharpen focus on core manufacturing and ecosystem segments
Key Risks & Challenges
- Company reported a pre-tax loss of ₹916 crore in FY26 on one-off charges — profitability at scale remains unproven and is a key concern for investors.
- Product sourced from third-party manufacturers accounted for over 80% of manufacturing and ecosystem segment revenue in FY26, creating heavy dependence on external suppliers with inherent quality and delivery risks.
- Top five customers contributed 26.87% of FY26 revenue — significant concentration risk if any major customer reduces orders or exits.
- The US contributed 14.33% of FY26 revenue, exposing Zetwerk to tariffs, trade restrictions, anti-dumping duties, and higher global shipping costs.
- Large OFS component (₹2,182 crore) — promoters and institutional investors selling at IPO may signal partial profit-booking rather than long-term commitment
- Revenue declined 8.4% in FY25 before rebounding in FY26 — consistency of growth trajectory is yet to be established
Disclaimer:
This document is for informational purposes only and should not be considered as investment advice. Investors should read the Red Herring Prospectus (RHP) carefully and consult a financial advisor before investing in any IPO. Market investments are subject to risk.
