Mumbai: Zetwerk Manufacturing Business has fixed a price band of ₹143–151 per share for its ₹5,012 crore initial public offering, which opens on October 15. The technology-led manufacturing platform’s issue will close on October 19, with anchor investor bidding scheduled for October 14.
The shares are proposed to list on the BSE and NSE on October 23, according to the company’s public announcement.
Fresh Issue And Offer For Sale
The IPO combines a ₹2,830 crore fresh issue with an offer for sale of 14.45 crore shares by existing shareholders.
At the upper price of ₹151, the OFS is valued at approximately ₹2,182 crore, taking the offer to around ₹5,012 crore.
Promoters Amrit Pratik Acharya and Srinath Ramakkrushnan, along with promoter group entity Creovate Innovation, will sell shares. Peak XV, Accel, Lightspeed and Kae Capital are also participating sellers.
Debt Repayment And Acquisitions Planned
Zetwerk intends to use fresh issue proceeds to repay borrowings of the company and its subsidiaries.
Funds will support unidentified acquisitions and general corporate purposes. The fresh issue will provide capital to the business, while the OFS involves existing shareholders selling their holdings.
Manufacturing Across Multiple Sectors
Founded in 2018, Zetwerk operates across renewable energy, electronics, aerospace, defence, artificial intelligence infrastructure, oil and gas, and industrial automation.
Its founders include Acharya, Ramakkrushnan, Vishal Chaudhary, Ankit Fatehpuria and Rahul Sharma.
The company owns 26 manufacturing facilities across India, the United States, Germany and Spain, supplemented by third-party suppliers in multiple countries.
Its customers include Siemens Gamesa, Acer India, CG Power, NTPC Renewable Energy, DRDO, the Indian Air Force and Numaligarh Refinery.
Business Realignment And Issue Managers
Zetwerk operates a Manufacturing Business and an Ecosystem Business branded Terra91. It discontinued civil infrastructure operations in FY26 as part of its strategic realignment.
Kotak Mahindra Capital, Morgan Stanley, Goldman Sachs, Avendus, JM Financial, HSBC and Pantomath are the book-running lead managers.
KFin Technologies is the registrar for the public offering.
