Zetwerk IPO: Date, Price, Allotment, GMP & Review | Finowings

Zetwerk Manufacturing Business IPO- Complete Overview

Zetwerk Manufacturing Business IPO is a Mainboard IPO with an issue size of Rs. 5,012.33 Cr Shares by Zetwerk Manufacturing Business Limited, which is a technology-led global manufacturing platform. The Company operates as a managed marketplace connecting industrial and consumer enterprises with a global network of manufacturing partners for custom and large-scale production requirements. 

The Company serves companies of all sizes, from innovative startups to mature companies, and across industries, including utilities, renewables, consumer electronics, artificial intelligence infrastructure, aerospace, space & defence, oil & gas, and industrial automation.

The Company follows an asset-light business model and provides end-to-end solutions, including design, supplier matching, quality control, and logistics. The Company’s proprietary platform, Zetwerk OS, enables real-time tracking and transparency across the manufacturing lifecycle. 

Notable customers include Siemens Gamesa, Acer, boAt, NextPower (formerly Nextracker), CG Power, NTPC Renewable Energy, L&T MHI Power Boiler, DRDO, Indian Oil, Indian Air Force, and others.

This new IPO is to be launched on 15 October 2026, and its ‘initial public offering’ will end on 19 October 2026.

Zetwerk Manufacturing Business IPO Details

This Mainline IPO comprises a combination of a fresh issue of 18.75 crore shares (Rs. 2,830 Cr) and an offer for sale of 14.45 crore shares (Rs. 2,182.33 Cr). The Zetwerk Manufacturing Business IPO listing date (expected) might be Friday, Oct 23, 2026, and the listing on the BSE and NSE. 

The Zetwerk Manufacturing Business IPO price band is Rs. 143 to Rs. 151.

IPO Timetable (Tentative)

The Zetwerk Manufacturing Business IPO date is from Oct 15 to Oct 19, with IPO allotment on Oct 21, refund initiation on Oct 22, and listing on Oct 23, 2026.

If you want to apply for the IPO, click to open a Demat Account.

Industry Overview & Outlook

As of FY2026, Manufacturing Platforms has a total addressable market (TAM) of ₹ 10.26-12.57 trillion (US$120.65-147.91 billion) and ₹ 2.07-6.26 trillion (US$ 24.32-73.60 billion) in India and the US, respectively.

Zetwerk Manufacturing Business Company Financial Performance

Zetwerk Manufacturing Business- Profit & Loss

(Amount in Cr)

Zetwerk Manufacturing Business- Balance Sheet

(Amount in Cr)

Cash Flows

The cash flows for various activities are shown below:

(Amount in Mn)

Zetwerk Manufacturing Business IPO- Business Model

In short, Zetwerk earns revenue by sitting in the middle of the manufacturing and raw-material supply chain: taking customer orders for complex or high-volume manufactured goods and commodities, orchestrating production/sourcing through its platform and supplier network (plus limited own capacity), and delivering the finished products or materials while capturing the margin.

1. Manufacturing Business (primary segment, higher margins)

Customers place orders (one-time, multi-year, or take-or-pay contracts) for custom industrial and consumer products.

Zetwerk acts as principal: it contracts directly with the customer, procures/manufactures the goods (mostly via third-party suppliers, sometimes using its own facilities for assembly, finishing, or specialised processes), takes title to the goods, ensures quality and delivery, and sells them to the customer.

Revenue is recognised when the products are manufactured and delivered (or when performance obligations under contracts, including design/engineering/installation/ commissioning, are satisfied).

2. Ecosystem Business (branded Terra91)

Aggregates and supplies industrial raw materials and commodities (ferrous and non-ferrous metals such as steel, aluminium, copper, zinc, lead, plus bitumen and other petrochemicals).

Customers (including Manufacturing Business suppliers and third parties) place orders; Zetwerk buys in bulk from its supplier panel at better rates due to scale and resells to them.

Again acts as principal; revenue comes from the spread between procurement cost and selling price, plus logistics/handling margins.

Started as a support service for Manufacturing suppliers but is now a standalone segment. In Fiscal 2026, this segment contributed ~41% of continuing revenue from operations.

Revenue Bifurcation

(Source: RHP)

The Objective of the Issue

• Repayment/prepayment, in part or in full, of certain or all of the borrowings availed by the company. ~ Rs. 1,300 Cr.

• Funding inorganic growth through unidentified acquisitions and other strategic acquisitions.

• Repayment/prepayment, in part or full, of certain or all of the borrowings availed. ~ Rs. 860 Cr.

• General Corporate Purposes.
  
  

Peers of Zetwerk Manufacturing Business

No listed peer of a similar size is engaged in the same lines of business as mentioned in the RHP.

Evaluation of P/E Ratio

Considering the period ended on FY26 with an EPS of Rs. (6.69) from the last year, the resulting P/E ratio is NA. 

Zetwerk Manufacturing Business IPO Valuation

IPO's Strengths 

• Unique business model enables us to serve multiple demand pools and makes them resilient across economic cycles

• Building Capabilities to Serve Multiple Industry Verticals

• Ability to scale in a capital-efficient manner

• Zetwerk OS, their proprietary technology, enables end‑to-end workflow management across the manufacturing lifecycle while driving powerful network effects across their operations.

IPO's Weaknesses

• The company incurred restated losses for the period/year from continuing operations ranging from ₹641.29 million to ₹9,643.93 million across recent periods, and certain subsidiaries have also incurred losses, which, if repeated, could adversely affect financial condition and cash flows.

• The company relies heavily on third-party suppliers for manufacturing and raw materials, exposing it to price volatility, capacity and quality issues, supply disruptions, and trade and foreign exchange risks that could adversely affect business and results of operations.

• The company's Manufacturing Business depends on the performance of industries including renewables, AI infrastructure, oil & gas, consumer electronics, and defence & aerospace, and a downturn in any of these industries could adversely affect the business.
  
  

Zetwerk Manufacturing Business IPO GMP Today

Zetwerk Manufacturing Business IPO GMP is Rs. 20 as of October 13, 2026, when this information was written. 

IPO Other Details

IPO Grey Market Premium

The current IPO GMP is available on our live IPO GMP page, where you can get the GMP today for open Mainboard and SME IPOs.

Zetwerk Manufacturing Business IPO Lot Size

The IPO allows retail investors to invest in a minimum and maximum of 1 Lot (99 Shares) amounting to Rs. 14949 and 13 Lots (1287 Shares) for Rs. 1,94,337, respectively, while for HNI investors, the minimum Lot is 14 (1386 Shares) amounting to Rs. 2,09,286.

Zetwerk Manufacturing Business IPO Reservation

Promoters and Management of Zetwerk Manufacturing Business Ltd.

• Amrit Pratik Acharya 

• Srinath Ramakkrushnan.

IPO Lead Managers

• Kotak Mahindra Capital Co. Ltd.
  
  

Dividend Policy

The company has not paid a dividend during the last three FYs.

Zetwerk Manufacturing Business IPO Review: Subscribe or Avoid?

Zetwerk is a technology-led, asset-light manufacturing platform. It aggregates capacity from a large network of third-party suppliers and its own facilities into a “universal factory,” powered by its proprietary platform Zetwerk OS. 

It serves customers across utilities, renewables, consumer electronics, AI infrastructure, aerospace, defence, oil & gas, and industrial automation. Notable clients include Siemens Gamesa, Acer, boAt, NextPower, CG Power, NTPC, DRDO, Indian Oil, and others.

Before making any decision to subscribe or avoid, you should consult your SEBI-registered financial advisor. 

Zetwerk Manufacturing Business IPO News

Zetwerk Manufacturing Business DRHP

Zetwerk Manufacturing Business RHP

Zetwerk Manufacturing Business IPO Allotment Status

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Finowings IPO Analysis

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