Zetwerk Manufacturing Business IPO
Price Band
₹143 – ₹151
Lot Size
99
Minimum Bid Quantity
99
Minimum Investment
₹14949
Issue Size
₹5012Cr
Opens
2026-10-15
Closes
2026-10-19
Listing
23-10-2026
Subscription Status
Qualified Institutional Buyers
4.73 x
Non-Institutional Investor
1.4 x
Retail Individual Investor
0.72 x
Employees
1.59 x
Total
3.06 x
IPO Details
Issue Type
EQUITY
Face Value
₹1
Tick Size
1
ISIN
INE09PO01019
Pre-Apply Available
No
Daily Bidding Time
10:00:00 - 17:00:00
About the Company
Zetwerk Ltd is a technology-led manufacturing platform that serves industrial and consumer goods customers in India and international markets. The company aggregates manufacturing capacity through a network of third-party suppliers and its own facilities, supported by its proprietary technology platform, Zetwerk OS. Its customers operate across industries such as utilities, renewable energy, consumer electronics, artificial intelligence infrastructure, aerospace, space and defence, oil and gas, and industrial automation. The company offers access to manufacturing processes including sheet metal stamping, metal fabrication, injection moulding, extrusion, assembly, die casting, forging, grinding and machining. Its third-party supplier network spans several countries, including India, Vietnam, Thailand, Taiwan, Germany, Spain, Mexico and the USA. Zetwerk serves customers ranging from startups to established companies across various industries. Since its incorporation, the company has cumulatively delivered products and raw materials worth Rs 74,374.21 crore in gross merchandise value (GMV) to its customers. Use of proceeds: The IPO consists of both a fresh issue of shares and an offer for sale (OFS). Proceeds from the OFS will go to the respective selling shareholders, whereas the net proceeds from the fresh issue will be utilised for the following purposes: Repayment/prepayment, in part or full, of certain of or all of borrowings availed by: (a) the company; (b) certain of its subsidiaries, namely, (i) Sharp Tanks and Structurals Private Limited; (ii) Terra91 International Private Limited; (iii) Smile Electronics Limited; (iv) Kryfs Power Components Limited; (v) Kryfs Transformers Private Limited; (vi) Unimacts Global LLC; (vii) Zetwerk Manufacturing SG Pte. Ltd.; (viii) Zap91 Solar India Private Limited; and (ix) Zet Town India Private Limited through investments in such them — Rs 1,300 crore Funding inorganic growth through unidentified acquisitions and other strategic acquisitions, and general corporate purposes
Pros
- • In FY26, Zetwerk had a network of 6,979 third-party suppliers across 26 countries and 26 manufacturing facilities across four countries, including India. Its manufacturing capabilities cover multiple processes, allowing it to produce products ranging from individual components to complete assemblies and finished goods.
- • The company serves industries including utilities, renewable energy, electrical equipment, infrastructure, transportation, aerospace, defence, industrial automation and space technology. Its manufacturing business also caters to demand for both capital expenditure-related products and recurring operational components, reducing its dependence on a single industry or demand type.
- • Zetwerk operates its manufacturing platform through Zetwerk OS, its proprietary technology system. The platform covers enquiry management, supplier selection, design for manufacturing, order management, production planning, quality management, inventory tracking and logistics coordination across multiple suppliers and locations.
Cons
- • The company reported losses from continuing operations of Rs 964.39 crore in FY26, Rs 215.07 crore in FY25, and Rs 852.53 crore in FY24. It also reported losses from discontinued operations of Rs 641.78 crore in FY26, Rs 155.64 crore in FY25, and Rs 65.42 crore in FY24. If the company is unable to generate adequate revenue and manage its expenses, continued losses may adversely affect its financial condition, cash flows, and business operations.
- • The company relies on third-party suppliers for 80.46% of its combined Manufacturing and Ecosystem Business segment revenue in FY26, compared with 84.11% in FY25 and 96.51% in FY24. Its procurement arrangements are generally based on short-term purchase orders without fixed long-term commitments, while its just-in-time procurement model and limited buffer inventories increase its exposure to supply disruptions, quality issues and raw material price fluctuations. Any inability to secure supplies on acceptable terms or pass increased costs on to customers could adversely affect its business and profit margins.
- • The company’s top 10 suppliers accounted for expenses of Rs 6,163.12 crore in FY26, Rs 4,574.02 crore in FY25 and Rs 4,736.59 crore in FY24, representing 38.18%, 39.59% and 36.87% of its total expenses for continuing operations, respectively. Its supplier arrangements are primarily based on short-term purchase orders without fixed long-term commitments. Supply shortages, capacity constraints, labour unrest, natural disasters or quality issues could disrupt manufacturing and deliveries, increase costs, and adversely affect the company’s business, financial condition and reputation.
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