The Initial Public Offering (IPO) of Zetwerk Manufacturing Business is now open for public subscription, presenting an opportunity for investors to participate in the B2B manufacturing platform. The issue commenced on Thursday, October 14, 2026, with shares offered in the price band of Rs 143 to Rs 151 per equity share. The subscription window will close on Monday, October 19, 2026.
Zetwerk IPO Details
The Bengaluru-based company seeks to raise Rs 5,012 crore through this public issue. This total comprises a fresh issuance of shares worth Rs 2,830 crore and an Offer-for-Sale (OFS) of up to 14.45 crore equity shares, amounting to Rs 2,182 crore. Proceeds from the fresh issue are earmarked primarily for debt repayment, funding inorganic growth through unidentified and strategic acquisitions, and general corporate purposes.
Ahead of its public opening, Zetwerk successfully secured Rs 2,251.23 crore from 99 anchor investors. These institutional investors were allotted 14.90 crore equity shares at the upper price band of Rs 151 per share. Notable participants in the anchor book included SBI MF, ICICI Pru MF, HDFC MF, Blackrock, Goldman Sachs, and the Abu Dhabi Investment Authority.
Company Profile and Financials
Founded in 2017, Zetwerk Manufacturing Business operates as a technology-driven global manufacturing platform. It functions as a managed marketplace, connecting industrial and consumer enterprises with an extensive network of manufacturing partners worldwide for custom and large-scale production needs. The company supports over 1,800 customers across 25 countries, utilizing 6,979 third-party suppliers and more than 20 owned/selected manufacturing facilities.
Financially, Zetwerk reported a net loss of Rs 732.98 crore on a revenue of Rs 4,195.70 crore for the quarter ended June 30, 2026. For the full financial year concluded March 31, 2026, the company posted a net loss of Rs 1,606.17 crore against a revenue of Rs 16,100.63 crore. At its current valuations, Zetwerk commands a market capitalization exceeding Rs 25,500 crore.
Subscription Allocation and Grey Market Premium
The IPO allocation reserves 75% of the net issue for Qualified Institutional Bidders (QIBs), 15% for Non-Institutional Investors (NIIs), and 10% for retail investors. As of the latest reports, Zetwerk’s Grey Market Premium (GMP) hovered around Rs 19-21 per share, suggesting potential listing gains of 12-13% for investors.
Kotak Mahindra Capital, Morgan Stanley India, Goldman Sachs (India), Avendus Capital, JM Financial, HSBC Securities and Capital Markets, and Pantomath Capital are the book-running lead managers for the issue, with Kfin Technologies serving as the registrar. Shares of Zetwerk Manufacturing Business are slated to be listed on both NSE Ltd and BSE Ltd on Friday, October 23, 2026.
Brokerage Recommendations
Several brokerage firms have issued their views on the Zetwerk IPO:
- ICICIDirect Research: Subscribe
ICICIDirect highlights Zetwerk's position as a proxy for increasing domestic manufacturing and its asset-light hybrid model. They note that upfront costs will lead to operating leverage as the company scales. Key risks include reliance on third-party suppliers and dependence on other industries' performance. - SBI Securities: Subscribe for Long-Term
SBI Securities points to high operating leverage, which could translate incremental revenue into faster profitability. They anticipate debt repayment will significantly reduce finance costs and improve profitability in FY27. Diversified end-market exposure, a hybrid manufacturing model, and a global supplier network are seen as long-term growth drivers. - BP Equities: Avoid
BP Equities advises caution due to persistent losses, volatile financial performance, and uncertainty regarding the timing of a sustainable turnaround. Given the absence of positive earnings and limited near-term profitability visibility, they recommend avoiding the issue. - Swastika Investmart: Neutral
Swastika Investmart values Zetwerk at approximately 1.6 times FY26 revenue, noting this is lower than traditional EMS peers (3.5-6 times) due to its lower operating margin profile and ongoing net losses. While acknowledging that reducing high-cost working capital loans could boost pre-tax profit margins, they recommend subscribing primarily for portfolios seeking high-beta, long-term industrial growth exposure. - Ventura: Subscribe
Ventura emphasizes Zetwerk's technology-powered global delivery and manufacturing network, spanning 25 countries and serving a wide range of customers from startups to Fortune 500 companies across various industrial verticals.