Zetwerk IPO Details: Date, Price, GMP, Review & How to Apply

Quick Overview

Zetwerk IPO is a book-built public issue of ₹5,012.33 crore. The issue includes a fresh issue of 18,74,82,119 shares, aggregating to ₹2,830 crore, and an offer for sale of 14,45,25,036 shares, aggregating to ₹2,182.33 crore.

The IPO opens for subscription on 15 October 2026 and closes on 19 October 2026. The allotment is expected to be finalised on 21 October 2026. Subject to completion of allotment and listing formalities, the shares are scheduled to list on NSE and BSE on 23 October 2026.

The price band is ₹143 to ₹151 per share. The lot size is 99 shares, and the minimum retail investment is ₹14,949 at the upper price band.

The implied market capitalisation at the upper price band is approximately ₹25,583.25 crore. Since Zetwerk reported a net loss in FY2026, the P/E ratio is not meaningful.

No live Zetwerk IPO GMP value was provided in the available details. Investors should verify updated GMP, subscription and exchange data before making any decision.

Zetwerk IPO Overview

Zetwerk Manufacturing Business is a technology-led global manufacturing platform. The company operates as a managed marketplace connecting industrial and consumer enterprises with a global network of manufacturing partners for custom and large-scale production requirements.

The IPO is a combination of fresh issue and offer for sale. This means part of the IPO proceeds will go to the company, while the OFS portion will go to selling shareholders.

The company serves multiple industries, including:

• utilities

• renewables

• consumer electronics

• artificial intelligence infrastructure

• aerospace

• space and defence

• oil and gas

• industrial automation

Zetwerk follows an asset-light business model and offers end-to-end solutions, including design, supplier matching, quality control and logistics.

Investors comparing IPOs with Pre-IPO opportunities can also read Ultra’s guide on Pre-IPO vs IPO.

Zetwerk IPO GMP

GMP stands for Grey Market Premium. It is the unofficial premium at which IPO shares may trade in the grey market before listing.

For example, if the issue price is ₹151 and the GMP is ₹20, the implied grey market price would be ₹171.

However, GMP is not official and should be used carefully because:

• it is not regulated

• it can change quickly

• it does not guarantee listing gains

• it may not reflect company fundamentals

• it may be influenced by short-term sentiment

No live Zetwerk IPO GMP value was provided in the available details. Investors should avoid relying only on GMP and should review the RHP, financials, valuation, subscription status, business risks and personal suitability before applying.

For a detailed explainer, investors can also read Ultra’s guide on What Is IPO GMP and Why It Can Be Misleading?.

Zetwerk IPO Price Band and Lot Size

The price band is ₹143 to ₹151 per share. Investors can apply for a minimum of 99 shares and in multiples of 99 shares thereafter.

Zetwerk IPO Subscription Status

No live Zetwerk IPO subscription status was provided in the available details.

Subscription status usually shows category-wise demand across investor groups such as QIB, NII and retail. It can change throughout the bidding period, especially on the final day.

Investors tracking subscription data should review:

• QIB subscription

• NII subscription

• retail subscription

• employee subscription, if applicable

• total subscription

• final day demand

• subscription relative to valuation and fundamentals

Subscription figures can indicate demand, but they should not be treated as a standalone reason to apply.

About Zetwerk Manufacturing Business

Incorporated in 2017, Zetwerk Manufacturing Business is a technology-led global manufacturing platform.

The company operates as a managed marketplace that connects enterprises with manufacturing partners for custom and large-scale production requirements.

Zetwerk follows an asset-light model and provides end-to-end solutions, including:

• design support

• supplier matching

• quality control

• logistics

• manufacturing lifecycle tracking

Its proprietary platform, Zetwerk OS, enables workflow management, real-time tracking and transparency across the manufacturing lifecycle.

The company operates across sectors such as electronics, renewable energy, aerospace and defence, capital goods and precision manufacturing.

According to the provided details, Zetwerk has a presence in over 25 countries, a network of 10,000+ suppliers and 1,100+ customers, including Fortune 500 companies.

In Fiscal 2026, the company had 1,802 customers, comprising 1,613 customers in India and 189 customers outside India.

Zetwerk Business Model

Zetwerk operates as a technology-led manufacturing marketplace with a managed platform model.

Key Strengths of Zetwerk

The company’s strengths include:

• asset-light and scalable manufacturing platform model

• presence across multiple demand pools and sectors

• ability to serve multiple industry verticals

• capital-efficient scaling approach

• proprietary Zetwerk OS platform

• supplier and customer network effects

• relationships with enterprise customers

• ability to add ecosystem services to the manufacturing platform

• experienced management team and board

These strengths should be evaluated along with losses, borrowing levels, working capital requirements, customer concentration, supplier dependency, global operations and execution risk.

Zetwerk Financials

Zetwerk reported total income of ₹16,100.63 crore and a net loss of ₹1,606.17 crore in FY2026.

According to the provided data, revenue increased by 40% between FY2025 and FY2026. However, the company’s net loss widened from ₹370.71 crore in FY2025 to ₹1,606.17 crore in FY2026.

Total income increased from ₹11,492.23 crore in FY2025 to ₹16,100.63 crore in FY2026. However, the company remained loss-making.

Total borrowing increased from ₹1,746.55 crore in FY2025 to ₹1,936.16 crore in FY2026, and stood at ₹1,942.19 crore as of 30 June 2026.

Zetwerk IPO Valuation

Based on the post-issue share capital of 1,69,42,54,778 shares, the implied post-issue market capitalisation is approximately:

• ₹24,227.84 crore at the lower price band of ₹143 per share

• ₹25,583.25 crore at the upper price band of ₹151 per share

Since Zetwerk reported a net loss in FY2026, the P/E ratio cannot be meaningfully calculated. Investors may instead review price-to-sales, price-to-book, EBITDA profile, cash flows, borrowing levels, growth quality and peer comparison before making any decision.

Zetwerk IPO Review

A practical review should look at Zetwerk’s platform scale, revenue growth, business model, loss profile and valuation.

Positive Factors

Zetwerk operates in a large manufacturing ecosystem with exposure to multiple sectors such as renewables, electronics, aerospace, defence, capital goods, oil and gas and industrial automation.

The company follows an asset-light managed marketplace model, which may help it scale without owning the full manufacturing base.

Its proprietary platform, Zetwerk OS, supports workflow management, tracking and transparency across the manufacturing lifecycle.

The company has a broad network, with 10,000+ suppliers, 20+ manufacturing facilities and presence in over 25 countries, based on the details shared.

Revenue growth was strong in FY2026. Total income increased from ₹11,492.23 crore in FY2025 to ₹16,100.63 crore in FY2026.

The IPO includes a fresh issue of ₹2,830 crore, which means a significant part of the issue proceeds is expected to go to the company.

Points to Watch

Zetwerk is loss-making. The company reported a net loss of ₹1,606.17 crore in FY2026, compared with a net loss of ₹370.71 crore in FY2025.

Total borrowing stood at ₹1,936.16 crore in FY2026 and ₹1,942.19 crore as of 30 June 2026.

The company operates in a complex global manufacturing and supply chain ecosystem. Execution, quality control, supplier reliability and customer retention are important.

The business may require working capital to manage large enterprise orders, supplier payments, receivables and logistics.

Investors should not rely only on GMP, subscription status or IPO headlines. They should review the RHP, valuation, losses, borrowing levels, business model and risk factors carefully.

How to Apply for Zetwerk IPO

Investors can apply through supported broker platforms using UPI or ASBA.

The general process is:

1. Log in to your broker or bank-supported IPO platform.

2. Select the issue from the IPO list.

3. Choose the investor category and number of lots.

4. Enter the bid price or select the cut-off option, if eligible.

5. Submit the application.

6. Approve the UPI mandate, if applying through UPI.

7. Wait for allotment finalisation.

8. If allotted, shares will be credited to the demat account before listing.

9. Track the scheduled listing on NSE and BSE, subject to completion of allotment and exchange listing formalities.

Retail investors can apply for a minimum of 1 lot, which equals 99 shares and requires ₹14,949 at the upper price band.

Key Risks

1. Loss-Making Business

Zetwerk reported a net loss of ₹1,606.17 crore in FY2026. Investors should evaluate whether the company has a clear path to sustainable profitability.

2. Valuation Risk

At the upper price band, the implied market capitalisation is approximately ₹25,583.25 crore. Since the company is loss-making, P/E is not meaningful.

3. Working Capital Risk

Manufacturing and supply-chain businesses may require working capital for supplier payments, receivables, inventory coordination and project execution.

4. Borrowing Risk

Total borrowing stood at ₹1,936.16 crore in FY2026 and ₹1,942.19 crore as of 30 June 2026. Investors should review the company’s debt profile and finance costs.

5. Supplier and Execution Risk

Zetwerk depends on a large supplier network. Any disruption in supplier performance, quality control, delivery timelines or compliance may affect customer relationships.

6. Customer Concentration Risk

The company serves enterprise customers, including large clients. Investors should review customer concentration details in the RHP.

7. Global Operations Risk

The company operates across India and international markets. Currency movement, geopolitical developments, regulations and trade restrictions may affect operations.

8. Competitive Risk

The company competes with traditional manufacturers, contract manufacturers, supply-chain platforms and global manufacturing networks.

9. GMP and Listing Risk

Grey market premium and subscription trends may change before listing. They should not be treated as guaranteed listing performance indicators.

Final Thoughts

Zetwerk IPO is a ₹5,012.33 crore book-built issue with a price band of ₹143 to ₹151 per share. The issue includes a fresh issue of ₹2,830 crore and an offer for sale of ₹2,182.33 crore.

The company operates a technology-led manufacturing platform across sectors such as electronics, renewables, aerospace, defence, industrial automation and precision manufacturing.

Financially, Zetwerk reported FY2026 total income of ₹16,100.63 crore, showing strong revenue growth. However, the company remained loss-making, with a net loss of ₹1,606.17 crore in FY2026.

Investors should evaluate the RHP, valuation, loss profile, borrowing levels, working capital needs, customer and supplier network, subscription status, GMP context and personal suitability before applying.

Disclaimer: This article is for educational and informational purposes only. It is not investment advice, IPO recommendation or a suggestion to apply. IPO investments are subject to market risk, business risk, valuation risk and listing risk. GMP is unofficial and does not guarantee listing gains. Investors should read the RHP carefully and consult a qualified financial advisor before making any investment decision.

FAQs

1. What is Zetwerk IPO?

Zetwerk IPO is a book-built public issue of ₹5,012.33 crore. The issue includes a fresh issue of ₹2,830 crore and an offer for sale of ₹2,182.33 crore.

2. What is Zetwerk IPO date?

The issue opens on 15 October 2026 and closes on 19 October 2026.

3. What is Zetwerk IPO price?

The price band is ₹143 to ₹151 per share.

4. What is Zetwerk IPO size?

The IPO size is ₹5,012.33 crore. The issue includes a fresh issue of ₹2,830 crore and an OFS of ₹2,182.33 crore.

5. What is Zetwerk IPO GMP?

No live Zetwerk IPO GMP value was provided in the available details. GMP is unofficial, volatile and should not be treated as a guaranteed listing gain indicator.

6. What is Zetwerk share price?

Before listing, the relevant price is the IPO price band of ₹143 to ₹151 per share. After listing, the share price will be discovered on NSE and BSE.

7. What is the lot size for Zetwerk IPO?

The lot size is 99 shares.

8. What is the minimum investment for retail investors?

The minimum retail investment is ₹14,949 for 1 lot of 99 shares at the upper price band of ₹151 per share.

9. When is the allotment expected?

The allotment is expected to be finalised on 21 October 2026.

10. When will Zetwerk list?

The shares are scheduled to list on NSE and BSE on 23 October 2026, subject to completion of allotment and exchange listing formalities.

11. Who is the registrar?

Kfin Technologies Ltd. is the registrar of the issue.

12. Who is the book running lead manager?

Kotak Mahindra Capital Co. Ltd. is the book running lead manager.

13. Is Zetwerk IPO a fresh issue or OFS?

It is a combination of fresh issue and offer for sale. The fresh issue is ₹2,830 crore and the OFS is ₹2,182.33 crore.

14. Is Zetwerk profitable?

No. Based on the provided financials, Zetwerk reported a net loss of ₹1,606.17 crore in FY2026 and ₹370.71 crore in FY2025.

15. What does Zetwerk do?

Zetwerk operates a technology-led global manufacturing platform that connects enterprises with manufacturing partners for custom and large-scale production requirements.

16. What is Zetwerk IPO valuation?

At the upper price band of ₹151 per share, the implied market capitalisation is approximately ₹25,583.25 crore. Since the company is loss-making, P/E is not meaningful.

17. Should investors apply for Zetwerk IPO?

Investors should evaluate the RHP, financials, valuation, loss profile, borrowing levels, working capital needs, subscription status, GMP context and personal suitability before deciding. This article does not provide investment advice or an IPO recommendation.