Zetwerk Manufacturing Business IPO
Updated 20 Oct 2026, 6:50 pm.
Minimum investment (Retail)
₹14,949
1 lot · 99 shares at the upper price band
Price band
₹151
Latest GMP
₹3.75
+2.5% of the ₹151 upper band
Est. listing price
₹156
Issue size
₹2,182.33 Cr
Allotment status
Check it on the registrar's page or either exchange with your PAN or application number.
- Allotment finalised21 Oct 2026(done)
- Refunds start22 Oct 2026(upcoming)
- Shares credited to demat22 Oct 2026(upcoming)
- Listing23 Oct 2026(upcoming)
GMP history
Each point is a recorded observation from the scheduled data sync.
| Observed | GMP | Est. listing price |
|---|---|---|
| 20 Oct 2026, 6:50 pm | ₹4 | ₹156 |
| 20 Oct 2026, 6:45 pm | ₹5 | ₹156 |
| 20 Oct 2026, 1:50 pm | ₹4 | ₹156 |
| 20 Oct 2026, 1:45 pm | ₹5 | ₹156 |
| 20 Oct 2026, 8:50 am | ₹4 | ₹156 |
| 20 Oct 2026, 8:45 am | ₹5 | ₹156 |
| 19 Oct 2026, 6:50 pm | ₹5 | ₹156 |
| 19 Oct 2026, 6:45 pm | ₹5 | ₹156 |
| 19 Oct 2026, 1:50 pm | ₹5 | ₹156 |
| 19 Oct 2026, 1:45 pm | ₹5 | ₹156 |
| 19 Oct 2026, 8:50 am | ₹5 | ₹156 |
| 19 Oct 2026, 8:45 am | ₹5 | ₹156 |
| 19 Oct 2026, 1:32 am | ₹5 | ₹156 |
| 17 Oct 2026, 6:50 pm | ₹5 | ₹156 |
| 17 Oct 2026, 6:45 pm | ₹5 | ₹156 |
| 17 Oct 2026, 1:50 pm | ₹7 | ₹158 |
| 17 Oct 2026, 1:45 pm | ₹7 | ₹158 |
| 17 Oct 2026, 8:50 am | ₹7 | ₹158 |
| 17 Oct 2026, 8:45 am | ₹7 | ₹158 |
| 16 Oct 2026, 6:50 pm | ₹8 | ₹162 |
| 16 Oct 2026, 6:45 pm | ₹11 | ₹162 |
| 16 Oct 2026, 1:50 pm | ₹11 | ₹162 |
| 16 Oct 2026, 1:45 pm | ₹11 | ₹162 |
| 16 Oct 2026, 8:50 am | ₹15 | ₹166 |
| 16 Oct 2026, 8:45 am | ₹15 | ₹166 |
| 15 Oct 2026, 6:50 pm | ₹15 | ₹166 |
| 15 Oct 2026, 6:45 pm | ₹15 | ₹166 |
| 15 Oct 2026, 1:50 pm | ₹22 | ₹174 |
| 15 Oct 2026, 1:45 pm | ₹23 | ₹174 |
| 15 Oct 2026, 8:50 am | ₹23 | ₹174 |
| 15 Oct 2026, 8:45 am | ₹23 | ₹174 |
| 15 Oct 2026, 12:27 am | ₹23 | ₹174 |
| 15 Oct 2026, 12:22 am | ₹23 | ₹174 |
| 14 Oct 2026, 6:50 pm | ₹19 | — |
| 14 Oct 2026, 6:45 pm | ₹23 | ₹174 |
| 14 Oct 2026, 1:50 pm | ₹22 | — |
| 14 Oct 2026, 1:45 pm | ₹23 | ₹174 |
| 14 Oct 2026, 8:50 am | ₹23 | — |
| 14 Oct 2026, 8:45 am | ₹23 | ₹174 |
| 13 Oct 2026, 6:50 pm | ₹22 | — |
| 13 Oct 2026, 6:45 pm | ₹20 | ₹171 |
| 13 Oct 2026, 1:50 pm | ₹21 | — |
| 13 Oct 2026, 1:45 pm | ₹18 | ₹169 |
| 13 Oct 2026, 8:50 am | ₹16 | — |
| 13 Oct 2026, 8:45 am | ₹16 | ₹167 |
| 12 Oct 2026, 6:50 pm | ₹12 | — |
| 12 Oct 2026, 6:45 pm | ₹13 | ₹164 |
| 12 Oct 2026, 1:50 pm | ₹16 | — |
| 12 Oct 2026, 8:50 am | ₹30 | — |
| 12 Oct 2026, 8:45 am | ₹30 | ₹181 |
| 10 Oct 2026, 6:50 pm | ₹0 | — |
| 10 Oct 2026, 6:45 pm | ₹0 | — |
| 10 Oct 2026, 1:50 pm | ₹0 | — |
| 10 Oct 2026, 1:45 pm | ₹0 | — |
| 10 Oct 2026, 8:50 am | ₹0 | — |
| 10 Oct 2026, 8:45 am | ₹0 | — |
GMP is an unofficial, unregulated grey-market estimate — not a prediction of listing performance.
Issue details
- Board
- Mainboard
- Price band
- ₹151
- Issue size
- ₹2,182.33 Cr
- Lot size
- 99
- Opens
- 15 Oct 2026
- Closes
- 19 Oct 2026
- Allotment
- 21 Oct 2026
- Listing
- 23 Oct 2026
- Est. listing price
- ₹156
- Listing price
- Awaited
- Listing gain
- Awaited
- Registrar
- Kfin Technologies Ltd.
- Minimum investment
- ₹14,949 (1 lot · 99 shares)
- Face value
- ₹1 per share
- Issue type
- Bookbuilding IPO
- Sale type
- Fresh capital cum OFS
- Fresh issue
- ₹2,830 Cr
- Offer for sale
- ₹2,182 Cr
- Listing at
- BSE, NSE
- Refunds
- 22 Oct 2026
- Shares credited
- 22 Oct 2026
- Promoter holding
- 15.86% before · 11.36% after
- 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 Ltd., HSBC Securities & Capital Markets (India) Pvt.Ltd., Pantomath Capital Advisors Pvt.Ltd.
Offer documents & links
Subscription by category
As of 19 Oct 2026, 5:54 pm.
Total subscription
3.10x
Full issue details
Details as published for this issue, read 20 Oct 2026, 9:05 am. Verify against the RHP before applying.
IPO Details
| IPO Date | 15 to 19 Oct, 2026 |
|---|---|
| Listing Date | Fri, Oct 23, 2026 (tentative) |
| Face Value | ₹ 1 per share |
| Price Band | ₹143 to ₹151 |
| Lot Size | 99 Shares |
| Sale Type | Fresh capital cum OFS |
| Issue Type | Bookbuilding IPO |
| Listing At | BSE, NSE |
| Employee Discount | ₹ 14.00 |
| Total Issue Size | 33,20,07,155 shares (agg. up to ₹ 5,012 Cr) |
|---|---|
| Fresh Issue | 18,74,82,119 shares (agg. up to ₹ 2,830 Cr) |
| Offer for Sale | 14,45,25,036 shares of ₹ 1 (agg. up to ₹ 2,182 Cr) |
| Share Holding Pre Issue | 1,50,67,72,659 shares |
| Share Holding Post Issue | 1,69,42,54,778 shares |
IPO Timetable (Tentative)
- IPO Open
- Thu, Oct 15, 2026
- IPO Close
- Mon, Oct 19, 2026
- Allotment
- Wed, Oct 21, 2026
- Refund
- Thu, Oct 22, 2026
- Credit of Shares
- Thu, Oct 22, 2026
- Listing
- Fri, Oct 23, 2026
Issue Reservation
- QIB74.84%
- NII (HNI)14.97%
- Retail9.98%
- Employee0.21%
| Investor Category | Shares | % of Net Issue | % of Total Issue | Max Allottees |
|---|---|---|---|---|
| QIB | 24,84,80,366 | 75.00% | 74.84% | NA |
| - Anchor Investor | 14,90,88,220 | — | 44.91% | NA |
| - QIB (Ex. Anchor) | 9,93,92,146 | — | 29.94% | NA |
| NII (HNI) | 4,96,96,073 | 15.00% | 14.97% | NA |
| - bNII > ₹10L | 3,31,30,716 | — | 9.98% | 23,903 |
| - sNII < ₹10L | 1,65,65,358 | — | 4.99% | 11,951 |
| Retail | 3,31,30,716 | 10.00% | 9.98% | 3,34,653 |
| Preferential Reservations | ||||
| Employee | 7,00,000 | — | 0.21% | NA |
| Total | 33,20,07,155 | 100.00% | 100.00% | — |
Zetwerk IPO comprises a total issue size of 33,20,07,155 shares. The net offer to the public is 33,13,07,155 shares, after excluding 7,00,000 shares under a preferential allotment. Of the Net offer 24,84,80,366 (75.00%) are allocated to QIB , 4,96,96,073 (15.00%) allocated to NII 3,31,30,716 (10.00%) allocated to RII .
IPO Lot Size
| Application | Lots | Shares | Amount |
|---|---|---|---|
| Retail (Min) | 1 | 99 | ₹14,949 |
| Retail (Max) | 13 | 1,287 | ₹1,94,337 |
| S-HNI (Min) | 14 | 1,386 | ₹2,09,286 |
| S-HNI (Max) | 66 | 6,534 | ₹9,86,634 |
| B-HNI (Min) | 67 | 6,633 | ₹10,01,583 |
Investors can bid for a minimum of 99 shares and in multiples thereof.
IPO Anchor Investors
| Bid Date | Wed, Oct 14, 2026 |
|---|---|
| Shares Offered | 14,90,88,220 |
| Anchor Portion (₹ Cr.) | 2,251.23 |
| Anchor lock-in period end date for 50% shares (30 Days) | Fri, Nov 20, 2026 |
| Anchor lock-in period end date for remaining shares (90 Days) | Tue, Jan 19, 2027 |
Zetwerk IPO raises ₹ 2,251.23 crore from anchor investors . Zetwerk IPO Anchor bid date is October 14, 2026 .
📝 Anchor Investors Letter (PDF)
Investor Category Reservations
| Category | Limit | Cut-off |
|---|---|---|
| RII | Up to ₹2 Lakhs | Yes |
| sNII | ₹2 Lakhs – ₹10 Lakhs | No |
| bNII | Above ₹10 Lakhs | No |
| Employee (EMP) | Up to ₹5 Lakhs | Yes |
| Employee + RII/NII | Up to ₹5Lakhs (EMP) + RII/NII limits | Yes (EMP/RII) |
About Zetwerk Manufacturing Business Ltd.
Incorporated in 2017, Zetwerk Manufacturing Businesses Private Limited is a technology-led global manufacturing platform. The Company operates as a managed marketplace connecting industrial and consumer enterprises with a global network of manufacturing partners for custom and large-scale production requirements. The company serves across sizes, from innovative startups to mature companies, and across industries, including utilities, renewables, consumer electronics, artificial intelligence infrastructure, aerospace, space & defence, oil & gas, and industrial automation.
The Company follows an asset-light business model and provides end-to-end solutions, including design, supplier matching, quality control, and logistics. The Company's proprietary platform, Zetwerk OS, enables real-time tracking and transparency across the manufacturing lifecycle. Its key strengths include scalable manufacturing capacity, strong quality control systems, faster delivery timelines, and a diversified global customer base.
It operates across key sectors such as electronics, renewable energy, aerospace and defence, capital goods, and precision manufacturing. Zetwerk has a presence in over 25 countries and a network of 10,000+ suppliers and 1,100+ customers, including Fortune 500 companies. It also operates 20+ manufacturing facilities across India, the United States, and Mexico.
In Fiscal 2026, the company had 1,802 customers, comprising 1,613 customers within India and 189 customers outside India.
Competitive Strengths:
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 Financials (Restated Consolidated)
Total Income
Profit After Tax
EBITDA
NET Worth
| Period Ended | 30 Jun 2026 | 31 Mar 2026 | 30 Jun 2025 | 31 Mar 2025 | 31 Mar 2024 |
|---|---|---|---|---|---|
| Assets | 12,016.09 | 13,384.63 | 9,083.09 | 10,355.43 | 10,330.85 |
| Total Income | 4,195.70 | 16,100.63 | 2,702.10 | 11,492.23 | 12,523.46 |
| Profit After Tax | -732.98 | -1,606.17 | -1,368.47 | -370.71 | -917.95 |
| EBITDA | 103.16 | 421.34 | 31.11 | 322.59 | 97.03 |
| NET Worth | 4,094.13 | 4,813.72 | 3,905.13 | 4,453.76 | 4,062.46 |
| Reserves and Surplus | -771.23 | -15.96 | 3,803.94 | 4,355.22 | 4,025.00 |
| Total Borrowing | 1,942.19 | 1,936.16 | 1,707.21 | 1,746.55 | 1,232.10 |
| Amount in ₹ Crore |
Zetwerk Manufacturing Business Ltd.'s revenue increased by 40% and profit after tax (PAT) dropped by 333% between the financial year ending with March 31, 2026 and March 31, 2025.
Note:- Adjusted EBITDA
Recently Listed IPOs in IT Enabled Services
| Company | Issue Type | Issue Size | Issue Price | PE Ratio | Listing Day Close | Listing Gain/Loss % | LTP |
|---|---|---|---|---|---|---|---|
| SRIT India Ltd. | Mainboard | ₹218.40 Cr | ₹130 | 14.25 | ₹155.09 | +19.30% | ₹114.06 |
| ArMee Infotech Ltd. | Mainboard | ₹300.00 Cr | ₹375 | 19.57 | ₹300.00 | -20.00% | ₹260.55 |
| ESDS Software Solution Ltd. | Mainboard | ₹720.00 Cr | ₹429 | 35.66 | ₹908.40 | +111.75% | ₹1,512.10 |
| Xtranet Technologies Ltd. | Mainboard | ₹166.80 Cr | ₹127 | 12.21 | ₹129.20 | +1.73% | ₹308.25 |
| Amagi Media Labs Ltd. | Mainboard | ₹1,788.62 Cr | ₹361 | -101.78 | ₹348.25 | -3.53% | ₹569.75 |
| Excelsoft Technologies Ltd. | Mainboard | ₹500.00 Cr | ₹120 | 34.62 | ₹125.97 | +4.97% | ₹84.92 |
| Dove Soft Ltd. | SME | ₹73.26 Cr | ₹111 | 9.04 | ₹104.80 | -5.59% | ₹92.95 |
| EverestIMS Technologies Ltd. | SME | ₹48.46 Cr | ₹85 | 11.02 | ₹119.70 | +40.82% | ₹116.42 |
| Bench Mark Infotech Services Ltd. | SME | ₹42.44 Cr | ₹110 | 11.7 | ₹115.50 | +5.00% | ₹177.50 |
| Prodocs Solutions Ltd. | SME | ₹27.60 Cr | ₹138 | 14.72 | ₹151.20 | +9.57% | ₹151.00 |
| Exato Technologies Ltd. | SME | ₹37.45 Cr | ₹140 | 11.19 | ₹279.30 | +99.50% | ₹685.90 |
IPO Objects of the Issue
| # | Issue Objects | Est Amt (₹ Cr.) |
|---|---|---|
| 1 | Repayment/prepayment, in part or full, of certain of or all of borrowings availed by the company | 1,300.00 |
| 2 | Funding inorganic growth through unidentified acquisitions and other strategic acquisitions | — |
| 3 | General Corporate Purposes | — |
| 4 | Repayment/prepayment, in part or full, of certain of or all of borrowings availed | 860.00 |
| Total | 2,160.00 |
The Company proposes to utilise the Net Proceeds from the Issue towards the following objects:
Key Performance Indicator (KPI)
RoNW
| KPI | Jun 30, 2026 | Mar 31, 2026 |
|---|---|---|
| RoNW | -1.74% | -21.11% |
| NAV | 25.85 | 31.26 |
| P/B (x) | — | 4.83 |
IPO Valuation
| Valuation Metric | Pre IPO | Post IPO |
|---|---|---|
| EPS (₹) | -10.66 | -ve |
| P/E (x) | -14.17 | -ve |
| Market Cap at Offer Price | ₹22,752.27 Cr. | ₹25,583.25 Cr. |
Disclaimer
The value will be calculated using Equity Dilution = Share Holding Pre Issue - Share Holding Post Issue
The Pre IPO EPS is calculated based on Pre issue shareholding as on date of RHP and the latest FY earnings as of March 31, 2026 available in RHP.
The Post Issue EPS is calculated based on the Post issue shareholding and annualized FY earnings of June 30, 2026 available in RHP.
Shareholding Structure
Pre IPO
- Promoter and Promoter Group15.86%
- Public84.14%
Post IPO
- Promoter and Promoter Group11.36%
- Public88.64%
| Category | Pre IPO | Post IPO |
|---|---|---|
| Promoter and Promoter Group | 15.86% | 11.36% |
| Public | 84.14% | 88.64% |
| Total | 100% | 100% |
Company Promoters: Amrit Pratik Acharya and Srinath Ramakkrushnan.
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Offer For Sale - Selling Shareholders
| Name | Category | No. of Shares Offered | Amount (₹ cr.) |
|---|---|---|---|
| Amrit Pratik Acharya | Promoter | 1,42,30,672 | 214.88 |
| Srinath Ramakkrushnan | Promoter | 1,42,30,672 | 214.88 |
| Creovate Innovation Pvt.Ltd. | Promoter | 2,29,74,820 | 346.92 |
| Peak XV Partners Investments V (Formerly known as SCI Investments V) | Corporate | 1,76,11,820 | 265.94 |
| Lightspeed Venture Partners Select IV Mauritius | Corporate | 1,35,29,722 | 204.30 |
| Kae Capital Fund II | Corporate | 1,25,70,262 | 189.81 |
| Accel India V (Mauritius) Ltd. | Corporate | 1,20,16,622 | 181.45 |
| Lightspeed India Partners II, LLC | Corporate | 1,15,97,361 | 175.12 |
| Peak XV Partners Growth Investments III (Formerly known as SCI Growth Investments III) | Corporate | 57,97,579 | 87.54 |
| Kalysta Capital Fund II (Mauritius) | Corporate | 41,90,105 | 63.27 |
| Lightspeed India Partners III, LLC | Corporate | 31,45,603 | 47.50 |
| Saifuddin Fakhruddin Qureishi | Corporate | 28,57,565 | 43.15 |
| Matthew Harris Arnold | Other | 24,42,738 | 36.89 |
| Subbiah Vellayan | Other | 4,09,182 | 6.18 |
| A. Venkatachalam | Other | 4,08,469 | 6.17 |
| Shivraj Singh Kandhari (Guardian, Bikramjit Singh Kandhari) | Other | 100 | 0.00 |
| Can Köseoğlu | Other | 2,99,402 | 4.52 |
| Andrew Richard Woglom | Other | 2,56,630 | 3.88 |
| Cem Garih Nahmiyas | Other | 86,129 | 1.30 |
| Nitin Mahajan | Other | 83,167 | 1.26 |
| Daniel Robert Bachelet | Other | 71,286 | 1.08 |
| Rahul Sharma | Other | 17,14,539 | 25.89 |
| Vishal Chaudhary | Other | 17,14,539 | 25.89 |
| Ankit Fatehpuria | Other | 22,86,052 | 34.52 |
| Total | — | 14,45,25,036 | 2,182.33 |
Zetwerk IPO Recommendations
| Review By | Subscribe | May Apply | Neutral | Avoid |
|---|---|---|---|---|
| Brokers | 3 | 0 | 4 | 0 |
| Members | 0 | 0 | 0 | 0 |
IPO Subscription Status
| Category | Subscription (x) | Shares Offered | Shares bid for |
|---|---|---|---|
| QIB (Ex Anchor) | 4.71 | 9,93,92,146 | 46,82,02,185 |
| NII | 1.45 | 4,96,96,073 | 7,18,53,111 |
| bNII (> ₹10L) | 1.74 | 3,31,30,716 | 5,75,49,987 |
| sNII (< ₹10L) | 0.86 | 1,65,65,358 | 1,43,03,124 |
| Retail | 0.77 | 3,31,30,716 | 2,54,77,056 |
| Employee | 1.59 | 7,00,000 | 11,14,740 |
| Total | 3.10 | 18,29,18,935 | 56,66,47,092 |
The Zetwerk IPO is subscribed 3.10 times on October 19, 2026 5:54:03 PM (Day 3). The public issue subscribed 0.77 times in the retail category, 4.71 times in the QIB category, and 1.45 times in the NII category. Check Day by Day Subscription Details (Live Status)
Reload
Total Applications: 1,99,252
IPO Registrar
Kfin Technologies Ltd.
040-79615565
zetwerk.ipo@kfintech.com
IPO Lead Manager(s)
Kotak Mahindra Capital Co.Ltd.
Morgan Stanley India Co.Pvt.Ltd.
Goldman Sachs (India) Securities Pvt.Ltd.
Avendus Capital Pvt.Ltd.
JM Financial Ltd.
HSBC Securities & Capital Markets (India) Pvt.Ltd.
Pantomath Capital Advisors Pvt.Ltd.
Contact Details
Zetwerk Manufacturing Business Ltd. Address
84/1, Vaishnavi Sovereign
Ground & 1st Floor, Green Glen Layout,
Bellandur,
Bangalore Urban, Karnataka , 560103
+91 7624 9748 90
cs@zetwerk.com
Zetwerk Manufacturing Business IPO in the news
Recent coverage in the financial press. Headlines are the publishers' own; verify details with the RHP.
Zetwerk Manufacturing Business IPO Subscription Status Day 3: Issue Subscribed 3.10 Times
HDFC Sky · 19 Oct 2026
Zetwerk's $518 million India IPO fully subscribed on final day of bidding
ET Manufacturing · 19 Oct 2026
Zetwerk IPO Last Day: Issue subscribed 47% so far; should you apply? Anil Singhvi shares his view
Zee Business · 19 Oct 2026
Zetwerk IPO subscribed 3x on last day of bidding; GMP drops to 3%
Moneycontrol.com · 19 Oct 2026
Zetwerk IPO: GMP, Price, Apply or Avoid
INDmoney · 19 Oct 2026
Zetwerk Manufacturing Business IPO Allotment Status: 0.31x Subscribed, Check Online
Univest · 19 Oct 2026
Zetwerk Manufacturing Business IPO Review || Should You Apply? || Paryan Sharma - YouTube
Howl.link · 18 Oct 2026
IPO GMP race: Zetwerk vs Sahajanand vs Bonfiglioli Transmissions vs Tonbo Imaging - check share listing price prediction
Livemint · 18 Oct 2026
Zetwerk Manufacturing Business: common questions
Answered from this issue's own record.
