Zetwerk Manufacturing shares list at 5% premium over IPO price

Shares of Zetwerk Manufacturing Business listed at 5% premium over IPO price on Friday. The stock opened at Rs 159 on the BSE and NSE, as compared to its issue price of Rs 151.

The Rs 5,012.33 crore IPO comprises a fresh issue of shares worth Rs 2,830 crore and an offer for sale (OFS) of 14.45 crore shares worth approximately Rs 2,182 crore. While the proceeds from the fresh issue will go to the company, the OFS proceeds will accrue to the selling shareholders.

Zetwerk has fixed the IPO price band at Rs 143–Rs 151 per share, with a face value of Rs 1 per equity share.


The IPO, which opened for subscription on October 15, 2026, and closed on October 19, was subscribed 3.10 times overall. The retail investor portion was subscribed 0.77 times, while the qualified institutional buyer (QIB) category, excluding anchor investors, saw 4.71 times subscription. The non-institutional investor (NII) portion was subscribed 1.45 times.

Investors could apply for a minimum of 99 equity shares, with subsequent bids in multiples of 99 shares. At the upper end of the price band, the minimum investment for a single lot worked out to Rs 14,949.

Eligible employees applying under the employee reservation portion were offered a discount of Rs 14 per share.

Ahead of the public issue, Zetwerk raised Rs 2,251.23 crore from 99 anchor investors on October 14. The company allotted 14,90,88,220 equity shares to anchor investors at Rs 151 apiece, including a premium of Rs 150 per share. The anchor book attracted prominent global investors, including BlackRock, Goldman Sachs and Nomura.

According to the company's restated consolidated financial information, Zetwerk reported a loss in FY2026. Consequently, its basic and diluted earnings per share (EPS) were negative, making its price-to-earnings (P/E) ratio unascertainable.

The company's weighted average return on net worth over the last three financial years stood at negative 15.64%.

Kotak Mahindra Capital Company, Morgan Stanley India Company, Goldman Sachs (India) Securities, Avendus Capital, JM Financial, HSBC Securities & Capital Markets (India) and Pantomath Capital Advisors are the book-running lead managers for the issue. KFin Technologies has been appointed as the registrar.

Zetwerk IPO: Objects of the Issue

The company plans to utilise the IPO proceeds primarily to repay or prepay, in part or full, certain outstanding borrowings. It also intends to allocate funds towards inorganic growth through unidentified acquisitions and other strategic acquisitions, along with general corporate purposes.

Of the total estimated proceeds of Rs 2,160 crore, Rs 1,300 crore is earmarked for one borrowing repayment/prepayment objective, while Rs 860 crore is allocated towards another borrowing repayment/prepayment objective.

About Zetwerk Manufacturing Business Ltd.

Zetwerk Manufacturing Businesses Private Limited, incorporated in 2017, is a technology-led global manufacturing platform that connects industrial and consumer enterprises with manufacturing partners for customised and large-scale production. It serves diverse sectors, including electronics, renewable energy, aerospace and defence, oil and gas, AI infrastructure and industrial automation. The company follows an asset-light model, offering end-to-end services such as design, supplier matching, quality control and logistics through its proprietary platform, Zetwerk OS.

Zetwerk operates in over 25 countries, with a network of more than 10,000 suppliers and 1,100 customers, including Fortune 500 companies. It also has over 20 manufacturing facilities across India, the US and Mexico. In fiscal 2026, the company served 1,802 customers, comprising 1,613 in India and 189 overseas, supported by its scalable manufacturing capabilities, quality control systems and diversified global customer base.

Disclaimer: The views/recommendations mentioned in this article, wherever applicable, are those of the respective SEBI-registered Research Analyst/brokerage and have been reproduced/reported with due attribution. They should not be construed as the views or recommendations of The Economic Times Digital or the journalist. Readers are advised to consider the original research report and make their investment decisions based on their own assessment. Brokerage disclaimers here