BENGALURU — Zetwerk Manufacturing Businesses has filed for an initial public offering that values the contract manufacturing platform at ₹25,583 crore (about $2.64 billion), setting the stage for one of the largest IPOs of the current festive-season pipeline. The ₹5,012 crore (about $518 million) issue opens for public subscription on Thursday, October 15, and closes on Monday, October 19, according to a company filing dated October 12, 2026. Anchor bidding opens a day earlier, on October 14.
The company has fixed the price band at ₹143 to ₹151 per share. At the upper end of the band, the implied market capitalisation comes in at nearly ₹26,000 crore, placing Zetwerk among the most richly valued manufacturing-services listings India has seen. The issue comprises a fresh issue of shares worth up to ₹2,830 crore and an offer for sale of 144.53 million shares by promoters and existing investors.
The selling shareholders read like a roll call of marquee venture capital. Peak XV Partners, Accel India and Lightspeed Venture Partners are among the investors paring their stakes, while promoters Amrit Pratik Acharya, Srinath Ramakkrushnan and Creovate Innovation are together selling 51.4 million shares in the offer for sale.
The IPO follows the standard reservation structure for a book-built issue of this size: 75 per cent of the shares are reserved for qualified institutional buyers, 15 per cent for non-institutional investors and 10 per cent for retail investors. A single lot is 99 shares, which means the minimum retail investment works out to ₹14,949 at the upper price band. Eligible employees will receive a discount of ₹14 per share on the final issue price.
The timetable moves quickly after subscription closes. Share allotment is expected on October 21 — a day later than usual because October 20 is a market holiday for Dussehra — followed by demat credit on October 22. The stock is scheduled to list on the BSE and NSE on Friday, October 23.
The listing pitch rests on strong recent growth. For the April-June quarter, Zetwerk reported revenue from operations of ₹4,118 crore, up more than 55 per cent year-on-year. Its restated loss narrowed sharply to ₹641.29 million from ₹881 crore in the year-ago period, signalling a turn towards profitability even as the company continues to scale.
Zetwerk runs a marketplace-led manufacturing platform, outsourcing production across fabrication, precision machining, electronics and other categories to a network of partner factories. Its customer list includes Siemens Gamesa, Acer India, the Indian Air Force and NTPC Renewable Energy, underscoring demand from both industry and the defence and renewables segments.
A heavyweight banking syndicate will manage the issue, with Kotak, Morgan Stanley, Goldman Sachs, Avendus, JM Financial, HSBC and Pantomath appointed as lead managers and KFin Technologies acting as registrar. Market participants will watch subscription numbers closely: a strong book would cap an already blockbuster IPO season and mark a rare public-market debut for a venture-backed Indian manufacturing platform.
