Zetwerk Manufacturing Businesses Ltd's initial public offering (IPO) has reached 52% subscription by the third day of bidding, answering the question of how well the IPO is performing so far. The IPO, valued at ₹5,012.33 crore, includes a fresh issuance of shares worth ₹2,830 crore and an offer for sale (OFS) of 14.45 crore shares totaling ₹2,182.33 crore by existing shareholders.
- The IPO is 52% subscribed as of October 23, 2026.
- Qualified institutional buyers (QIBs) subscribed 62% of their quota.
- Retail investors subscribed 46%, while non-institutional investors subscribed 36%.
- Proceeds will be used to repay debt, fund acquisitions, and support corporate purposes.
- IPO allotment is expected on October 21, with listing on October 23.
What is the structure of the Zetwerk Manufacturing IPO?
The IPO consists of two main components: a fresh issuance of shares worth ₹2,830 crore and an offer for sale of 14.45 crore shares by existing shareholders, amounting to ₹2,182.33 crore. The fresh issuance will help the company raise new capital, while the OFS allows current shareholders to sell their shares.
Who are the key shareholders involved in the offer for sale?
Promoters Srinath Ramakkrushnan and Amrit Pratik Acharya, along with the promoter group entity Creovate Innovation, are selling equity shares in the OFS. Other investors participating include Accel, Peak XV, Lightspeed, and Kae Capital.
How will Zetwerk use the funds raised from the IPO?
The company plans to use the proceeds from the fresh share issuance to repay debt incurred by the firm and its subsidiaries. Additionally, the funds will support unidentified acquisitions and general corporate purposes, helping the company strengthen its financial position and expand its operations.
What is Zetwerk Manufacturing's business model and market presence?
Founded in 2018, Zetwerk is a technology-led, asset-light manufacturing platform that serves industrial and consumer goods sectors in India and globally. It operates across various industries including electronics, aerospace, renewable energy, defence, oil and gas, AI infrastructure, and industrial automation.
Zetwerk owns 26 manufacturing facilities located in India, Germany, the United States, and Spain. It also collaborates with third-party suppliers across multiple countries to meet customer demands.
Who are Zetwerk's major customers and investors?
The company's customer base includes notable organizations such as Acer India, CG Power, Siemens Gamesa, NTPC Renewable Energy, DRDO, L&T MHI Power Boiler, the Indian Air Force, and Numaligarh Refinery Ltd. Investors backing Zetwerk include Khosla Ventures, Rakesh Gangwal, Accel, Baillie Gifford, Peak XV, and Lightspeed.
When will the IPO allotment and listing take place?
The allotment status for the Zetwerk IPO is expected to be finalized on Wednesday, October 21, 2026. Following this, the shares will be listed on the Bombay Stock Exchange (BSE) and the National Stock Exchange (NSE) on October 23, 2026.
