Zetwerk IPO opens with a Rs 5,012.33 crore issue on October 15, 2026, providing investors with a chance to be a part of the public market debut of a technology-driven manufacturer. The issue will stay open till October 19, and will have a price range from Rs 143 to Rs 151 per share. 

Key Highlights

• Zetwerk IPO opened on October 15, with subscription closing on October 19, 2026.
• FY26 income rose 40.1%, but net losses widened to Rs 1,606.17 crore and borrowings increased.

The IPO comprises a fresh issue of Rs 2,830 crore and an offer for sale (OFS) worth Rs 2,182.33 crore. The proceeds from the fresh issue will be used by Zetwerk, and the proceeds from the issuance of OFS shares will be allocated to those shareholders that redeemed their existing shares.

Zetwerk IPO Price Band, Lot Size and Important Dates

Zetwerk has set the price band at Rs 143–151 per share and lot size at 99 shares. A minimum investment amount of Rs 14,949 per lot will be needed if the retail investor applies in the top half of the price band.

The IPO started on October 15 and will end on October 19, 2026. The basis of allotment is expected to be settled by October 21 and shares are likely to get allotted on the National Stock Exchange (NSE) and Bombay Stock Exchange (BSE) on October 23.

At least 75% of the net offer is reserved for qualified institutional buyers (QIBs), and no more than 10% of the net offer is reserved for retail individual investors, and no more than 15% of the net offer is reserved for non-institutional investors (NIIs).

Should You Subscribe to the Zetwerk IPO? Anil Singhvi's View

Market Expert Anil Singhvi has identified several positives supporting Zetwerk's business prospects. These include its technology-driven manufacturing model, professional promoters, established customer relationships and an order book of approximately Rs 13,000 crore. The company also serves reputed customers, including Fortune 500 companies.

Singhvi highlighted the growth in the company's total income and EBITDA in FY26. He also pointed to the proposed use of approximately Rs 2,160 crore from the IPO proceeds to repay or prepay borrowings, which could help lower interest expenses. Participation by established funds in the anchor investor book was another positive factor he cited.

However, Singhvi flagged two major concerns: Zetwerk continues to report net losses, even after adjustments, and its borrowings have increased compared with the previous year.

Singhvi said investors willing to take the risk could look at listing the company in the IPO for an exit and to invest for long-term gains as the company has shown confidence in the promoters and is moving towards profitability. Those who are more risk averse should proceed with caution and review their risk-management plan.

Zetwerk IPO Financials Show Revenue Growth and Higher Losses

Zetwerk reported total income of Rs 16,100.63 crore during FY26 as compared to Rs 11,492.23 crore in FY25, which is around 40.1% growth. EBITDA grew by Rs 100 crore (+31%) to Rs 421.34 crore compared to Rs 322.59 crore in the prior period.

In FY26, however, the company's net loss increased substantially to Rs 1606.17 crore as compared to Rs 370.71 crore in FY25. The total borrowings rose to Rs 1,936.16 crore from Rs 1,746.55 crore and reserves and surplus went into negative at Rs 15.96 crore.

For the quarter ending June 30, 2026, Zetwerk's total income was Rs 4,195.70 crore, while it was Rs 2,702.10 crore during the same period of the previous year. Its net loss came down to Rs 732.98 crore from Rs 1,368.47 crore, whereas the EBITDA stood at Rs 103.16 crore as compared to Rs 31.11 crore.

The financial results reveal improved revenue and quarterly EBITDA, while the widening annual loss and increase in borrowings are also significant factors for potential investors.

Zetwerk Business Model and Growth Opportunities

Zetwerk was established in 2017, and is a technology-driven manufacturing platform which brings industrial and consumer businesses together with manufacturing partners. Services offered are design, supplier matching, production co-ordinating, quality control, logistics.

The company operates in the renewable energy, utilities, consumer electronics, artificial intelligence infrastructure, aerospace and space and defence, oil and gas and industrial automation sectors. It has its own platform called Zetwerk OS, which provides coordination and visibility throughout the manufacturing lifecycle.

The company information given indicates that Zetwerk serves over 1,100 customers, has more than 10,000 suppliers, and is active in more than 25 countries. It has over 20 manufacturing facilities in India, US and Mexico.

The asset-light business model and the company's diversified industrial footprint provide growth potential, but the execution of the business, margins and working-capital management are still important considerations.

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Zetwerk IPO Risks and Use of Proceeds

The net proceeds of the fresh issue will be utilized to repay or pre-pay certain borrowings, pursue acquisitions and other strategic opportunities and to satisfy general corporate needs.

Main risks are ongoing negative earnings and increased debt levels and the uncertainty of when the company will become profitable. While high revenue growth and a good order book are good, they do not necessarily lead to positive cash flow and reliable earnings.

The valuation of the company at the upper end of the price band, the company's cash-flow position, cash-flow needs of the company and the risks outlined in the offer documents should also be considered by investors before they decide to invest.

The Zetwerk IPO is an opportunity to get access to a technology-driven manufacturing company who has substantial size and revenue growth. But, with its losses and borrowing at particular levels, the careful assessment of valuation and risk is essential. The offering comes amid a strong pipeline of public issues, with India's IPO pipeline reaching Rs 3.86 Lakh Crore, highlighting the scale of fundraising opportunities in the country’s primary market.