Zetwerk Manufacturing Business

ListedListed 23 Oct 2026MainboardNSE: ZETWERKCheck allotment

Current price₹ 158.07+4.68% since issue

Listing day+5.46%

Issue price: ₹ 151
Issue size: ₹ 5,012.33 Cr.
Min. investment: ₹ 14,949
Listing price: ₹ 159.25
Subscribed: 3.06x
Lot size: 99 shares
P/E: -ve
RoNW: -1.74%
EPS: ₹ -ve
NAV: ₹ 25.85
Promoter stake: 15.71%

About

Zetwerk Manufacturing Business Ltd. was incorporated in 2017 as a technology-led global manufacturing platform. It works as a managed marketplace that connects industrial and consumer enterprises with a network of manufacturing partners for custom and large-scale production. Its customers range from startups to mature companies. The company follows an asset-light model and offers design, supplier matching, quality control and logistics. Its platform, Zetwerk OS, tracks work across the manufacturing cycle. It serves electronics, renewable energy, aerospace and defence, capital goods and precision manufacturing. The source page says it is present in over 25 countries, with 10,000+ suppliers, 1,100+ customers and 20+ manufacturing facilities across India, the United States and Mexico. In FY2026 it had 1,802 customers, of which 1,613 were in India and 189 outside India.

Timeline

Opens
15 Oct
done
Closes
19 Oct
done
Allotment
21 Oct
done
Refunds
22 Oct
done
Demat credit
22 Oct
done
Listing
23 Oct
done

Grey market premium (GMP)

GMP is an unofficial premium from the unregulated grey market. It is not published, verified or regulated by SEBI, NSE or BSE, grey market deals are not legally enforceable, and it is not a reliable indicator of the listing price. Do not apply for an IPO on the basis of GMP. It is not a recommendation of Minerva Capital Research Solutions.

Highest: ₹ 30 on 11 Oct 2026
Lowest: ₹ 0 on 21 Oct 2026
First quoted: ₹ 30 on 11 Oct 2026

Subscription

How many times each investor group bid for its share, as of 23 Oct 2026, 06:30 PM IST.

How much to apply for

The smallest and largest bids for each kind of investor at the upper price band.

Lots and amounts by investor type

Retail (Min)	1	99	₹ 14,949
Retail (Max)	13	1,287	₹ 1,94,337
S-HNI (Min)	14	1,386	₹ 2,09,286
B-HNI (Min)	67	6,633	₹ 10,01,583

Company overview

Financials

Financials by year

Assets	12,016.09	13,384.63	9,083.09	10,355.43	10,330.85
Total Income	4,195.7	16,100.63	2,702.1	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
Total Borrowing	1,942.19	1,936.16	1,707.21	1,746.55	1,232.1

Strengths

Total income grew from Rs 11,492.23 crore in FY2025 to Rs 16,100.63 crore in FY2026, up about 40%.
EBITDA rose from Rs 97.03 crore in FY2024 to Rs 322.59 crore in FY2025 and Rs 421.34 crore in FY2026.
The company had 1,802 customers in FY2026, with 1,613 in India and 189 outside India.
The asset-light model serves electronics, renewable energy, aerospace and defence, and capital goods customers.
Net worth was Rs 4,813.72 crore on 31 March 2026, up from Rs 4,453.76 crore a year earlier.

Risks

The company made a loss after tax of Rs 1,606.17 crore in FY2026, against losses of Rs 370.71 crore in FY2025 and Rs 917.95 crore in FY2024.
The loss for the quarter ended 30 June 2026 was Rs 732.98 crore, and net worth fell to Rs 4,094.13 crore from Rs 4,813.72 crore on 31 March 2026.
Reserves and surplus turned negative at Rs -771.23 crore on 30 June 2026, from Rs -15.96 crore on 31 March 2026.
The source shows RoNW as -1.74%, which looks inconsistent with a FY2026 loss of Rs 1,606.17 crore on net worth of Rs 4,813.72 crore, so this figure needs checking.
Because of the losses, EPS is negative (pre issue EPS is Rs -10.66), so a price to earnings multiple at the upper band of Rs 151 cannot be used.
Total borrowing rose from Rs 1,746.55 crore in FY2025 to Rs 1,936.16 crore in FY2026.
Rs 1,300.00 crore and Rs 860.00 crore of proceeds are listed for repaying borrowings, and part is for unidentified acquisitions.
Promoter holding falls from 21.08% before the issue to 15.71% after it. One lot is 99 shares, about Rs 14,949 at the upper band of Rs 151.

What the money is for

Objects of the issue

Repayment/prepayment, in part or full, of certain of or all of borrowings availed by the company	1,300
Funding inorganic growth through unidentified acquisitions and other strategic acquisitions	—
General Corporate Purposes	—
Repayment/prepayment, in part or full, of certain of or all of borrowings availed	860

Promoters

Amrit Pratik Acharya
Srinath Ramakkrushnan

Promoter holding21.08%→15.71%before → after the issue · down 5.37 points

Anchor investors

99 anchors put in ₹ 2,251.27 Cr., including 61 mutual funds.

Anchor investors

SBI BALANCED ADVANTAGE FUND	82,24,722	124.19	5.52%
SBI INFRASTRUCTURE FUND	19,73,862	29.81	1.32%
ICICI PRUDENTIAL FLEXICAP FUND	33,99,561	51.33	2.28%
ICICI PRUDENTIAL MULTICAP FUND	33,99,561	51.33	2.28%
ICICI PRUDENTIAL TECHNOLOGY FUND	33,99,462	51.33	2.28%
HDFC BUSINESS CYCLE FUND	23,53,527	35.54	1.58%
HDFC INNOVATION FUND	13,07,493	19.74	0.88%
HDFC MANUFACTURING FUND	33,99,561	51.33	2.28%
HDFC HYBRID DEBT FUND	6,53,796	9.87	0.44%
HDFC EQUITY SAVINGS FUND	7,84,476	11.85	0.53%
HDFC VALUE FUND	16,99,731	25.67	1.14%
AMERICAN FUNDS INSURANCE SERIES-GLOBAL SMALL CAPITALIZATION FUND	6,62,310	10	0.44%
CAPITAL GROUP ASIAN HORIZON FUND (LUX)	6,62,310	10	0.44%
SMALLCAP WORLD FUND,INC.	1,90,72,548	288	12.79%
BLACKROCK EMERGING MARKETS FUND	4,42,134	6.68	0.3%
BLACKROCK GLOBAL FUNDS-EMERGING MARKETS SUSTAINABLE EQUITY FUND	4,87,971	7.37	0.33%
BLACKROCK GLOBAL FUNDS-EMERGING MARKETS EQUITY INCOME FUND	3,80,853	5.75	0.26%
BLACKROCK GLOBAL FUNDS-EMERGING MARKETS EX-CHINA FUND	5,90,238	8.91	0.4%
BLACKROCK GLOBAL FUNDS-EMERGING MARKETS FUND	11,55,330	17.45	0.77%
BLACKROCK GLOBAL FUNDS-INDIA FUND	19,10,304	28.85	1.28%
GOVERNMENT PENSION FUND GLOBAL	49,66,830	75	3.33%
ABU DHABI INVESTMENT AUTHORITY-MONSOON	49,66,830	75	3.33%
MIRAE ASSET FOCUSED FUND	49,66,830	75	3.33%
FIRST SENTIER INVESTORS ICVC–STEWART INVESTORS INDIAN SUBCONTINENT ALL CAP FUND	19,26,342	29.09	1.29%
FSSA INDIAN SUBCONTINENT FUND AS SUB FUND OF FIRST SENTIER INVESTORS GLOBAL UMBRELLA FUND PLC	20,47,122	30.91	1.37%
ADITYA BIRLA SUN LIFE MANUFACTURING EQUITY FUND	7,94,673	12	0.53%
ADITYA BIRLA SUN LIFE MNC FUND	21,85,425	33	1.47%
APEX EQUITY EX-TOP 100 LONG-SHORT FUND	1,98,693	3	0.13%
APEX EQUITY LONG-SHORT FUND	1,32,462	2	0.09%
GOLDMAN SACHS ETF TRUST-GOLDMAN SACHS INDIA EQUITY ETF	3,31,155	5	0.22%
GOLDMAN SACHS FUNDS-GOLDMAN SACHS INDIA EQUITY PORTFOLIO	29,80,098	45	2%
WHITEOAK CAPITAL MID CAP FUND	13,77,486	20.8	0.92%
WHITEOAK CAPITAL MULTI ASSET ALLOCATION FUND	2,48,391	3.75	0.17%
WHITEOAK CAPITAL AGGRESSIVE HYBRID FUND	39,699	0.6	0.03%
WHITEOAK CAPITAL ELSS TAX SAVER FUND	46,332	0.7	0.03%
WHITEOAK CAPITAL FLEXI CAP FUND	9,93,366	15	0.67%
WHITEOAK CAPITAL MULTI CAP FUND	6,05,979	9.15	0.41%
NOMURA INDIA INVESTMENT FUND MOTHER FUND	33,11,253	50	2.22%
ABU DHABI INVESTMENT AUTHORITY-STABLE	33,11,253	50	2.22%
SOCIETE GENERALE-ODI	33,11,253	50	2.22%
TATA INDIA INNOVATION FUND	13,21,650	19.96	0.89%
TATA MULTICAP FUND	19,89,603	30.04	1.33%
NATIXIS INTERNATIONAL FUNDS (LUX) I-LOOMIS SAYLES GLOBAL EMERGING MARKETS EQUITY FUND	26,48,943	40	1.78%
UTI INNOVATION FUND	6,02,019	9.09	0.4%
UTI SMALL CAP FUND	20,46,924	30.91	1.37%
3P INDIA EQUITY FUND I	26,48,943	40	1.78%
BAJAJ LIFE INSURANCE LTD.	26,48,943	40	1.78%
SBI LIFE INSURANCE CO.LTD.	26,48,943	40	1.78%
ICICI PRUDENTIAL LIFE INSURANCE CO.LTD.	26,48,943	40	1.78%
FRANKLIN INDIA MULTI CAP FUND	6,62,211	10	0.44%
FRANKLIN INDIA MID CAP FUND	19,86,732	30	1.33%
CANARA ROBECO FLEXI CAP FUND	26,48,943	40	1.78%
MANULIFE GLOBAL FUND-INDIA EQUITY FUND	26,48,943	40	1.78%
HSBC ELSS TAX SAVER FUND	4,00,059	6.04	0.27%
HSBC FOCUSED FUND	5,33,313	8.05	0.36%
HSBC INDIA EXPORT OPPORTUNITIES FUND	2,48,886	3.76	0.17%
HSBC INFRASTRUCTURE FUND	3,55,608	5.37	0.24%
HSBC MULTI CAP FUND	4,44,411	6.71	0.3%
HSBC SMALL CAP FUND	6,66,666	10.07	0.45%
AXIS MAX LIFE INSURANCE LTD.	6,62,310	10	0.44%
AXIS MAX LIFE INSURANCE LTD.-ULIF 00125/06/04 LIFEGROWTH104-GROWTH FUND	5,29,848	8	0.36%
AXIS MAX LIFE INSURANCE LTD.-ULIF 00225/06/04 LIFEBALANC 104-BALANCED FUND	4,63,518	7	0.31%
AXIS MAX LIFE INSURANCE LTD.-UEGFH-HIGH GROWTH FUND II	3,31,056	5	0.22%
INVESCO INDIA FLEXI CAP FUND	19,86,732	30	1.33%
MOTILAL OSWAL BALANCED ADVANTAGE FUND	15,89,346	24	1.07%
MOTILAL OSWAL QUALITY FUND	1,32,462	2	0.09%
MOTILAL OSWAL SPECIAL OPPORTUNITIES FUND	2,64,924	4	0.18%
ITI FLEXI CAP FUND	6,62,310	10	0.44%
THE WEALTH COMPANY BALANCED ADVANTAGE FUND	33,066	0.5	0.02%
THE WEALTH COMPANY LARGE AND MID CAP FUND	66,132	1	0.04%
THE WEALTH COMPANY MULTI ASSET ALLOCATION FUND	1,32,363	2	0.09%
THE WEALTH COMPANY MULTI CAP FUND	4,30,551	6.5	0.29%
THE WEALTH COMPANY SMALL CAP FUND	99,297	1.5	0.07%
WSIF EQUITY EX-TOP 100 LONG - SHORT FUND	3,64,320	5.5	0.24%
WSIF EQUITY LONG-SHORT FUND	1,98,693	3	0.13%
PRUDENTIAL ASSURANCE CO.LTD.,THE	19,86,732	30	1.33%
SUSQUEHANNA PACIFIC PTY.LTD.	19,86,732	30	1.33%
CARMIGNAC PORTFOLIO	19,86,732	30	1.33%
EASTSPRING INVESTMENTS-INDIA FUND	13,24,422	20	0.89%
ALTIVA EQUITY LONG-SHORT FUND	2,64,924	4	0.18%
EDELWEISS FLEXI CAP FUND	3,31,056	5	0.22%
EDELWEISS RECENTLY LISTED IPO FUND	1,32,462	2	0.09%
EDELWEISS BUSINESS CYCLE FUND	2,64,924	4	0.18%
EDELWEISS MULTI CAP FUND	3,31,056	5	0.22%
DSP INDIA FUND	13,24,422	20	0.89%
QSIF ACTIVE ASSET ALLOCATOR LONG-SHORT FUND	13,24,422	20	0.89%
HELIOS BALANCED ADVANTAGE FUND	1,32,462	2	0.09%
HELIOS INDIA EMERGING STAR FUND	3,31,155	5	0.22%
HELIOS MID CAP FUND	4,76,784	7.2	0.32%
HELIOS SMALL CAP FUND	3,84,021	5.8	0.26%
ABAKKUS LARGE AND MIDCAP FUND	9,93,366	15	0.67%
BARODA BNP PARIBAS BUSINESS CYCLE FUND	2,83,833	4.29	0.19%
BARODA BNP PARIBAS MANUFACTURING FUND	3,78,477	5.72	0.25%
OXBOW INDIA FUND	6,62,310	10	0.44%
ADITYA BIRLA SUN LIFE INSURANCE CO.LTD.	4,14,475	6.26	0.28%
BAJAJ FINSERV LARGE & MID CAP FUND	3,31,155	5	0.22%
PGIM INDIA SMALL CAP FUND	3,31,155	5	0.22%
EDELWEISS LIFE INSURANCE CO.LTD.	3,31,155	5	0.22%
BHARTI AXA LIFE INSURANCE CO.LTD.	3,31,155	5	0.22%

Registrar, lead managers and documents

Listing on: BSE, NSE
Face value: ₹ 1 a share
Registrar: KFin Technologies Limited
Lead managers: JM Financial Ltd., HSBC Securities & Capital Markets (India) Pvt. Ltd., Avendus Capital, Kotak Mahindra Capital Company Limited, Pantomath Capital Advisors Pvt Ltd, Goldman Sachs (India) Securities Private Limited
Red herring prospectus (RHP): Open
Basis of allotment: Open

IPO dates, prices, grey market premium (GMP), subscription and the company overview: IPO Guru, updated three times a day. GMP is an unofficial premium from the unregulated grey market. It is not published, verified or regulated by SEBI, NSE or BSE, grey market deals are not legally enforceable, and it is not a reliable indicator of the listing price. Do not apply for an IPO on the basis of GMP. It is not a recommendation of Minerva Capital Research Solutions.

Our recommendations are research opinions, not investment advice. Read the offer document (RHP) and consult your financial adviser before investing.