ZETWERK MANUFACTURING BUSINESSES LIMITED

15 Oct 2026 - 19 Oct 2026 Main Board BSE NSE

Min Investment

₹14,949.00

Price Band

₹143-₹151

Issue Size

₹2,794.51 Cr

Lot Size

99 (per lot)

IPO Dates
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15 Oct 2026

Open Date

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19 Oct 2026

Close Date

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21 Oct 2026

Allotment Date

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23 Oct 2026

Listing Date

Know Before Investing

Strengths icon

  • Asset-light model: about 80% of FY26 revenue came from products made by third-party suppliers.
  • Zetwerk’s flexible capacity helps it deliver faster, without any large capital commitments.
  • Strong order pipeline: a ₹13,062 crore manufacturing order book (June 30, 2026), about 1.4x FY26 manufacturing revenue.
  • Repeat business: 80% of FY26 manufacturing revenue came from existing customers.
  • Blue-chip customers: 16 of the Nifty 50 companies and 102 of India’s Fortune 500.
  • Diversified: spans energy (69% of manufacturing revenue), capital goods (16%) and precision electronics (15%).

Weaknesses icon

  • Still loss-making: losses in every period shown, and negative operating cash flow every year.
  • Supplier dependence: quality, capacity, or supply problems at third-party suppliers would directly hit deliveries.
  • Customer concentration: the top 10 customers’ share of revenue rose from 22% in FY24 to 36% in FY26.
  • Exposed to geopolitical and tariff risks in global markets.
  • Pending legal proceedings could lead to adverse outcomes.

About Zetwerk Manufacturing Businesses Limited

Founded in 2017, Zetwerk is a Bengaluru-based, technology-led platform that aggregates manufacturing capacity. Its software, Zetwerk OS, splits customer orders across 6,979 suppliers in 26 countries, alongside 26 of its own facilities. Products range from solar and wind components and power transformers to laptops, circuit boards, and heavy industrial equipment, for customers like Siemens Gamesa, Acer, NTPC, and DRDO.

IPO Objectives

1. Repayment/prepayment, in part or full, of certain of or all of borrowings availed by: (a) our Company and (b) certain of our Subsidiaries through investments in such Subsidiaries, namely; (i) Sharp Tanks and Structurals Private Limited; (ii)Terra91 International Private Limited; (iii)Smile Electronics Limited; (iv)Kryfs Power Components Limited; (v)Kryfs Transformers Private Limited; (vi)Unimacts Global LLC; (vii)Zetwerk Manufacturing SG Pte. Ltd.; (viii)Zap91 Solar India Private Limited; and (ix)Zet Town India Private Limited

2. Funding inorganic growth through unidentified acquisitions and other strategic acquisitions, and general corporate purposes.

Company Promoters

Amrit Pratik Acharya

Srinath Ramakkrushnan

Subscription Details

Investor Category Subscription (times)
Qualified Institutions 4.73
Non-Institutional Buyers 1.4
Retail Investors 0.73
Total 6.86
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