Zetwerk Is Taking a ₹5,012 Cr Manufacturing Story to the Public Markets

Zetwerk Manufacturing Business has put numbers around one of India’s biggest startup IPOs of the year, setting a price band of ₹143–151 per share for a ₹5,012.3 crore public issue that will open for subscription on October 15.

At the upper end of the price band, the Bengaluru-based manufacturing platform is seeking a valuation of about ₹25,583 crore. The IPO includes a fresh issue worth ₹2,830 crore and an offer for sale of approximately ₹2,182.3 crore by existing shareholders. Subscription will close on October 19, with the stock expected to debut on exchanges on October 23.

A large portion of the fresh capital has already been earmarked. Zetwerk plans to use ₹2,160 crore to repay debt taken by the company and certain subsidiaries, while the remaining proceeds will support potential acquisitions and general corporate purposes. Peak XV Partners, Lightspeed Venture Partners, Accel India, Kae Capital and other shareholders are among those participating in the offer for sale.

Zetwerk operates an integrated manufacturing network combining its own facilities with third-party suppliers, coordinated through its proprietary Zetwerk OS platform. Its customer base spans utilities, renewable energy, electronics, AI infrastructure, aerospace, defence, oil and gas, and industrial automation.

The financial picture entering the IPO is mixed. FY26 revenue rose 40.4% to ₹15,913.3 crore, but net loss widened to ₹1,606.1 crore from ₹370.7 crore a year earlier. The April–June 2026 quarter showed a different direction: revenue jumped 55.4% year-on-year to ₹4,117.9 crore, while quarterly loss narrowed to ₹732.9 crore from ₹1,368.4 crore.

That makes Zetwerk’s IPO more than a scale story. Public-market investors will also be judging whether rapid manufacturing growth can eventually translate into a much cleaner bottom line.