Zetwerk Manufacturing Business to launch ₹5,012-crore IPO on October 15; price band set at ₹143–151
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Zetwerk Manufacturing Business Ltd will launch its ₹5,012 crore initial public offering (IPO) on October 15 (Thursday), with a price band of ₹143–151 per share. The issue will close on October 19 while bidding for anchor investors will open on October 14, according to the company’s announcement on Monday.
The IPO comprises a fresh issue of shares worth ₹2,830 crore and an offer for sale (OFS) of 14.45 crore equity shares by existing shareholders. At the upper end of the price band, the OFS is valued at ₹2,182 crore, taking the total issue size to approximately ₹5,012 crore.
The company’s shares are proposed to be listed on the BSE and the National Stock Exchange (NSE) on October 23.
Promoters, early investors to sell shares
Promoters Amrit Pratik Acharya and Srinath Ramakkrushnan, along with promoter group entity Creovate Innovation, are among the shareholders participating in the OFS. Existing investors Peak XV, Accel, Lightspeed, and Kae Capital will also sell shares through the offer.
Zetwerk plans to use the proceeds from the fresh issue to repay debt at the company and its subsidiaries. The funds will also be allocated towards unidentified acquisitions and general corporate purposes.
Kotak Mahindra Capital Company, Morgan Stanley India Company, Goldman Sachs (India) Securities, Avendus Capital, JM Financial, HSBC Securities and Capital Markets (India) Pvt Ltd, and Pantomath Capital Advisors are the book-running lead managers to the issue. KFin Technologies is the registrar.
Manufacturing operations span multiple sectors
Founded in 2018 by Amrit Pratik Acharya, Srinath Ramakkrushnan, Vishal Chaudhary, Ankit Fatehpuria and Rahul Sharma, Zetwerk operates a technology-led manufacturing platform serving sectors such as renewable energy, electronics, aerospace, defence, AI infrastructure, oil and gas, and industrial automation.
The company has 26 owned manufacturing facilities across India, the US, Germany and Spain, in addition to working with third-party suppliers across multiple countries.
Its customers include Siemens Gamesa, Acer India, CG Power, NTPC Renewable Energy, L&T MHI Power Boiler, the Defence Research and Development Organisation (DRDO), the Indian Air Force and Numaligarh Refinery Ltd.
Zetwerk operates two key businesses; manufacturing business and ecosystem business, which is branded Terra91. The company discontinued its civil infrastructure business in FY26 as part of a strategic realignment.
Backed by global investors
Zetwerk counts Khosla Ventures, Baillie Gifford, Rakesh Gangwal, Accel, Peak XV and Lightspeed among its investors. The IPO will provide an opportunity for existing shareholders to partially monetise their holdings while enabling the company to raise fresh capital for debt repayment and other corporate requirements.