Zetwerk

Manufacturing · Industrials · Marketplace

IPO

Zetwerk sets price band for $518M IPO opening October 15

The contract manufacturer posted a wider loss even as revenue jumped 40% in FY26, testing demand for industrial-platform IPOs.

• Zetwerk Manufacturing Business set a price band of Rs 143-151 per share for its Rs 5,012 crore (about $518M) IPO, opening October 15 and closing October 19, with listing slated for October 23.
• Founded in 2018, Zetwerk runs a tech-enabled manufacturing platform connecting enterprise buyers with contract manufacturers across renewable energy, electronics, aerospace, defence and industrial automation.
• The offer comprises a Rs 2,830 crore fresh issue and a Rs 2,182 crore offer-for-sale of 14.45 crore shares by promoters and investors including Peak XV, Accel, Lightspeed and Kae Capital.
• Zetwerk will use Rs 2,160 crore of the fresh issue proceeds to repay debt at the company and nine subsidiaries, with the remainder earmarked for acquisitions and general corporate purposes.
• The company discontinued its civil infrastructure business in FY26 as part of a strategic realignment, sharpening focus on contract manufacturing and its Terra91 ecosystem arm.
• At the top of the price band, Zetwerk is valued at roughly Rs 25,583 crore (about $2.7B), even as FY26 revenue rose 40% to Rs 15,913 crore while losses widened and return on net worth stayed negative.
• The listing is a test case for India's asset-heavy manufacturing roll-ups going public while still unprofitable, a signal for other industrial-platform startups weighing IPOs.