Zetwerk sets Rs 143-151 band for Rs 5,012 crore IPO opening Oct 15
Zetwerk Manufacturing Businesses has set a Rs 143-151 price band for its Rs 5,012.33 crore IPO, which opens on October 15 and closes on October 19, per the RHP filed with SEBI.
The Development
Zetwerk Manufacturing Businesses Limited has set a price band of Rs 143 to Rs 151 per equity share for its initial public offering, which opens on Thursday, October 15, 2026 and closes on Monday, October 19, 2026, as reported by The Economic Times. Anchor investor bidding is scheduled for Wednesday, October 14, 2026, per the company's red herring prospectus. At the upper end of the band the issue aggregates to about Rs 5,012.33 crore, among the larger mainboard offers of the current calendar.
This is the Bengaluru-based company's first sale of shares to the public. Its red herring prospectus, dated October 11, 2026, was filed with the Registrar of Companies, Karnataka at Bengaluru, and the RHP is recorded in SEBI's public-issues filings dated October 13, 2026. The RHP states the shares are proposed to list on both BSE Limited and the National Stock Exchange of India, with the NSE as the designated stock exchange. The band and dates mark the RHP stage, following the company's receipt of SEBI observations on its draft offer document.
The Company
Zetwerk Manufacturing Businesses Limited, formerly Zetwerk Manufacturing Businesses Private Limited, describes itself in the RHP as "a technology-led, asset-light manufacturing platform for industrial and consumer goods". It aggregates manufacturing capacity across third-party suppliers and its own facilities into what the document calls a "universal factory", unified through a proprietary technology backbone, Zetwerk OS. Its promoters are Amrit Pratik Acharya, who is also managing director, chairperson and chief executive officer, and Srinath Ramakkrushnan, the chief operating officer.
Per the RHP, the company runs two segments: a Manufacturing Business spanning Energy Products, Precision Products and Capital Goods, and an Ecosystem Business, branded Terra91, that sources industrial commodities. The company discloses customers across utilities, renewables, consumer electronics, AI infrastructure, aerospace, defence, oil and gas and industrial automation. In Fiscal 2026 it operated 26 own manufacturing facilities across India, Spain, Germany and the USA, with 6,979 third-party suppliers across 26 countries.
On the financials, the company discloses restated revenue from operations of Rs 15,913.32 crore in Fiscal 2026, against Rs 11,331.86 crore in Fiscal 2025 and Rs 12,364.37 crore in Fiscal 2024. It remained loss-making throughout: the RHP reports a restated loss for the year of Rs 1,606.17 crore in Fiscal 2026, Rs 370.71 crore in Fiscal 2025 and Rs 917.95 crore in Fiscal 2024. For the three months ended June 30, 2026, revenue was Rs 4,117.88 crore and the restated loss Rs 732.98 crore. Total borrowings stood at Rs 1,936.16 crore as of March 31, 2026.
The Offer Structure
The offer comprises a fresh issue of shares aggregating up to Rs 2,830 crore by the company and an offer for sale of up to 144,525,036 equity shares of face value Rs 1 each by selling shareholders, per the RHP. In an offer for sale the proceeds go to the selling shareholders, not the company. The price band works out to about Rs 5,012.33 crore at the cap price. The minimum bid lot and application amount are specified in the price band advertisement carried by the exchanges.
The selling shareholders named in the RHP include promoters Amrit Pratik Acharya and Srinath Ramakkrushnan, each offering up to 14,230,672 shares, promoter group entity Creovate Innovation Private Limited, and investor shareholders including Peak XV, Lightspeed, Kae Capital and Accel India V (Mauritius).
On the use of the fresh-issue proceeds, the RHP lists repayment or prepayment of the company's borrowings of up to Rs 1,300 crore, investment in certain subsidiaries towards their borrowings of up to Rs 860 crore, and funding inorganic growth through unidentified acquisitions and general corporate purposes. The book running lead managers are Kotak Mahindra Capital, Morgan Stanley India, Goldman Sachs (India) Securities, Avendus Capital, JM Financial, HSBC Securities and Capital Markets (India) and Pantomath Capital Advisors; the registrar is KFin Technologies Limited. Readers working through allotment arithmetic can use Oquilia's lumpsum calculator or CAGR calculator, and the Oquilia news desk carries prior primary-market coverage.
Risk Factors
The RHP sets out ten internal risk factors, and the first is financial: the company discloses that it incurred restated losses in each of the reported periods and that certain subsidiaries have also been loss-making. Among the operational risks, it discloses reliance on third-party suppliers for manufacturing and raw materials, where price volatility, supply disruptions and foreign exchange movements could adversely affect it.
The RHP also lists customer and supplier concentration. The company discloses that its top ten customers accounted for 35.90% of revenue from continuing operations in Fiscal 2026, and its top ten suppliers for 38.18% of total expenses. It flags dependence on customer industries such as renewables, AI infrastructure, oil and gas and defence and aerospace, and geographic concentration, with 82.54% of Fiscal 2026 revenue from India and 14.33% from the USA.
The company further discloses that its statutory auditors included certain emphasis-of-matter paragraphs and modifications in their reports for the periods presented. Among the remaining disclosed risks are strict performance and quality requirements, and the absence of firm, long-term purchase commitments with many customers, leaving it exposed to order reductions, cancellations or delays. These are the company's own disclosures, not an assessment by this desk.
What Happens Next
With the band and dates announced, the mechanics run as follows. Anchor investors bid on October 14, 2026, a day before the main book opens. The subscription window runs from October 15 to October 19, 2026, with the UPI mandate end time at 5 p.m. on the closing date, per the RHP. Applications across the institutional, non-institutional and retail categories are placed through the exchange platforms during that window.
After the book closes, the basis of allotment is finalised by the registrar in consultation with the designated stock exchange, followed by refunds or unblocking of application amounts and crediting of shares, then listing on the BSE and NSE. Category-wise subscription multiples, the allotment date and the eventual listing price will be confirmed by exchange data and notices.
FAQ
What is the price band and issue size?
The price band is Rs 143 to Rs 151 per equity share of face value Rs 1. The offer combines a fresh issue of up to Rs 2,830 crore by the company and an offer for sale of up to 144,525,036 shares by existing holders, aggregating to about Rs 5,012.33 crore at the upper end of the band, per the RHP and the exchange announcement.
When does the issue open and close?
Per the red herring prospectus, anchor bidding is on October 14, 2026, the issue opens on October 15 and closes on October 19, 2026, with the UPI mandate end time at 5 p.m. on the closing date. The shares are proposed to list on the BSE and NSE.
What do SEBI's observations mean?
SEBI's observations are clearance to proceed with the offer. They are not an approval of the issue's merits or an endorsement; SEBI does not guarantee the accuracy or adequacy of the RHP's contents, as the document itself states.
Where can I read the RHP?
The red herring prospectus is available on SEBI's website at sebi.gov.in under public-issues filings, and on the websites of the NSE and BSE and the lead managers. The abridged prospectus with the application form carries the salient features, including the full risk-factors section.
Should I apply for this IPO?
Oquilia does not make recommendations. This report is informational and is not investment advice or a recommendation to subscribe. The RHP, including the complete risk-factors section, is available on SEBI's website and the exchanges - read it directly before making any decision.
This report is based on the red herring prospectus filed with SEBI and the price band announcement for the issue. It was surfaced via coverage in The Economic Times.