Zetwerk Manufacturing Business initial public offering (IPO) opens for subscription today, October 15, 2026, giving investors three days to place their bids. The IPO is commanding a grey market premium (GMP) of 15%, indicating potential listing gains over the upper end of its issue price band, based on current grey market trends.
The Rs 5,012.33-crore IPO comprises a fresh issue of shares worth Rs 2,830 crore and an offer for sale (OFS) of 14.45 crore shares valued at approximately Rs 2,182 crore.
The company has fixed the price band at Rs 143–151 per share, with a face value of Rs 1 per equity share. The IPO will remain open for subscription until October 19, 2026. The basis of allotment is expected to be finalised on October 21, while the tentative listing date on the BSE and NSE is October 23.
Investors can apply for a minimum of 99 equity shares, with additional bids to be placed in multiples of 99 shares. Eligible employees applying under the employee reservation portion will receive a discount of Rs 14 per share.
Ahead of the public issue, Zetwerk raised Rs 2,251.23 crore from 99 anchor investors on October 14. The company allotted 14,90,88,220 equity shares to anchor investors at Rs 151 per share, including a premium of Rs 150 per share. Prominent investors participating in the anchor book included BlackRock, Goldman Sachs and Nomura.
Zetwerk reported a loss in FY2026, according to its restated consolidated financial information. Consequently, its basic and diluted earnings per share (EPS) were negative, making the price-to-earnings (P/E) ratio unascertainable. The company’s weighted average return on net worth over the last three financial years stood at negative 15.64%.
Kotak Mahindra Capital Company, Morgan Stanley India Company, Goldman Sachs (India) Securities, Avendus Capital, JM Financial, HSBC Securities & Capital Markets (India) and Pantomath Capital Advisors are the book-running lead managers for the issue. KFin Technologies has been appointed as the registrar.
Zetwerk IPO’s latest grey market premium (GMP) stands at Rs 22, or 15%, over the upper price band of Rs 151 per share. This implies an estimated listing price of Rs 173 per share.
The company plans to utilise the IPO proceeds primarily to repay or prepay, in part or full, certain outstanding borrowings. It also intends to allocate funds towards inorganic growth through unidentified acquisitions and other strategic acquisitions, along with general corporate purposes.
Of the total estimated proceeds of Rs 2,160 crore, Rs 1,300 crore is earmarked for one borrowing repayment/prepayment objective, while Rs 860 crore is allocated towards another borrowing repayment/prepayment objective.
Zetwerk Manufacturing Businesses Private Limited, incorporated in 2017, is a technology-led global manufacturing platform that connects industrial and consumer enterprises with manufacturing partners for customised and large-scale production. It serves diverse sectors, including electronics, renewable energy, aerospace and defence, oil and gas, AI infrastructure and industrial automation. The company follows an asset-light model, offering end-to-end services such as design, supplier matching, quality control and logistics through its proprietary platform, Zetwerk OS.
Zetwerk operates in over 25 countries, with a network of more than 10,000 suppliers and 1,100 customers, including Fortune 500 companies. It also has over 20 manufacturing facilities across India, the US and Mexico. In fiscal 2026, the company served 1,802 customers, comprising 1,613 in India and 189 overseas, supported by its scalable manufacturing capabilities, quality control systems and diversified global customer base.