Zetwerk IPO opens for subscription on Thursday, October 15, 2026, and will remain open until Monday, October 19.
The Rs 5,012.33-crore initial public offering of Zetwerk Manufacturing Businesses Ltd comprises a fresh issue of shares worth Rs 2,830 crore and an offer for sale (OFS) of Rs 2,182.33 crore.
The company has fixed the price band at Rs 143–151 per share, with a lot size of 99 shares.
Zetwerk IPO GMP
The last recorded grey market premium (GMP) for Zetwerk IPO stands at Rs 22 per share, according to the available data.
At the upper end of the price band of Rs 151, the indicative listing price works out to Rs 173 per share, implying a potential listing gain of 14.57%.
However, the grey market premium is an unofficial indicator and can fluctuate before listing. It does not guarantee the actual listing price or the returns investors may earn after the shares begin trading.
Zetwerk IPO Issue Details
Zetwerk IPO is a book-building issue worth Rs 5,012.33 crore. The offering comprises a fresh issue and an offer for sale by existing shareholders.
Key details of Zetwerk IPO are as follows:
- IPO opening date: October 15, 2026
- IPO closing date: October 19, 2026
- Price band: Rs 143–151 per share
- Face value: Rs 1 per share
- Total issue size: Rs 5,012.33 crore
- Fresh issue: Rs 2,830 crore
- Offer for sale: Rs 2,182.33 crore
- Lot size: 99 shares
- Minimum retail investment: Rs 14,949
- Employee discount: Rs 14 per share
- Listing exchanges: BSE and NSE
- Tentative listing date: October 23, 2026
- Book-running lead manager: Kotak Mahindra Capital Company Ltd
- Registrar: KFin Technologies Ltd
The fresh issue will raise capital for the company, while proceeds from the offer for sale will go to the selling shareholders.
Zetwerk IPO Lot Size: Minimum Investment
Investors can apply for Zetwerk IPO in lots of 99 shares and multiples thereof. At the upper end of the price band, a retail investor will need Rs 14,949 to apply for one lot.
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The maximum retail application is 13 lots, or 1,287 shares, amounting to Rs 1,94,337 at the upper price band. For non-institutional investors, the minimum application for the small HNI (S-HNI) category is 14 lots, or 1,386 shares, requiring Rs 2,09,286. The minimum application for the big HNI (B-HNI) category is 67 lots, or 6,633 shares, amounting to Rs 10,01,583.
These amounts are calculated using the upper price band of Rs 151 per share.
Zetwerk IPO Subscription Status
Zetwerk IPO subscription will begin at 10 am today. Subscription figures across investor categories will offer an indication of demand for the issue during the bidding period.
Under the issue's reservation structure, not less than 75% of the net offer is reserved for qualified institutional buyers (QIBs), not more than 15% for non-institutional investors (NIIs), and not more than 10% for retail individual investors.
The subscription status will change throughout the bidding period. Investors should track category-wise demand and the final subscription figures after the issue closes. No final subscription multiple is available in the information provided here.
Zetwerk IPO Allotment Details
The allotment of Zetwerk IPO is expected to be finalised on Wednesday, October 21, 2026. Investors will be able to check whether they have received shares after the allotment process is completed.
The tentative schedule provides for the initiation of refunds on Thursday, October 22, while shares are expected to be credited to successful applicants' demat accounts on the same day. The shares are scheduled to list on the BSE and NSE on Friday, October 23.
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These dates are tentative and may be subject to changes announced by the company or the exchanges.
Zetwerk IPO Listing Details
Zetwerk IPO shares are tentatively scheduled to list on the BSE and NSE on October 23, 2026.
Based on the last recorded GMP of Rs 22, the indicative listing price stands at Rs 173 per share against the upper issue price of Rs 151. This translates into a potential listing gain of 14.57%.
However, GMP-based estimates are unofficial and may change before listing. The actual listing price will depend on demand, market conditions and price discovery on the listing day.
Zetwerk IPO Financials
Zetwerk Manufacturing Businesses Ltd has reported strong growth in total income alongside widening losses, making its financial performance an important consideration for investors.
According to the company's restated consolidated financial figures, total income increased 40% to Rs 16,100.63 crore in FY26 from Rs 11,492.23 crore in FY25. However, the loss after tax widened to Rs 1,606.17 crore in FY26 from Rs 370.71 crore in FY25.
EBITDA increased to Rs 421.34 crore in FY26 from Rs 322.59 crore in FY25. Net worth stood at Rs 4,813.72 crore as of March 31, 2026, compared with Rs 4,453.76 crore a year earlier. Total borrowings increased to Rs 1,936.16 crore from Rs 1,746.55 crore over the same period.
For the quarter ended June 30, 2026, Zetwerk reported total income of Rs 4,195.70 crore and a loss after tax of Rs 732.98 crore. EBITDA stood at Rs 103.16 crore for the quarter.
While revenue growth points to an expanding business, the widening losses and borrowings remain key factors for investors to assess when evaluating the IPO.
Zetwerk IPO Objects Of The Issue
Zetwerk proposes to use the net proceeds from the fresh issue towards repayment or prepayment of borrowings, funding inorganic growth through acquisitions and other strategic acquisitions, and general corporate purposes.
The issue documents list estimated allocations of Rs 1,300 crore and Rs 860 crore against borrowing repayment or prepayment-related objectives, amounting to Rs 2,160 crore in the displayed table. Investors should refer to the final offer document for the precise allocation across individual objectives.
The OFS component will allow existing shareholders to sell part of their holdings. Proceeds from the OFS will go to the selling shareholders rather than to the company.
Zetwerk IPO: About The Company
Incorporated in 2017, Zetwerk Manufacturing Businesses Ltd is a technology-led global manufacturing platform that connects industrial and consumer enterprises with manufacturing partners. The company provides end-to-end manufacturing solutions, including design, supplier matching, quality control and logistics.
Its proprietary technology platform, Zetwerk OS, supports workflow management and tracking across the manufacturing lifecycle. The company operates across multiple sectors, including electronics, renewable energy, aerospace and defence, capital goods, precision manufacturing, oil and gas, and industrial automation.
Zetwerk has a presence in more than 25 countries and a network of over 10,000 suppliers and 1,100 customers, including Fortune 500 companies. It also operates more than 20 manufacturing facilities across India, the United States and Mexico. In FY26, the company had 1,802 customers, comprising 1,613 in India and 189 outside India.
The company's competitive strengths include its diversified industry exposure, asset-light business model, manufacturing network, quality-control capabilities and technology-led operations. Its ability to scale efficiently and deepen relationships with customers will be important factors in assessing its long-term growth prospects.
Zetwerk IPO: Should You Apply?
Investors evaluating the Zetwerk IPO should weigh the company's manufacturing-platform opportunity against its financial performance, borrowings and valuation at the issue price.
The company operates across several industrial growth segments and reported a 40% increase in total income between FY25 and FY26. However, its loss after tax widened substantially over the same period, and it continued to report a loss in the June 2026 quarter.
The reported GMP indicates potential listing gains, but grey market indications are unofficial and do not guarantee returns. Investors should assess the company's path to profitability, use of IPO proceeds, competitive position, valuation and risk factors outlined in the offer document before making an investment decision.
Subscription trends during the bidding window and broader market conditions may provide additional context, but neither subscription demand nor GMP guarantees listing gains.
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