Zetwerk IPO: ₹143–151 price band, FY26 numbers and key risks
Zetwerk's ₹5,012 crore IPO opens 15 October at ₹143–151 a share. Here is what the RHP shows on FY26 revenue, losses, use of funds and risks.
Lovish Madaan15 Oct 2026 · 7 min read
Zetwerk’s ₹5,012 crore initial public offering opens for subscription today, 15 October 2026, at a price band of ₹143–151 a share, and closes on 19 October, according to Kotak Neo. About ₹2,830 crore is new money for the company, most of it earmarked for repaying debt, while the rest is an offer for sale (OFS) by founders and venture investors; the shares are slated to list on the BSE and NSE on 23 October.
This explainer sets out the terms, what the red herring prospectus (RHP) says about Zetwerk’s FY26 numbers, where the money goes, and the risks the filing flags. One crore is 10 million; figures are in rupees as reported.
Key takeaways
- Price band ₹143–151; issue size ₹5,012.33 crore, of which ₹2,830 crore is fresh issue and about ₹2,182 crore is OFS.
- At the top of the band the company would be worth about ₹25,583 crore after the issue.
- ₹2,160 crore of the fresh money goes to repaying borrowings of Zetwerk and some subsidiaries.
- FY26 revenue from operations rose 40.4% to ₹15,913.3 crore, but the net loss widened to ₹1,606.2 crore.
- Because the company does not meet SEBI’s profitability test, at least 75% of the net offer is reserved for institutions and retail gets up to 10%.
Zetwerk IPO dates and price band
Zetwerk Manufacturing Businesses announced the price band on 12 October, the Free Press Journal reported. The anchor book, where large institutions commit money a day early, ran on 14 October. The timetable published by Kotak Neo is:
- Subscription: 15–19 October 2026
- Basis of allotment: 21 October
- Refunds and credit of shares to demat accounts: 22 October
- Listing on BSE and NSE: 23 October
The minimum bid is one lot of 99 shares, which costs ₹14,949 at the upper price, and bids go up in multiples of 99. Eligible employees get a ₹14 a share discount on a reserved portion of 7 lakh shares. The face value is ₹1 a share, according to Groww, and the registrar is KFin Technologies.
The issue was confirmed in the company’s price band announcement, which Energetica India and Chittorgarh also summarised. The price band values Zetwerk at about ₹25,583 crore (around $2.7 billion) after the issue, Inc42 reported.
How the ₹5,012 crore issue is split
The fresh issue is 18.75 crore new shares worth ₹2,830 crore. The OFS is about 14.45 crore existing shares, worth ₹2,182.33 crore at ₹151, according to Bajaj Broking’s summary of the RHP. OFS money goes to the sellers, not the company, and makes up about 43.5% of the issue by value.
Both parts grew from the updated draft papers filed in August. The fresh issue went up from ₹2,600 crore, and the OFS rose about 49% from roughly 9.7 crore shares, Inc42 noted.
Twenty-four shareholders are selling. The largest blocks, per Bajaj Broking, are promoter group firm Creovate Innovation (about 2.30 crore shares), Peak XV Partners Investments V (about 1.76 crore shares) and co-founders Amrit Pratik Acharya and Srinath Ramakkrushnan (about 1.42 crore shares each). Funds linked to Accel, Lightspeed and Kae Capital are also selling, the Free Press Journal reported.
Before the IPO, Zetwerk allotted shares worth ₹500 crore to Bharat Value Fund on 2 April, Inc42 reported, citing the RHP.
What Zetwerk does
Zetwerk calls itself a technology-led manufacturing platform. It takes orders from industrial and consumer companies and makes the parts either in its own plants or through third-party suppliers. It runs 26 manufacturing facilities in India, the US, Germany and Spain, according to the Free Press Journal, and draws on suppliers in 26 countries, per Bajaj Broking.
The business has two segments. The manufacturing business covers energy, precision and capital goods products. The ecosystem business, branded Terra91, sources industrial commodities. In FY26, manufacturing brought in ₹9,374.68 crore and the ecosystem business ₹6,538.65 crore, and energy products alone accounted for ₹6,507.57 crore, according to Bajaj Broking. Zetwerk shut its civil infrastructure business in FY26.
Named customers include Siemens Gamesa, Acer India, boAt, NTPC Renewable Energy, CG Power and the Indian Air Force, Inc42 reported. The company was founded in 2018 by Acharya, Ramakkrushnan, Vishal Chaudhary, Ankit Fatehpuria and Rahul Sharma, PTI reported via HDFC Sky, and became a unicorn in 2021. It has raised more than $900 million from investors including Peak XV, Lightspeed, Accel, Greenoaks and D1 Capital, according to Inc42.
Zetwerk FY26 financials from the RHP
Revenue from operations rose 40.4% to ₹15,913.3 crore in FY26 from ₹11,331.9 crore in FY25. Over the same period the net loss, including discontinued operations, widened to ₹1,606.2 crore from ₹370.7 crore, Inc42 reported. Inc42 attributes much of that to a ₹796.4 crore exceptional charge linked to changes in share conversion ratios and a ₹453 crore impairment in the discontinued civil infrastructure business.
| ₹ crore | FY24 | FY25 | FY26 |
|---|---|---|---|
| Total income | 12,523.46 | 11,492.23 | 16,100.63 |
| Adjusted EBITDA (continuing) | 97.03 | 322.59 | 421.34 |
| Profit after tax | (917.95) | (370.71) | (1,606.17) |
| Net worth | 4,062.46 | 4,453.76 | 4,813.72 |
| Net cash used in operations | (281.54) | (386.29) | (681.53) |
Source: restated consolidated figures from the RHP, as compiled by Bajaj Broking. Brackets show losses or outflows.
The latest quarter looks better on the core business. In the three months to 30 June 2026, revenue from operations rose 55.4% to ₹4,117.9 crore. The total loss narrowed to ₹733 crore from ₹1,368.5 crore a year earlier, and only ₹64.1 crore of it came from continuing operations; the remaining ₹668.9 crore came from discontinued operations, according to Inc42.
The manufacturing order book stood at ₹13,062.40 crore on 30 June 2026, up from ₹6,169.75 crore on 31 March 2024, Bajaj Broking noted.
Use of funds
Of the ₹2,830 crore fresh issue, ₹2,160 crore (about 76%) will repay or prepay borrowings: ₹1,300 crore at the parent company and ₹860 crore at certain subsidiaries, according to Bajaj Broking. Groww lists the subsidiaries in the RHP, including Sharp Tanks and Structurals, Terra91 International, Kryfs Transformers and US-based Unimacts Global. The rest funds acquisitions that have not yet been identified, plus general corporate purposes. None of the OFS money reaches the company.
Risks the prospectus flags
- Losses and cash burn. Zetwerk lost money in each of the last three financial years and in the June quarter, and operating cash flow was negative in all of them, according to Bajaj Broking’s RHP summary.
- Customer concentration. The top 10 customers made up 35.90% of FY26 revenue from operations, up from 22.37% in FY24.
- Two markets. India and the US together accounted for 96.87% of FY26 revenue from operations.
- Supplier dependence. Relying on third-party manufacturers exposes the company to price swings and capacity limits.
- Audit history. Earlier audit reports carried modifications, including a disclaimer of opinion on internal financial controls for FY24.
- Unspecified acquisitions. Part of the fresh issue goes to deals that have not been named, so how that money will be spent is not yet known.
Why it matters
Zetwerk is one of the largest venture-backed Indian IPOs of 2026, after listings by Moneyview, Shiprocket and others, as Inc42 notes. The filing also shows real weaknesses: a widening reported loss, negative operating cash flow and a larger share of revenue from its biggest customers. Subscription data over the next four days will show how institutions price that trade-off. We track the deal on our funding tracker and will follow the listing in startup news.
This article is for information only and is not investment advice. Read the RHP and speak to a SEBI-registered adviser before you invest.
FAQ
What is the Zetwerk IPO price band?
₹143 to ₹151 per share, with a minimum bid of 99 shares (₹14,949 at the upper end).
When does the Zetwerk IPO open and close?
It opens on 15 October 2026 and closes on 19 October 2026. Listing is planned for 23 October.
How much of the IPO goes to the company?
The ₹2,830 crore fresh issue. The roughly ₹2,182 crore OFS goes to the selling shareholders.
Is Zetwerk profitable?
No. It reported a net loss of ₹1,606.2 crore in FY26 and ₹733 crore in the June 2026 quarter.
Who are the lead managers?
Kotak Mahindra Capital, Morgan Stanley, Goldman Sachs, Avendus, JM Financial, HSBC and Pantomath, with KFin Technologies as registrar.
Sources
- Inc42, “Zetwerk Sets IPO Price Band At ₹143-₹151 For ₹5,012 Cr Issue”, 12 October 2026
- Free Press Journal, “Zetwerk Sets ₹143–151 IPO Price Band, ₹5,012 Crore Issue Opens October 15”, 12 October 2026
- HDFC Sky (PTI), “Zetwerk’s Rs 5,012 cr IPO to open on Oct 15; price band set at Rs 143-151”, 12 October 2026
- Kotak Neo, “Zetwerk IPO Price Band Set At ₹143-151 As ₹5,012 Crore Issue Opens On October 15”, 13 October 2026
- Bajaj Broking, “Zetwerk IPO: Price Band, Dates and Company Details”, 13 October 2026
- Energetica India, “Zetwerk fixes IPO price band at INR 143–151 per share”, 13 October 2026
- Chittorgarh, “Zetwerk Manufacturing Business Ltd. IPO Set to Open Soon”, 13 October 2026
- Groww, “Zetwerk Manufacturing Businesses IPO to Open on October 15, 2026”, 14 October 2026
Sources (8)
- Inc42 12 Oct 2026Price band, valuation, issue changes vs UDRHP, use of funds, FY26 and Q1 FY27 financials, exceptional charges, customers, funding history, Bharat Value Fund allotment, Ayr Energy settlement
- Free Press Journal 12 Oct 2026Announcement date, selling shareholders, facilities, discontinued civil infra
- HDFC Sky (PTI) 12 Oct 2026Founders and founding year
- Kotak Neo 13 Oct 2026Timetable, lot size, quota split, employee reservation and discount
- Bajaj Broking 13 Oct 2026RHP financial table, OFS breakdown, debt repayment split, segments, order book, risk factors, Regulation 6(2)
- Energetica India 13 Oct 2026Price band, dates, allocation, fresh issue increase
- Chittorgarh 13 Oct 2026Fresh issue share count, listing exchanges, lead manager
- Groww 14 Oct 2026Face value, subsidiaries whose debt is repaid, lead managers, registrar
