Zetwerk to Launch Rs 5,012-Crore IPO on October 15, Price Band Set at Rs 143-151

Zetwerk Manufacturing Business Ltd will launch its Rs 5,012-crore initial public offering (IPO) on October 15, with the price band fixed at Rs 143-151 per share. The issue will close on October 19, while bidding for anchor investors will begin on October 14.

According to the company’s announcement on Monday, the IPO comprises a fresh issue of shares worth Rs 2,830 crore and an offer for sale (OFS) of 14.45 crore equity shares by existing shareholders. At the upper end of the price band, the OFS is valued at Rs 2,182 crore.

Promoters Amrit Pratik Acharya and Srinath Ramakkrushnan, along with promoter group entity Creovate Innovation, are among those selling shares. Existing investors, including Peak XV, Accel, Lightspeed and Kae Capital, will also offload stakes through the OFS. Zetwerk plans to utilise the proceeds from the fresh issue to repay debt of the company and its subsidiaries. Funds will also be allocated for potential acquisitions and general corporate purposes.

Founded in 2018, the company was established by Acharya, Ramakkrushnan, Vishal Chaudhary, Ankit Fatehpuria and Rahul Sharma. Its operations span several sectors, including renewable energy, electronics, aerospace, defence, artificial intelligence infrastructure, oil and gas, and industrial automation.

The company operates 26 owned manufacturing facilities across India, the United States, Germany and Spain, besides working with third-party suppliers in multiple countries. Its customers include Siemens Gamesa, Acer India, CG Power, NTPC Renewable Energy, L&T MHI Power Boiler, DRDO, the Indian Air Force and Numaligarh Refinery Ltd.

Backed by investors such as Khosla Ventures, Baillie Gifford, Rakesh Gangwal, Accel, Peak XV and Lightspeed, Zetwerk operates two key businesses: Manufacturing Business and Ecosystem Business, branded Terra91. It discontinued its civil infrastructure business in FY26 as part of a strategic realignment.

The shares are proposed to be listed on the BSE and NSE on October 23. Kotak Mahindra Capital Company, Morgan Stanley India Company, Goldman Sachs (India) Securities, Avendus Capital, JM Financial, HSBC Securities and Capital Markets, and Pantomath Capital Advisors are the book-running lead managers. KFin Technologies is the registrar to the issue.