Zetwerk IPO
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Zetwerk IPO details
Schedule of Zetwerk
| Issue open date | 15 Oct 2026 |
| Issue close date | 19 Oct 2026 |
| UPI mandate deadline | 19 Oct 2026 (5 PM) |
| Allotment finalization | 21 Oct 2026 |
| Refund initiation | 22 Oct 2026 |
| Share credit | 22 Oct 2026 |
| Listing date | 23 Oct 2026 |
| Mandate end date | 03 Nov 2026 |
| Lock-in end date for anchor investors (50%) | 19 Nov 2026 |
| Lock-in end date for anchor investors (remaining) | 18 Jan 2027 |
Note: The schedule is tentative. The anchor lock-in period ends 30 days after the actual allotment date for 50% of the shares and 90 days after for the remaining portion. The allotment status can be checked on the registrar's website and the exchange website.
About Zetwerk
Founded in 2017, Zetwerk is a Bengaluru-based, technology-led platform that aggregates manufacturing capacity. Its software, Zetwerk OS, splits customer orders across 6,979 suppliers in 26 countries, alongside 26 of its own facilities. Products range from solar and wind components and power transformers to laptops, circuit boards, and heavy industrial equipment, for customers like Siemens Gamesa, Acer, NTPC, and DRDO.
Financials of Zetwerk
Issue size
| Funds Raised in the IPO | Amount (₹ crores) |
| Total issue size | 5012.33 |
| Fresh Issue – Proceeds go to the company |
2830 |
| Offer for sale – Proceeds go to the existing investors | 2182.33 |
Utilisation of Proceeds
| Purpose | INR crores (%) |
|---|---|
| Repayment/prepayment of borrowings availed by the company | 1300 (45.94%) |
| Repayment/prepayment of certain borrowings availed by subsidiaries | 860 (30.39%) |
| Funding strategic acquisitions and general corporate purposes. | 670 (23.67%) |
How does Zetwerk make money?
- Energy (69% of manufacturing revenue): solar torque tubes and trackers, solar modules, wind turbine parts, power transformers, cables, EV chargers
- Capital goods (16%): pressure vessels, reactors, heat exchangers, refinery and boiler parts, steel structures
- Precision products (15%): laptops, TVs, circuit boards, earbuds and smartwatches, machined and moulded parts
Strengths
- Asset-light model: about 80% of FY26 revenue came from products made by third-party suppliers.
- Zetwerk’s flexible capacity helps it deliver faster, without any large capital commitments.
- Strong order pipeline: a ₹13,062 crore manufacturing order book (June 30, 2026), about 1.4x FY26 manufacturing revenue.
- Repeat business: 80% of FY26 manufacturing revenue came from existing customers.
- Blue-chip customers: 16 of the Nifty 50 companies and 102 of India’s Fortune 500.
- Diversified: spans energy (69% of manufacturing revenue), capital goods (16%) and precision electronics (15%).
Risks
- Still loss-making: losses in every period shown, and negative operating cash flow every year.
- Supplier dependence: quality, capacity, or supply problems at third-party suppliers would directly hit deliveries.
- Customer concentration: the top 10 customers’ share of revenue rose from 22% in FY24 to 36% in FY26.
- Exposed to geopolitical and tariff risks in global markets.
- Pending legal proceedings could lead to adverse outcomes.
FAQs
Does Zetwerk own factories?
Mostly no. About 80% of revenue comes from products made by third-party suppliers, though it also runs 26 plants of its own across India, the US, Spain and Germany.
What is a “manufacturing platform”?
A company that doesn’t rely only on its own factories. It takes orders from customers and gets them made across a network of other manufacturers, while managing quality, logistics and delivery itself. Zetwerk calls this a “universal factory.”
Are there listed peers to compare it with?
The company says no listed firm in India or globally has a comparable business model.
Why is Zetwerk exiting civil infrastructure?
The company calls it a “strategic realignment” to focus on its core businesses. The construction business lost ₹642 crore in FY26 and another ₹669 crore in Q1 FY27 alone.
How big is the order book?
₹13,062 crore as of June 30, 2026. That’s orders won but not yet delivered, about 1.4 times FY26 manufacturing revenue.
Is Zetwerk profitable?
Not yet. Adjusted EBITDA was ₹421 crore in FY26, but the company reported a net loss in every period shown.
Why was the FY26 loss so large?
Two one-off items make up most of the ₹1,606 crore loss. One is an ₹836 crore non-cash charge from changing how investors’ preference shares convert into equity. The other is ₹642 crore of losses from the discontinued construction business.
Where does the IPO money go?
About ₹2,160 crore of the fresh issue repays debt. The offer-for-sale portion goes to existing shareholders, not the company.
How much of the issue is reserved for retail investors?
Up to 10% of the net offer. At least 75% goes to qualified institutional buyers and up to 15% to non-institutional (HNI) investors.
Is there an employee quota?
Yes. Up to 7 lakh shares are reserved for eligible employees, at a discount to the issue price.