Zetwerk is a manufacturing platform based in Bengaluru. Zetwerk has set the price band at ₹143-₹151 per equity share for its terminal listing. The company plans to raise about ₹5,012 crore through this public issue. The offer price at the top end of the range stands at ₹151, indicating the value of the technology-driven manufacturing company close to ₹25,583 crore. The original public offering will officially begin accepting public subscriptions on October 15 and will close on October 19. The company will begin accepting anchor investors on October 14, and shares will be made available on the stock exchanges on October 23.

Capital utilization and selling shareholders

Zetwerk has raised a fresh issue size of ₹2,600 crore in its revised draft red herring prospectus submitted in August. The final offer structure includes an Offer for Sale made by existing investors and promoters and fresh equity shares issued by the public issue. 

Co-founder and promoter Amrit Pratik Acharya and Srinath Ramakkrushnan together, among the selling shareholders, will offer 1.42 crore equity shares each. As part of the transaction, up to 2.30 crore shares are to be sold by promoter group entity Creovate Innovation.

Net proceeds available from the fresh issue will be used for specific corporate purposes as described in the company’s offer documents. At the company level, invest primarily ₹1,300 crore of fresh issue proceeds to repay and prepay part or full term of existing borrowings from the corporate market. 

The additional funds raised through the fresh issue will be used to support inorganic growth projects, such as unidentified acquisitions and strategic investments, and for general corporate use for the purpose of strengthening operating capabilities.

Core business model and financial performance

Zetwerk was established in 2017 and operates a technology business platform facilitating companies and enterprise clients to engage niche manufacturers and suppliers around the world. The company runs supply chains throughout a variety of important industrial segments, such as consumer electronics, renewable energy, aerospace & defense, and industrial automation. 

Zetwerk’s integration of digital platform infrastructure and physical manufacturing operations acts as a platform that helps its enterprise clients secure custom-manufactured components, equipment, and structural fabrications from factories and materials, and allows SMEs to maximize factory capacity utilization.

Financially, Zetwerk has been shown to grow steadily on the top line. The company’s revenue from continuing operations has significantly increased from ₹11,332 crore in FY25 to ₹15,913 crore in FY26. Revenue from operations jumped by 55% year-on-year to ₹4,118 crore during the first quarter of FY27. 

The company also saw significant decreases in its losses from continuing operations, which stood at ₹64 crore in the first quarter of fiscal 2027 compared to ₹881 crore in the same quarter of fiscal 2026.

Conclusion

The pricing band of the ₹5,012 crore public issue of ₹143-151 marks a significant milestone for Zetwerk in its journey as a technology-centric manufacturing paradigm. The October 15 subscription date, along with a ₹25,583 crore valuation, places the company poised for one of the largest technology sector public listings ever. The additional funds raised through the fresh issue will help Zetwerk lower its overall debt position by paying back ₹1,300 crore of its existing debt as part of a planned loan due for prepayment, in addition to financing strategic acquisitions and investments in technology infrastructure. Zetwerk’s upcoming public listing further highlights its growing presence within the domestic and international industrial supply chain ecosystem, which is expected to witness continued strong top-line growth and profit improvement as the company’s operational margins compress.