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â‚ą151 - 151Day cells show that day's addition; Now is the running total. Amounts at the upper price band.
Zetwerk Manufacturing Businesses Ltd
Mining & Mineral productsIPO
â‚ą151 - 151
Zetwerk operates as a technology-led contract manufacturer and industrial procurement platform across energy, precision equipment, and capital goods, running an asset-light network of 6,979 third-party suppliers and 26 owned plants through its proprietary operating software. By contracting directly as a principal and splitting single orders across multiple independent workshops in parallel, it acts as an aggregation layer that compresses industrial manufacturing lead times without absorbing the fixed capital costs of heavy machinery.
Lot99Min Investâ‚ą14,949Face Valueâ‚ą1Issue Sizeâ‚ą5,012 CrFresh Issueâ‚ą2,830 CrOffer for Saleâ‚ą2,182 Cr
Timeline
15 Oct
Bidding opens
19 Oct
Bidding closes
21 Oct
Allotment
22 Oct
Refund & demat credit
23 Oct
Listing
Subscription · As of 7:22 PM, 19 Oct
Demand by day
CategoryDay 1Day 2Day 5Now+0.30x+0.07x+4.36x4.73x+0.09x+0.08x+1.24x1.40x+0.22x+0.14x+0.38x0.73xOverall+0.23x+0.08x+2.75x3.06x
Shares & amount
CategorySubscriptionShares OfferedShares BidAmt â‚ą CrQIB4.73x23.53 Cr111.36 Cr16,815.04NII1.40x4.71 Cr6.59 Cr995.79Retail0.73x3.14 Cr2.30 Cr347.73Total3.06x33.19 Cr101.57 Cr14,983.93
Reports
Offer Details
Terms
Issue Sizeâ‚ą5,012 Cr33.19 Cr shares
Fresh Issueâ‚ą2,830 Cr
Offer for Saleâ‚ą2,182 Cr
Face Valueâ‚ą1
Lot Size99 shares
ReservationQIB 75% · NII 15% · RETAIL 10%
Application Sizes
Retailâ‚ą14,9491-13 lots
sNIIâ‚ą2,09,286from 14 lots
bNIIâ‚ą10,01,583from 67 lots
Managers & Registrar
Lead ManagerKotak Mahindra Capital Company Limited
Co-ManagerMorgan Stanley India Company Private Limited, Goldman Sachs (India) Securities Private Limited, Avendus Capital Private Limited, JM Financial Limited, HSBC Securities & Capital Markets (India) Pvt Ltd, Pantomath Capital Advisors Private Limited
RegistrarKFin Technologies Ltd
Ownership & Proceeds
Offer for Sale
Selling ShareholderShares OfferedAmt â‚ą CrAmrit Pratik AcharyaPRMTR1,42,30,672214.88Srinath RamakkrushnanPRMTR1,42,30,672214.88Creovate Innovation Private LimitedPRMTR2,29,74,820346.92Peak XV Partners Investments V (Formerly known as SCI Investments V)OTH1,76,11,820265.94Lightspeed Venture Partners Select IV MauritiusOTH1,35,29,722204.30Kae Capital Fund IIOTH1,25,70,262189.81Accel India V (Mauritius) LimitedOTH1,20,16,622181.45Lightspeed India Partners II, LLCOTH1,15,97,361175.12Peak XV Partners Growth Investments III (Formerly known as SCI Growth Investments III)OTH57,97,57987.54Kalysta Capital Fund II (Mauritius)OTH41,90,10563.27Lightspeed India Partners III, LLCOTH31,45,60347.50Saifuddin Fakhruddin QureishiOTH28,57,56543.15Matthew Harris ArnoldOTH24,42,73836.89Subbiah VellayanOTH4,09,1826.18A. VenkatachalamOTH4,08,4696.17Shivraj Singh Kandhari (Guardian, Bikramjit Singh Kandhari)OTH1000.00Andrew Richard WoglomOTH2,56,6303.88Cem Garih NahmiyasOTH86,1291.30Nitin MahajanOTH83,1671.26Daniel Robert BacheletOTH71,2861.08Rahul SharmaOTH17,14,53925.89Vishal ChaudharyOTH17,14,53925.89Ankit FatehpuriaOTH22,86,05234.52Total14,42,25,6342,177.81
Shareholding
CategoryPre IPOPost IPOPromoter Group20.66%15.72%Public79.34%84.28%
Objects of the Issue
- Repayment/prepayment, in part or full, of certain of or all of borrowings availed by the Company
- Certain of the company Subsidiaries
- Funding inorganic growth through unidentified acquisitions and other strategic acquisitions, and general corporate purposes
Anchor Book
Bid Date14-Oct-2026Bid Priceâ‚ą151Shares14,90,88,220Amountâ‚ą2,251 CrMutual Funds45.62% of the book30-day lock-in19-Nov-202690-day lock-in18-Jan-2027
Financials
Profit & Loss
| Financial Year | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| RevenueCr | 4,964 | 11,449 | 12,364 | 11,332 | 15,913 |
| Operating ProfitCr | -38 | 76 | 22 | 278 | 335 |
| OPM% | -0.8 | 0.7 | 0.2 | 2.5 | 2.1 |
| PBTCr | -84 | -110 | -798 | -205 | -916 |
| PATCr | -60 | -102 | -853 | -215 | -964 |
| EPS | -5,740 | -2 | -5 | -2 | -11 |
Balance Sheet
| Financial Year | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Equity CapitalCr | 0 | 11 | 11 | 11 | 11 |
| ReservesCr | 3,790 | 3,785 | 4,025 | 4,355 | -516 |
| BorrowingsCr | 810 | 1,050 | 1,402 | 1,999 | 2,338 |
| Total AssetsCr | 7,004 | 9,001 | 10,331 | 10,355 | 13,385 |
Cash Flow
| Financial Year | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Operating Cash FlowCr | -805 | 18 | -282 | -386 | -682 |
| Investing Cash FlowCr | -1,423 | 168 | -622 | -148 | -394 |
| Financing Cash FlowCr | 3,041 | -362 | 763 | 151 | 1,789 |
| Net Cash FlowCr | 814 | -176 | -140 | -384 | 714 |
Strengths & Risks
Strengths · as stated in the DRHP
- Our unique business model enables us to serve multiple demand pools and makes us resilient across economic cycles
- Ability to scale in a capital-efficient manner.
- Zetwerk OS, our proprietary technology enables end-to-end workflow management across the manufacturing lifecycle while driving powerful network effects across our operations.
- Deep relationships with customers driving higher revenue visibility and stickiness.
- Ability to add value-additive ecosystem services to our manufacturing platform.
- Experienced, cycle-tested management team backed by an experienced board of directors.
Strategies · as stated in the DRHP
- Increase wallet share with customers
- Gain customers in rapidly expanding industries
- Continue to diversify into new industries ahead of demand inflections
- Continue to expand geographically
- Increase design-led manufacturing and original design manufacturing
- Expand and deepen our supplier network.
Risks · as stated in the DRHP
- The company incurred a restated loss for the period/year from continuing operations of Rs.641.29 million, Rs.8,806.65 million, Rs.9,643.93 million, Rs.2,150.69 million and Rs.8,525.31 million for the three months periods ended June 30, 2026 and June 30, 2025 and Fiscals 2026, 2025 and 2024, respectively, and certain of its Subsidiaries have incurred losses in the past. Any similar losses in the future may adversely affect the company's business, financial condition and cash flows.
- The company relies on third-party suppliers for manufacturing and raw materials, and exposure to price volatility, capacity and quality issues, supply disruptions, and trade and foreign exchange risks could adversely affect the company's business, financial condition, cash flows, results of operations and prospects.
- The company is dependent on the performance of the industries its customers operates in, including renewables, artificial intelligence infrastructure, oil & gas, consumer electronics, and defence & aerospace industries, and a downturn in any of these industries could adversely affect the company's business.
- The company's revenue from operations - continuing operations from India accounted for 83.53%, 77.29%, 82.54%, 79.41% and 75.43% and its revenue from operations - continuing operations from the USA accounted for 12.77%, 20.44%, 14.33%, 19.09% and 21.54% of the company's revenue from operations - continuing operations for the three months periods ended June 30, 2026 and June 30, 2025 and Fiscals 2026, 2025 and 2024, respectively, each based on Ind AS 108 Operating Segments. Any adverse economic or regulatory changes that negatively affect the demand for its products in India and the USA could adversely affect the company's business, financial condition, cash flows and results of operations.
- The company's top 10 suppliers contributed 40.71%, 37.59%, 38.18%, 39.59% and 36.87% of its total expenses for continuing operations for the three months periods ended June 30, 2026 and June 30, 2025 and Fiscals 2026, 2025 and 2024, respectively. Any disruption in the supply or quality from these suppliers could adversely affect the company's business, results of operations, financial condition, cash flows, and reputation.
- The company's statutory auditors have included certain emphasis of matters and modifications under the section "Report on Other Legal and Regulatory Requirements" in their auditor reports in the three months periods ended June 30, 2026 and June 30, 2025 and Fiscals 2026, 2025 and 2024.