1. IPO Snapshot
| Particular | Details |
|---|
| Company Name | Zetwerk Manufacturing Businesses Limited (formerly Zetwerk Manufacturing Businesses Private Limited) |
| IPO Type | 100% book-built offer; fresh issue and offer for sale |
| Fresh Issue | 18,74,82,119 equity shares; up to ₹2,830 crore |
| Offer for Sale | 14,45,25,036 equity shares; up to ₹2,182.33 crore |
| Total Issue Size | 33,20,07,155 shares; up to ₹5,012.33 crore |
| Face Value | ₹1 per equity share |
| Price Band | ₹143–₹151 per equity share |
| Issue Price | Not finalized in the supplied Price Band Advertisement; the price band is ₹143–₹151 |
| Lot Size | 99 shares |
| Opening Date | October 15, 2026 |
| Closing Date | October 19, 2026 |
| Listing Exchange | NSE is the designated stock exchange |
| Registrar | KFin Technologies Limited |
| Lead Manager(s) | Kotak Mahindra Capital Company Limited; Morgan Stanley India Company Private Limited; Goldman Sachs (India) Securities Private Limited; Avendus Capital Private Limited; JM Financial Limited; HSBC Securities and Capital Markets (India) Private Limited; Pantomath Capital Advisors Private Limited |
2. IPO Details
| Particular | At Floor Price ₹143 | At Cap Price ₹151 |
|---|
| Fresh Issue Shares | 1,97,970,629 | 187,482,119 |
| Fresh Issue Value (₹ million) | 28,300.00 | 28,300.00 |
| Offer for Sale (OFS) Shares | 144,525,036 | 144,525,036 |
| Offer for Sale (OFS) Value (₹ million) | 20,667.08 | 21,823.28 |
| Total Offer Shares | 342,495,665 | 332,007,155 |
| Total Offer Value (₹ million) | 48,967.08 | 50,123.28 |
| Post-Offer Shares | 1,704,743,288 | 1,694,254,778 |
| Post-Offer Market Capitalisation (₹ million) | 243,778.29 | 255,832.47 |
3. Issue Reservation
| Category | Reservation |
|---|
| Qualified Institutional Buyers (QIBs) | Not less than 75% of the Net Offer |
| Non-Institutional Investors (NIIs) | Not more than 15% of the Net Offer |
| Retail Individual Investors (RIIs) | Not more than 10% of the Net Offer |
| Eligible Employees | Reservation up to 7,00,000 shares; employee discount of ₹14 per share |
4. IPO Lot Size
| Application | Lots | Shares | Amount at Floor Price ₹143 | Amount at Cap Price ₹151 |
|---|
| Retail (Min) | 1 | 99 | ₹14,157 | ₹14,949 |
| Retail (Max) | 13 | 1,287 | ₹1,84,041 | ₹1,94,337 |
| S-HNI (Min) | 14 | 1,386 | ₹1,98,198 | ₹2,09,286 |
| S-HNI (Max) | 66 | 6,534 | ₹9,34,362 | ₹9,86,634 |
| B-HNI (Min) | 67 | 6,633 | ₹9,48,519 | ₹10,01,583 |
5. About the Company
The RHP states that Zetwerk Manufacturing Businesses Limited was incorporated in Chennai, Tamil Nadu, on December 6, 2017, as Zetwerk Manufacturing Businesses Private Limited. After shifting its registered office to Karnataka, the company was converted into a public limited company in February 2026 and renamed Zetwerk Manufacturing Businesses Limited.
Zetwerk operates as a technology-led global manufacturing platform connecting industrial and consumer enterprises with manufacturing partners for customised and large-scale production. Its services include design, supplier matching, quality control and logistics. The company’s proprietary platform, Zetwerk OS, supports tracking and transparency across the manufacturing lifecycle.
The company follows an asset-light business model, coordinating manufacturing requirements through independent suppliers rather than relying exclusively on company-owned production assets. Its operations span energy products, precision products, capital goods and an ecosystem business.
Zetwerk serves end markets including utilities, renewable energy, consumer electronics, artificial intelligence infrastructure, aerospace, space and defence, oil and gas, and industrial automation.
6. Restated Financial Information
| Particular (₹ million unless stated) | Three months ended Jun. 30, 2026 | Three months ended Jun. 30, 2025 | FY2026 | FY2025 | FY2024 |
|---|
| Revenue from operations | 41,178.77 | 26,494.35 | 159,133.23 | 113,318.56 | 123,643.72 |
| Adjusted EBITDA | 1,031.61 | 311.06 | 4,213.35 | 3,225.88 | 970.25 |
| Adjusted EBITDA margin | 2.51% | 1.17% | 2.65% | 2.85% | 0.78% |
| Gross margin | 12.05% | 11.77% | 12.13% | 12.06% | 7.66% |
| Contribution margin | 8.53% | 7.46% | 8.17% | 9.09% | 6.21% |
| Manufacturing segment revenue | 19,018.82 | 14,808.27 | 93,746.76 | 62,491.02 | 60,818.51 |
| Manufacturing business EBITDA | 1,246.88 | 715.75 | 5,650.86 | 4,002.45 | 3,452.66 |
7. Key Performance Indicators
| KPI | Three months ended Jun. 30, 2026 | Three months ended Jun. 30, 2025 | FY2026 | FY2025 | FY2024 |
|---|
| Revenue from operations (₹ million) | 41,178.77 | 26,494.35 | 159,133.23 | 113,318.56 | 123,643.72 |
| Period-on-period / year-on-year revenue growth | 55.42% | NA | 40.43% | (8.35%) | NA |
| Gross margin | 12.05% | 11.77% | 12.13% | 12.06% | 7.66% |
| Contribution margin | 8.53% | 7.46% | 8.17% | 9.09% | 6.21% |
| Adjusted EBITDA (₹ million) | 1,031.61 | 311.06 | 4,213.35 | 3,225.88 | 970.25 |
| Adjusted EBITDA margin | 2.51% | 1.17% | 2.65% | 2.85% | 0.78% |
| Revenue from operations – India | 83.53% | 77.29% | 82.54% | 79.41% | 75.43% |
| Revenue from operations – USA | 12.77% | 20.44% | 14.33% | 19.09% | 21.54% |
| Revenue from operations – rest of countries | 3.70% | 2.27% | 3.13% | 1.50% | 3.03% |
| Manufacturing order book (₹ million) | 130,623.96 | 85,346.96 | 123,700.09 | 86,289.78 | 61,697.46 |
| Manufacturing new orders (₹ million) | 31,474.54 | 20,446.98 | 153,933.51 | 113,271.11 | 89,941.43 |
| Manufacturing segment revenue (₹ million) | 19,018.82 | 14,808.27 | 93,746.76 | 62,491.02 | 60,818.51 |
| Manufacturing segment revenue growth | 28.43% | NA | 50.02% | 2.75% | NA |
| Manufacturing revenue – Energy Products (₹ million) | 11,342.98 | 8,672.80 | 65,075.72 | 34,818.44 | 41,596.61 |
| Manufacturing revenue – Precision Products (₹ million) | 4,367.40 | 3,357.52 | 13,971.87 | 14,058.55 | 5,809.45 |
| Manufacturing revenue – Capital Goods (₹ million) | 3,303.38 | 2,772.14 | 14,643.97 | 13,532.17 | 13,160.38 |
| Manufacturing revenue – other operating revenue (₹ million) | 5.06 | 5.81 | 55.20 | 81.86 | 252.07 |
| Manufacturing revenue – India | 64.33% | 59.36% | 70.40% | 62.66% | 53.42% |
| Manufacturing revenue – international | 35.67% | 40.64% | 29.60% | 37.34% | 46.58% |
| Manufacturing contribution margin | 16.04% | 12.32% | 12.40% | 13.43% | 10.80% |
| Manufacturing business EBITDA (₹ million) | 1,246.88 | 715.75 | 5,650.86 | 4,002.45 | 3,452.66 |
| Manufacturing business EBITDA margin | 6.56% | 4.83% | 6.03% | 6.40% | 5.68% |
8. OFS / Selling Shareholders
| Selling Shareholder | Type | Shares Offered | Offer Amount at Floor Price ₹143 (₹ million) | Offer Amount at Cap Price ₹151 (₹ million) | WACA (₹ per share) |
|---|
| Amrit Pratik Acharya | Promoter Selling Shareholder | 14,230,672 | 2,035.99 | 2,149.83 | Negligible |
| Srinath Ramakkrushnan | Promoter Selling Shareholder | 14,230,672 | 2,035.99 | 2,149.83 | Negligible |
| Creovate Innovation Private Limited | Promoter Group Selling Shareholder | 22,974,820 | 3,283.40 | 3,469.20 | 178.58 |
| Peak XV Partners Investments V | Investor Selling Shareholder | 17,611,820 | 2,518.49 | 2,659.38 | 6.31 |
| Lightspeed Venture Partners Select IV Mauritius | Investor Selling Shareholder | 13,529,722 | 1,934.75 | 2,041.99 | 54.66 |
| Kae Capital Fund II | Investor Selling Shareholder | 12,570,262 | 1,797.54 | 1,898.10 | 3.94 |
| Accel India V (Mauritius) Limited | Investor Selling Shareholder | 12,016,622 | 1,718.38 | 1,814.51 | 7.84 |
| Lightspeed India Partners II, LLC | Investor Selling Shareholder | 11,597,361 | 1,658.42 | 1,751.20 | 13.97 |
| Peak XV Partners Growth Investments III | Investor Selling Shareholder | 5,797,579 | 828.05 | 875.43 | 46.30 |
| Kalysta Capital Fund II (Mauritius) | Investor Selling Shareholder | 4,190,105 | 598.18 | 632.68 | 3.94 |
9. Key Risks Highlighted in the RHP
| Risk category | RHP disclosure | Potential impact |
|---|
| Financial / operating losses | The company reported restated losses for the three months ended June 30, 2026 and June 30, 2025 and Financial Years 2026, 2025 and 2024; certain subsidiaries also incurred losses in the past. | Continued losses could adversely affect financial condition, cash flows and results. |
| Supplier dependence | The company relies on third-party suppliers for manufacturing and raw materials and is exposed to price volatility, capacity and quality issues, supply disruption, trade and foreign-exchange risks. | Supplier disruption or cost changes could affect delivery, margins and operating performance. |
| End-industry dependence | Demand is linked to industries including renewables, artificial intelligence infrastructure, oil and gas, consumer electronics, defence and aerospace. | Downturns or adverse regulatory changes in served industries could reduce demand. |
| Geographic concentration | The RHP identifies revenue exposure to India and the United States, and risk from adverse economic or regulatory changes in those markets. | Regional changes could affect demand and financial performance. |
| Supplier concentration | The top ten suppliers contributed 40.71%, 37.59%, 38.18%, 39.59% and 36.87% of total expenses for continuing operations for the three months ended June 30, 2026 and 2025 and FY2026, FY2025 and FY2024, respectively. | Disruption involving key suppliers could affect production and expenses. |
| Auditor observations | Statutory auditors included certain emphasis-of-matter and modifications under “Report on Other Legal and Regulatory Requirements” for the three-month periods ended June 30, 2026 and 2025 and FY2026, FY2025 and FY2024. | The observations may be relevant to readers’ assessment of reported financial information; refer to the auditor reports for detail. |
| Customer concentration | The RHP discloses that the top ten customers represented 29.39%, 34.26%, 35.90%, 26.89% and 22.37% of revenue from continuing operations across the three-month periods ended June 30, 2026 and 2025 and FY2026, FY2025 and FY2024, respectively. | Loss of customers or changes in order volumes could affect revenue. |
| Product quality and liability | The company is subject to strict performance and quality requirements; defects, failures or inability to meet customer specifications may lead to claims, cancellations, liability and reputational harm. | Quality issues could increase costs or affect customer relationships. |
| Manufacturing footprint | The RHP identifies 26 own manufacturing facilities as of June 30, 2026 across India, Spain, the United States and Germany, and risks from changes in economic or regulatory conditions in these jurisdictions. | Facility or jurisdiction-specific changes could affect production and costs. |
| Customer order visibility | The RHP states that the company does not have firm, long-term purchase commitments with many customers; purchase orders are typically short-term and may be cancelled, reduced or rescheduled. | Order changes may affect revenue visibility, capacity utilisation and margins. |
| Offer-related risk | The RHP identifies that the offer for sale is approximately 43.54% of the offer size at the upper end of the price band and that the company will not receive proceeds from the OFS portion. | The OFS does not fund the company’s objects; proceeds accrue to selling shareholders. |
| Auditor / financial metric limitation | The RHP and advertisement state that basic and diluted EPS are negative for FY2026 and the earnings ratio is not ascertainable. | Traditional earnings-multiple comparisons are limited by the disclosed loss position. |
10. Shareholding & Capital Structure
| Name of the Shareholder | Pre-Offer Shares | Pre-Offer Shareholding (%) | Post-Offer Shares at ₹143 | Shareholding at ₹143 (%) | Post-Offer Shares at ₹151 | Shareholding at ₹151 (%) |
|---|
| Promoters | | | | | | |
| Amrit Pratik Acharya | 115,526,710 | 7.51 | 101,296,038 | 5.84 | 101,296,038 | 5.87 |
| Srinath Ramakkrushnan | 128,355,830 | 8.35 | 114,125,158 | 6.58 | 114,125,158 | 6.62 |
| Promoter Group | | | | | | |
| Creovate Innovation Private Limited | 33,598,711 | 2.18 | 10,623,891 | 0.61 | 10,623,891 | 0.62 |
| Arabinda Acharya, on behalf of Arabinda Dharitri Family Trust | 16,412,750 | 1.07 | 16,412,750 | 0.95 | 16,412,750 | 0.95 |
| Balaraman Ramakkrushnan, on behalf of Aad hi Family Trust | 10,597,058 | 0.69 | 10,597,058 | 0.61 | 10,597,058 | 0.61 |
| Sharanya N Haridas | 10,073,684 | 0.66 | 10,073,684 | 0.58 | 10,073,684 | 0.58 |
| TV Lalitha | 3,060,256 | 0.20 | 3,060,256 | 0.18 | 3,060,256 | 0.18 |
| Additional Top 10 Shareholders | | | | | | |
| Peak XV Partners Investments V (formerly known as SCI Investments V) | 140,032,098 | 9.11 | 122,420,278 | 7.05 | 122,420,278 | 7.10 |
| Greenoaks Capital Opportunities Fund II LLP | 132,138,346 | 8.59 | 132,138,346 | 7.61 | 132,138,346 | 7.66 |
| Accel India V (Mauritius) Ltd | 118,729,425 | 7.72 | 106,712,803 | 6.15 | 106,712,803 | 6.19 |
| Greenoaks Capital MS LP – Gotham Light and Power Series | 86,800,369 | 5.64 | 86,800,369 | 5.00 | 86,800,369 | 5.03 |
| D1 Capital Partners Master LP | 80,042,775 | 5.21 | 80,042,775 | 4.61 | 80,042,775 | 4.64 |
| Lightspeed Venture Partners Select IV Mauritius | 72,314,953 | 4.70 | 58,785,231 | 3.39 | 58,785,231 | 3.41 |
| Lightspeed India Partners II, LLC | 57,504,145 | 3.74 | 45,906,784 | 2.64 | 45,906,784 | 2.66 |
| KAE Capital Fund II | 55,669,714 | 3.62 | 43,099,452 | 2.48 | 43,099,452 | 2.50 |
| Greenoaks Capital MS LP – Gotham Light and Power III Series | 52,079,271 | 3.39 | 52,079,271 | 3.00 | 52,079,271 | 3.02 |
| Peak XV Partners Growth Investments III (formerly known as SCI Growth Investments III) | 46,095,987 | 3.00 | 40,298,408 | 2.32 | 40,298,408 | 2.34 |
| Total (aggregate) | 1,159,032,082 | 75.38 | 1,034,472,552 | 59.60 | 1,034,472,552 | 59.98 |
11. Registrar
12. Lead Manager(s)
13. Company Contact Details
| Particular | Details |
|---|
| Registered and corporate office | #84/1, Ground & 1st Floor, Vaishnavi Sovereign, Green Glen Layout, Bellandur, Bengaluru South, Bengaluru 560 103, Karnataka, India |
| Telephone | +91 7624 9748 90 |
| Email | cs@zetwerk.com |
| Website | www.zetwerk.com |
| Company Secretary and Compliance Officer | Mania Sarkar |
| CIN | U74999KA2017PLC128777 |
| Investor grievance contact | Refer to the RHP's introductory and offer sections for the complete investor grievance contact details. |
