ZETWERK | ₹5,012 Cr IPO (Price Band ₹143–151)

Founders: Amrit Acharya (CEO), Srinath Ramakkrushnan (COO), Vishal Chaudhary, Ankit Fatehpuria, Rahul Sharma

Founded: 2018

HQ: Bengaluru

Sector: Manufacturing / Industrial Tech

What they do

→ Runs a technology-led manufacturing platform connecting businesses with its own facilities and third-party suppliers

→ Serves sectors including energy, electronics, aerospace, defence and industrial automation

→ Zetwerk OS coordinates a single order across multiple manufacturing facilities

→ FY26 revenue of ₹15,913 Cr, up 40% from ₹11,332 Cr

The IPO

→ Price band ₹143–151 per share; ~₹25,583 Cr valuation at the upper end

→ Opens Oct 15, closes Oct 19; anchor book Oct 14; listing on BSE and NSE on Oct 23

→ ₹2,830 Cr fresh issue (up from ₹2,600 Cr) plus an OFS of 14.45 Cr shares (~₹2,182 Cr)

→ Sellers include promoters Amrit Acharya and Srinath Ramakkrushnan, Creovate Innovation, Lightspeed, Peak XV and Accel

→ 75% QIB, 15% NII, 10% retail

Why it matters

→ ₹1,300 Cr of the fresh issue goes to repay company borrowings, plus ₹860 Cr for debt at nine subsidiaries

→ The balance funds acquisitions, strategic investments and general corporate purposes

→ Adjusted EBITDA rose to ₹421 Cr in FY26 from ₹97 Cr in FY24; adjusted PBT turned positive at ₹45.7 Cr

→ But the reported FY26 net loss widened to ₹1,606 Cr on one-time non-cash charges and an impairment from a discontinued business

Can India’s biggest tech-led manufacturing platform turn scale into profit once the debt is cleared?