Zetwerk Manufacturing Businesses has fixed a price band of ₹143 to ₹151 per share for its ₹5,012.3 crore IPO, which opens on October 15. At the upper end, the offer values the company at about ₹25,583 crore.
Zetwerk IPO Dates, Price Band and Issue Terms
Zetwerk Manufacturing Businesses set out the terms in company disclosures on Monday, October 12. The public issue opens for subscription on October 15 and closes on October 19, while anchor investors can bid on October 14. The table below sets out the key terms reported so far.
| Detail | Zetwerk IPO |
| Price band | ₹143 to ₹151 per share |
| Issue size | ₹5,012.3 crore |
| Anchor bidding | October 14 |
| Subscription window | October 15 to October 19 |
| Expected allotment | October 21 |
| Expected listing | October 23 on BSE and NSE |
| Valuation at upper band | ₹25,583 crore (about $2.64 billion) |
| Reservation | 75% institutional, 15% non-institutional, 10% retail |
| Minimum retail bid | 99 shares, about ₹14,949 at ₹151 |
| Employee discount | ₹14 per share |
Shares for allottees are expected to be credited to demat accounts on October 22. Investors who do not yet hold a demat account need one before they can bid, so that step is worth completing well ahead of the October 19 close.
How the ₹5,012.3 Crore Splits Between New Shares and a Sale
The Zetwerk IPO combines a fresh issue and an offer for sale. The fresh issue is worth up to ₹2,830 crore, and the offer for sale covers 144.53 million shares, valued at about ₹2,182.3 crore at the top of the price band.
Fresh shares make up about 56% of the total offer, and the sale of existing shares makes up the remaining 44%. Money from the fresh issue goes to Zetwerk, while money from the offer for sale goes to the selling shareholders. Zetwerk plans to use ₹1,300 crore from the fresh issue to repay or prepay borrowings.
The sellers include promoters Amrit Pratik Acharya and Srinath Ramakkrushnan, along with Creovate Innovation, who are together selling 51.4 million shares. Early investors Peak XV Partners, Lightspeed Venture Partners and Accel India are among the other selling shareholders.
Zetwerk’s Latest Financials Before the Offer
Zetwerk reported revenue from operations of ₹4,118 crore for the April to June quarter. That was more than 55% higher than a year earlier.
The company’s restated loss from continuing operations stood at ₹64.129 crore in the same quarter. A year earlier, the loss was ₹881 crore, so the quarterly loss has narrowed sharply.
Zetwerk describes itself as a technology-driven manufacturing platform. Its customers include wind turbine maker Siemens Gamesa, computer hardware company Acer India, the Indian Air Force and NTPC Renewable Energy.
Eight Other Public Issues Open in the Same Week
Zetwerk is one of nine IPOs scheduled for the week beginning October 12. Together they aim to raise ₹10,506 crore, made up of ₹10,288 crore from six mainboard issues and ₹218 crore from SME issues, according to Kotak Neo’s IPO calendar.
Zetwerk is the largest by size, with the other eight listed below.
| Company | Segment | Issue size | Price band | Opens |
| HD Fire Protect | Mainboard | ₹712.3 crore | ₹258 to ₹271 | October 13 |
| Fusion CX | Mainboard | ₹702 crore | ₹275 to ₹289 | October 14 |
| Bonfiglioli Transmissions | Mainboard | ₹2,533.6 crore | ₹558 to ₹586 | October 15 |
| Tonbo Imaging India | Mainboard | ₹852 crore | ₹665 to ₹700 | October 15 |
| Sahajanand Medical Technologies | Mainboard | ₹475.5 crore | ₹327 to ₹344 | October 15 |
| Ravita Engineering Services | SME | ₹116.05 crore | ₹105 to ₹112 | October 13 |
| Vaibhav Vyapaar | SME | ₹42.1 crore | ₹51 to ₹54 | October 13 |
| Shellz India | SME | ₹60 crore | ₹170 to ₹179 | October 15 |
October 15 is the busiest day on the calendar, with five issues opening for subscription, Zetwerk among them. HD Fire Protect is the first mainboard issue of the week, opening on October 13.
Also Read: Mutual Fund AUM Rises 4.9% to Record ₹87.2 Lakh Crore in Q2
Where Zetwerk Sits in India’s 2026 IPO Fundraising
India’s primary market has been active this year. More than 230 companies had raised $12.65 billion in India as of October 7, which is 8.3% more than in the same period last year, according to LSEG data cited by Reuters.
The Zetwerk offer also arrives ahead of a much larger one. Jio Platforms is expected to launch what could be the country’s largest-ever IPO on October 21, according to Reuters.
For investors tracking the primary market, the sequence for the next two weeks is therefore clear. Smaller mainboard issues and Zetwerk come first, and Jio Platforms follows in the third week of October.
