Zetwerk IPO Opens Oct 15: ₹5,012 Crore Issue, Price Band ₹143-151 and ₹25,583 Crore Valuation

The zetwerk ipo october 15 window opens on Thursday, 15 October 2026 and shuts on Monday, 19 October 2026. Those dates come from the company’s Red Herring Prospectus (RHP) dated 11 October 2026, and we checked them against Zerodha’s Zetwerk IPO page, MediaBrief’s price-band notice and Mint’s RHP valuation report. Bengaluru’s Zetwerk Manufacturing Businesses Limited wants to raise about ₹5,012.33 crore through a book-built mainboard issue. The price band is ₹143–₹151 per share (face value ₹1), and the minimum bid is 99 shares. The stock will list on BSE and NSE, with NSE named as the designated exchange in the SEBI abridged prospectus. Below we go through the issue terms, how the money splits between fresh issue and offer for sale (OFS), the restated financials, what the cash is for, the main risks and the dates from allotment to listing. If you’re new to primary markets, our IPO investing in India pillar is a good starting point, and the Stock Market Today India hub tracks the day’s action.

The numbers here come first from the RHP and SEBI abridged prospectus, and then from broker and market summaries that agree with them. You’ll still see older UDRHP figures floating around in August coverage, such as a ₹2,600 crore fresh issue. We’ve used the October RHP numbers and explained what changed.

Size of the Zetwerk IPO: fresh issue versus OFS

At the top of the band the whole offer is worth about ₹5,012.33 crore. That’s the figure on Zerodha’s issue-size table, and Mint and Kotak Neo say the same. It has two parts:

• Fresh issue: new shares worth up to ₹28,300.00 million, which is ₹2,830 crore. After the company’s share of offer expenses, this money goes to Zetwerk.
• Offer for sale: up to 144,525,036 existing shares of face value ₹1. At ₹151 that’s roughly ₹2,182.33 crore (144,525,036 × 151), and it goes to the selling shareholders, not the company.
• Total issue: about ₹5,012.33 crore (₹2,830 crore + ₹2,182.33 crore).

The deal got bigger between drafts. The 11 October 2026 RHP lifted the fresh issue from the ₹2,600 crore proposed in the August UDRHP, and the OFS grew from up to 96,837,455 shares to up to 144,525,036 shares. Entrackr and Startup Spotlight India picked up the same changes from the filing.

Who’s selling? The RHP cover and abridged prospectus name the promoters Amrit Pratik Acharya and Srinath Ramakkrushnan, each offering up to 14,230,672 shares. Creovate Innovation Private Limited, part of the promoter group, is selling up to 22,974,820 shares. On the investor side you have Peak XV Partners Investments V, Accel India V (Mauritius), Lightspeed entities, Kae Capital Fund II and others named in the offer section. Mint puts it as about 14.2 million shares each for Acharya and Ramakkrushnan and about 23 million for Creovate, which is just the RHP counts rounded off.

Only the fresh-issue net proceeds fund Zetwerk. The roughly ₹2,182 crore OFS at the upper band is a secondary sale by promoters and early investors and does not add cash to the company’s balance sheet.

Zetwerk is coming to market under Regulation 6(2) of the SEBI ICDR Regulations, because it doesn’t meet Regulation 6(1)(b). That shapes the quotas. Per the RHP and the MediaBrief reprint, QIBs get not less than 75% of the Net Offer, non-institutional bidders not more than 15% and retail individual bidders not more than 10%. Up to 60% of the QIB portion can go to anchor investors at the company’s discretion. There’s also a reservation of up to 700,000 shares for eligible employees, and Kotak Neo reports they get ₹14 per share off the final offer price.

Zetwerk IPO October 15 to listing: dates, price band and lot size

Here’s the timetable, checked across the RHP cover, Zerodha’s schedule table, MediaBrief and Kotak Neo:

• Anchor investor bidding date: Wednesday, 14 October 2026
• Bid/offer opens: Thursday, 15 October 2026
• Bid/offer closes: Monday, 19 October 2026 (Zerodha gives 5:00 pm IST on the closing day as the UPI mandate cut-off)
• Basis of allotment (expected): Wednesday, 21 October 2026
• Refunds / initiation and demat credit (expected): Thursday, 22 October 2026
• Tentative listing on BSE and NSE: Friday, 23 October 2026

The price band and lot size were announced before the issue opened, and MediaBrief, Zerodha, Mint, Kotak Neo and IPOJi all carry the same numbers:

• Price band: ₹143 (floor) to ₹151 (cap) per equity share
• Face value: ₹1 per share (so the floor and cap are 143× and 151× face value)
• Lot size: 99 shares, then multiples of 99
• Retail minimum at the upper band: 99 × ₹151 = ₹14,949

At the upper end, Mint and Kotak Neo both put the valuation Zetwerk is asking for at about ₹25,583 crore. Mint adds that the company’s last funding round in March valued it at about ₹27,000 crore post-money, ESOP pool of about ₹1,500 crore included. Keep in mind this is reporting on the RHP pricing. Nobody is promising a listing pop.

The book running lead managers listed by MediaBrief and the abridged prospectus are 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 and Pantomath Capital Advisors Private Limited. KFin Technologies Limited is the registrar (the abridged prospectus gives zetwerk.ipo@kfintech.com as the contact).

If you bid through a big discount broker, our walkthrough on how to apply for an IPO in Zerodha covers the clicks. Once bidding closes, how to check IPO allotment on NSE/BSE shows where to look.

What Zetwerk actually does: energy, capital goods and precision parts

Zetwerk Manufacturing Businesses Limited (CIN U74999KA2017PLC128777; earlier a private limited company) started in 2017 and calls itself a technology-led manufacturing platform. Amrit Pratik Acharya and Srinath Ramakkrushnan are the promoters. The abridged prospectus lists its registered and corporate office as #84/1, Ground & 1st Floor, Vaishnavi Sovereign, Green Glen Layout, Bellandur, Bengaluru South, Bengaluru 560 103, Karnataka.

The pitch is simple enough. A customer places an order, and Zetwerk’s software, Zetwerk OS, farms the work out across 6,979 suppliers in 26 countries as well as 26 of its own facilities. That’s according to Zerodha’s company summary, which follows the RHP’s business description. What gets made is a wide mix: solar and wind parts, power transformers, laptops, circuit boards and heavy industrial equipment. Siemens Gamesa, Acer, NTPC and DRDO are among the customers it names.

Zerodha’s breakdown of the filing splits FY26 manufacturing revenue like this:

• Energy: about 69% of manufacturing revenue (solar torque tubes and trackers, solar modules, wind turbine parts, power transformers, cables, EV chargers)
• Capital goods: about 16% (pressure vessels, reactors, heat exchangers, refinery and boiler parts, steel structures)
• Precision products: about 15% (laptops, TVs, circuit boards, earbuds and smartwatches, machined and moulded parts)

Energy is clearly the big one. Zerodha also points out how asset-light the model is. About 80% of FY26 revenue came from products made by third-party suppliers, and about 80% of FY26 manufacturing revenue came from customers who had bought before. The manufacturing order book was about ₹13,062 crore on 30 June 2026, roughly 1.4× FY26 manufacturing revenue. Mint separately quotes management saying 85–90% of revenue comes from repeat customers, who on average spend 130% more than the year before. Treat that as an interview claim. It isn’t a line in the restated financials.

Restated financials: sales growing fast, losses still heavy

The figures below come from the abridged prospectus summary of restated consolidated financial information. The filing reports in ₹ million, and we’ve converted to crore (million ÷ 10). Unless we say otherwise, revenue and loss mean the consolidated totals for the period, not any one segment.

Run the year-on-year numbers and revenue from operations went up about 40.4%, from ₹11,331.86 crore in FY25 to ₹15,913.32 crore in FY26. Mint and Kotak Neo round it to 40% / 40.4% and ₹15,913 crore. Adjusted EBITDA went from ₹322.59 crore in FY25 to ₹421.34 crore in FY26. But the restated loss for the year got much wider, to about ₹1,606 crore in FY26 from about ₹371 crore in FY25. Mint and The Economic Times reported the same loss from the UDRHP/RHP.

The June quarter looks better. Revenue from operations rose from ₹2,649.44 crore in the three months to 30 June 2025 to ₹4,117.88 crore in the same period of 2026, about 55.4%, which matches Kotak Neo’s 55.4% and ₹4,117.9 crore. The restated loss came down from about ₹1,368 crore to about ₹733 crore.

One thing to be clear about with Adjusted EBITDA. The abridged prospectus builds it by starting from the loss from continuing operations and adding back total tax expense/(credit), depreciation and amortisation and the other adjustments listed in its footnotes. So the ₹421 crore for FY26 is a non-GAAP measure. It doesn’t mean the company made a statutory profit.

Fast top-line growth and rising Adjusted EBITDA sit beside multi-year restated losses. For IPO screening, separate the growth story from the still-negative bottom line and the large OFS.

Where the fresh issue money goes

Only the fresh-issue proceeds reach the company. Here’s how they’re earmarked, taken from the abridged prospectus objects table (in ₹ million) and Zerodha’s crore version of the same RHP objects:

• Repaying or prepaying the company’s own borrowings: ₹13,000 million = ₹1,300 crore (about 45.94% of the ₹2,830 crore fresh issue, per Zerodha’s utilisation table)
• Repaying or prepaying certain borrowings of named subsidiaries (by investing in those subsidiaries): ₹8,600 million = ₹860 crore (about 30.39%)
• Inorganic growth through acquisitions not yet identified, plus general corporate purposes: up to ₹670 crore (about 23.67%). The RHP caps general corporate purposes and unidentified acquisitions together at 35% of Gross Proceeds, and neither can go above 25% of Gross Proceeds on its own.

The subsidiaries named in the objects table are Sharp Tanks and Structurals Private Limited, Terra91 International Private Limited, Smile Electronics Limited, Kryfs Power Components Limited, Kryfs Transformers Private Limited, Unimacts Global, LLC, Zetwerk Manufacturing SG Pte. Ltd., Zap91 Solar India Private Limited and Zet Town India Private Limited. Mint sums it up as about ₹2,160 crore of fresh money for paying down debt (₹1,300 + ₹860), with the rest for acquisitions and general purposes. That lines up with the filing.

The risks worth reading twice

Read the full risk-factors section in the RHP before you bid. The points Zerodha highlights on its Zetwerk page, taken from the filing and in line with how the abridged prospectus frames its risks, are these:

• Ongoing losses and weak cash flow: every period in the summary table above shows a restated loss, and Zerodha notes operating cash flow was negative in every year presented.
• Reliance on suppliers: a big chunk of revenue is delivered through third-party manufacturers, so quality, capacity or supply trouble at their end can delay deliveries.
• Customer concentration: per Zerodha, the top 10 customers went from 22% of revenue in FY24 to 36% in FY26. The abridged prospectus also gives the top-5 customer shares for each period.
• Geopolitics and tariffs in overseas markets, which Zerodha says make up a meaningful part of manufacturing revenue.
• Pending legal cases that could go against the company.
• The civil infrastructure exit: Mint reports that Zetwerk has written off and shut down its non-core civil infrastructure business. For the June-end period it cited assets held for sale of about ₹810 crore and related liabilities of about ₹1,347 crore. Those are Mint’s June figures based on the filing narrative, and they don’t tell you what a sale would actually fetch.

Then there’s the retail quota. Because this is a Regulation 6(2) issue, retail is capped at not more than 10% of the Net Offer. Plenty of Regulation 6(1) mainboard IPOs set aside about 35% for retail. That hurts your allotment odds. It says nothing either way about the business itself.

Applying, checking allotment and listing day

Retail and other non-anchor investors bid through ASBA, and eligible bidders can use UPI. A quick checklist:

• Find the issue in your broker’s IPO list (Zerodha’s page is handy for checking the schedule) and keep your bid inside the ₹143–₹151 band.
• Bid in lots of 99 shares, and if you’re using UPI, approve the mandate by 5:00 pm IST on 19 October 2026.
• Allotment should come around 21 October, refunds and credit around 22 October and listing around 23 October 2026. Zerodha marks these tentative until the exchanges confirm.
• Check your allotment on the registrar’s (KFin) site and on the NSE/BSE allotment tools. Our allotment checklist shows the usual screens.

It’s a busy week, too. IPOJi’s weekly round-up notes that Zetwerk is one of four mainboard IPOs open between 15–19 October 2026, alongside Tonbo Imaging, Sahajanand Medical Technologies and Bonfiglioli Transmissions. Expect crowded subscription screens and money spread thin across the names.

Our read on the Zetwerk issue

This is one of the bigger manufacturing-platform listings of the season: about ₹5,012 crore at ₹143–₹151, with roughly 56% of the upper-band size coming in as fresh capital (₹2,830 crore) and the rest as OFS. Most of the fresh money goes to cutting debt, with ₹2,160 crore set aside for repayments at the company and its subsidiaries. That’s not a pure growth raise. On one hand, revenue grew about 40% in FY26 and Adjusted EBITDA is rising. On the other, there’s a restated FY26 loss of about ₹1,606 crore, and the Regulation 6(2) structure leaves retail with not more than 10% of the Net Offer.

For process and portfolio context, pair this issue note with the IPO investing in India pillar and track listing-day tape on Stock Market Today India. None of the figures or dates above is investment advice; they are a source-linked summary of the RHP and matching broker/media pages fetched for this article.