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Zetwerk Manufacturing Businesses Limited
Minimum investment
Bidding date
15 Oct - 19 Oct 2026
Price range
₹143 - ₹151
Minimum quantity
99
Minimum investment
₹14,157
Issue size
₹5,012 Cr.
IPO doc (link)
RHP docsListing exchange
NSE/BSE
Total Issue Size:
₹5,012 Crore
Fresh Issue: 56% (₹2,830 Cr)
OFS: 44% (₹2,182 Cr)
Fresh Issue – ₹2,830 Crore
Offer for Sale – ₹2,182 Crore
Before Issue: 15.86%
After Issue: 11.36%
Lock-in / Stabilization | Timeline |
|---|---|
Minimum Promoters’ Contribution (20% of post-IPO equity share capital) | 18 months from the date of allotment |
Promoters’ Shareholding Above the Minimum Contribution | 6 months from the date of allotment |
Note: Retail IPO investors have no lock-in and can sell shares from the listing day.
Category | Subscription |
|---|---|
Qualified Institutional Buyers | 0.13x |
Retail Individual Investor | 0.17x |
Non-Institutional Investor | 0.05x |
Others | - |
Total | 0.12x |
Zetwerk Manufacturing Businesses Ltd. is a technology-led manufacturing platform incorporated in 2017. The company connects businesses with a global network of manufacturing partners to fulfil customised and large-scale production requirements. Its operations span multiple industries, including consumer electronics, renewable energy, aerospace and defence, oil and gas, industrial automation, and artificial intelligence infrastructure. By coordinating manufacturing requirements through its platform, the company helps customers manage different stages of production, from design and supplier selection to quality control and logistics.
The company follows an asset-light business model supported by its proprietary technology platform, Zetwerk OS, which provides visibility and coordination across the manufacturing lifecycle. Its operations extend to more than 25 countries, supported by a network of over 10,000 suppliers and more than 1,100 customers, including Fortune 500 companies. Zetwerk also operates over 20 manufacturing facilities across India, the United States, and Mexico. During FY2026, the company served 1,802 customers across domestic and international markets.
Zetwerk's business model focuses on serving multiple industrial sectors rather than depending on a single end market. The company aims to support customers with scalable manufacturing capabilities, quality management, and coordinated supply chains. Its IPO comprises a fresh issue and an offer for sale, with the fresh issue proceeds intended to support debt repayment, potential acquisitions, and general corporate purposes. However, investors should also consider the company's reported losses and borrowing levels while evaluating its financial position and future growth prospects.
Broad Manufacturing Capabilities: Zetwerk's ability to coordinate different manufacturing requirements across industrial and consumer product categories gives it access to varied business opportunities. This capability may help it serve customers whose production needs change over time.
Integrated Service Offering: The company coordinates several stages of the manufacturing process rather than focusing only on supplier discovery. Bringing design, production coordination, quality checks, and logistics together can simplify procurement for customers managing complex manufacturing projects.
Relationships with Large Enterprises: Zetwerk's customer network includes Fortune 500 companies. Established enterprise relationships can create opportunities for repeat orders, although actual revenue visibility depends on contract terms, order volumes, and customer retention.
International Manufacturing Infrastructure: Its facilities across India, the United States, and Mexico provide a physical operating presence in multiple markets. This infrastructure may support regional manufacturing requirements and customer servicing.
Widening Net Losses: The company's net loss increased from Rs. 370.71 crore in FY2025 to Rs. 1,606.17 crore in FY2026. Investors should examine the underlying reasons for this deterioration and whether the business can improve its margins and control expenses.
Working Capital Requirements: Managing manufacturing orders across suppliers and customers can create timing differences between payments, production expenses, and collections. Inefficient working capital management could put pressure on liquidity and cash flows.
Quality Control Across Suppliers: A distributed manufacturing network creates challenges in maintaining consistent product quality and delivery standards. Any significant quality issue or failure to meet customer specifications could affect the company's reputation and business relationships.
Exposure to Global Operations: Operating across multiple countries exposes the business to changes in trade policies, tariffs, regulatory requirements, currency movements, and international logistics costs. Such factors may affect operating expenses and customer demand.
4 Cr.
Jun'26
-732.98 Cr.
Jun'26
103.16 Cr.
Jun'26
57 investors voted
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