Zetwerk IPO: price band ₹143-151, bidding 15 to 19 October, minimum ₹14,949
Zetwerk Manufacturing Businesses' public offer runs from 15 to 19 October 2026 at ₹143-151 a share. At the top of the band it is about ₹5,012 crore: ₹2,830 crore of new shares and ₹2,182 crore sold by existing holders. Lot size, dates and quotas in one place.
Zetwerk Manufacturing Businesses Limited, a Bengaluru company that makes industrial and consumer goods through its own factories and a network of outside suppliers, has set the price band for its initial public offering (IPO, the first sale of a company’s shares to the public) at ₹143 to ₹151 per share. The price band is the range within which investors bid; the final price is fixed inside it after bidding closes. Bidding runs from 15 to 19 October 2026. Shares are sold in lots of 99, and a retail investor must bid for at least one lot, which costs ₹14,949 at the top of the band. At ₹151 the whole issue is worth up to about ₹5,012 crore, of which ₹2,830 crore is new shares and about ₹2,182 crore is shares sold by existing holders. Retail investors get not more than 10% of the shares on offer.
Key facts
| Item | Detail |
|---|---|
| Price band | ₹143 to ₹151 per share (face value ₹1) |
| Lot size | 99 shares, then multiples of 99 |
| Minimum retail bid | ₹14,949 (99 × ₹151); ₹14,157 at ₹143 |
| Maximum retail bid | A retail bid can be up to ₹2 lakh, which is 13 lots (1,287 shares, ₹1,94,337 at ₹151) |
| Anchor investor bidding | 14 October 2026 |
| Bidding period | 15 to 19 October 2026 (UPI mandates by 5 pm on 19 October) |
| Basis of allotment | On or about 21 October 2026 |
| Refunds, shares to demat accounts | On or about 22 October 2026 |
| Trading starts | On or about 23 October 2026, on NSE and BSE |
| Issue size at ₹151 | Up to ₹5,012.33 crore (₹4,896.71 crore at ₹143) |
| Fresh issue (new shares) | ₹2,830 crore |
| Offer for sale | Up to 14,45,25,036 shares; ₹2,182.33 crore at ₹151 |
| Quota | At least 75% of the net offer for qualified institutional buyers, up to 15% for non-institutional investors, up to 10% for retail investors |
| Employee portion | Up to 7 lakh shares, at a discount of ₹14 a share |
| Lead managers | Kotak Mahindra Capital, Morgan Stanley India, Goldman Sachs (India) Securities, Avendus Capital, JM Financial, HSBC Securities and Capital Markets (India), Pantomath Capital Advisors |
| Registrar | KFin Technologies |
How the issue is split
The issue has two parts. In the fresh issue, the company creates new shares and keeps the money: ₹2,830 crore, which is 18.75 crore shares at ₹151 or 19.80 crore shares at ₹143. In the offer for sale (OFS), existing shareholders sell up to 14.45 crore of their shares, and that money goes to them, not to the company.
The sellers include the promoters (the founders who control the company) Amrit Pratik Acharya and Srinath Ramakkrushnan, with up to 1.42 crore shares each, and Creovate Innovation Private Limited, a promoter-group company, with up to 2.30 crore shares. Venture investors selling include Peak XV Partners, Lightspeed, Kae Capital, Accel and Kalysta Capital, along with several individual shareholders.
Anchor investors are large institutions, such as mutual funds and insurers, that bid a day before the issue opens to the public, here on 14 October. Up to 60% of the portion for qualified institutional buyers (QIBs, such as mutual funds, banks and insurers) can go to them. Non-institutional investors are individuals and others bidding more than ₹2 lakh. Retail investors are individuals bidding up to ₹2 lakh.
What the money is for
The company says it will use ₹2,160 crore of the net proceeds of the fresh issue (the money left after issue expenses) to repay or prepay borrowings: ₹1,300 crore of its own and ₹860 crore of borrowings taken by nine subsidiaries, which it will fund through loans to them. The rest goes to acquisitions not yet identified and general corporate purposes, which together cannot exceed 35% of the gross proceeds.
What the company does
According to the prospectus, Zetwerk describes itself as an asset-light manufacturing platform. It combines capacity from third-party suppliers and its own factories, run through its own software, to produce goods for customers in industries including utilities, renewables, consumer electronics and AI infrastructure. As of 30 June 2026 it operated 26 of its own manufacturing facilities in India, Spain, the US and Germany.
Risks the company lists
The price band advertisement lists risk factors from the prospectus. Among them:
- The company reported a restated loss for fiscal years 2024, 2025 and 2026 and for the quarters ended 30 June 2025 and 2026.
- It relies on third-party suppliers for manufacturing and raw materials. Its top 10 suppliers accounted for 40.71% of expenses for continuing operations in the June 2026 quarter.
- Many customers do not give firm long-term purchase commitments, and orders can be changed or cancelled.
- The money from the offer for sale goes to the selling shareholders, not to the company.
Basis of these figures
Every figure comes from the company’s price band advertisement and its red herring prospectus dated 11 October 2026 (the offer document filed before the price is fixed), both on the company’s investor-relations site. The price band, lot size, employee discount, issue sizes at the floor and cap prices, bidding dates and quota split are from the advertisement. The allotment, refund and listing dates (stated as “on or about”), the ₹2 lakh retail limit, the anchor rules and the use of money are from the prospectus. The issue sizes count the employee discount, as the advertisement states. The minimum and maximum retail bid amounts and the share counts in crore are our arithmetic on those figures. Chittorgarh’s listing was used only to cross-check them and matches. This article reports the issue’s terms only. It carries no view on whether to apply and no unofficial pre-listing price data.