Zetwerk Manufacturing Business has successfully raised ₹2,251.23 crore from 99 anchor investors ahead of its initial public offering scheduled to open on October 15, 2026. The company allocated 14.90 crore equity shares at ₹151 per share, which represents the upper end of its price band of ₹143-151 per equity share. According to latest market reports, Zetwerk shares are trading at a premium of ₹22 in the grey market, indicating positive investor sentiment ahead of the public launch. The anchor book drew participation from global institutional investors including BlackRock, Goldman Sachs, Nomura, Capital Group, First Sentier Investors, and Norway's Government Pension Fund Global, as well as sovereign wealth funds such as the Abu Dhabi Investment Authority. Domestic mutual funds also participated significantly, with SBI Mutual Fund, ICICI Prudential Mutual Fund, HDFC Mutual Fund, and Mirae Asset Mutual Fund receiving shares, while SBI Life Insurance, ICICI Prudential Life Insurance, Bajaj Life Insurance, Axis Max Life Insurance, Aditya Birla Sun Life Insurance, Edelweiss Life Insurance, and Bharti AXA Life Insurance were among the insurance companies participating in the allocation.
The ₹5,012.33-crore IPO opened for subscription on October 15, 2026, receiving 0.03% subscription by 12:30 pm according to latest market data. The issue received bids for 35,30,439 shares against 18,50,66,845 shares on offer. Retail investors led the demand with 7% subscription, while the non-institutional portion was booked at 2%. According to market tracking platform InvestorGain, Zetwerk IPO was commanding a grey market premium of nearly 15% on the morning of October 15, though the grey market premium is unofficial and can fluctuate before listing. The IPO will open for public subscription on October 15, 2026 and close on October 19, 2026, with shares proposed to be listed on both BSE and NSE on October 23, 2026. The allotment is expected to be finalised on October 21, 2026, while the shares are tentatively scheduled to list on the National Stock Exchange (NSE) and the BSE on October 23, 2026.
Brokerages have shared mixed views on the public issue, with SBI Securities and ICICI Direct recommending a 'Subscribe' rating, while Swastika has rated it 'Neutral'. According to SBI Securities, the company's high operating leverage implies that incremental revenue can translate into faster profitability growth as capacity utilisation and scale improve. The proposed debt repayment should significantly reduce finance costs and support improvement in PAT in FY27. The brokerage noted that its diversified end-market exposure, hybrid manufacturing model, global supplier network and proprietary Zetwerk OS further support long-term growth, though working-capital intensity and negative operating cash flows remain areas to monitor. At the upper price band, the issue is valued at FY26 EV/Ebitda, EV/Sales and Price/Sales multiples of 66.5x, 1.4x and 1.6x respectively. ICICI Direct highlighted that Zetwerk has built a unique hybrid model that enables scaling in a relatively asset-light manner, with most costs upfront which shall bring operating leverage as the company scales and capacity utilisation improves.
Zetwerk is expanding in the US, driven by ₹2,000 crore in transformer orders for data centers amid rising AI demand. According to CNBC TV18, Amrit Pratik Acharya, Executive Director, Managing Director, Chairperson and CEO of Zetwerk, revealed that the company has secured significant orders for transformers used in US data centers. "We have won around ₹2,000 crore of orders for a single product last year," Acharya said, referring to the company's US data center business. Nearly 30% of Zetwerk's manufacturing business revenue comes from the US market, and the company plans to continue investing in the region as demand for power equipment rises alongside the expansion of AI and data center infrastructure. The management has not specified a target for the contribution of international business to overall revenue, though the company acknowledges the importance of this growing market segment.
According to the latest exchange filing, Nomura India Investment Mother Fund was allotted 3,311,253 shares worth nearly ₹50 crore, while Goldman Sachs Funds' Goldman Sachs India Equity Portfolio received 2,980,098 shares worth around ₹45 crore. Goldman Sachs ETF Trust's Goldman Sachs India Equity ETF was allotted 331,155 shares worth approximately ₹5 crore. BlackRock funds also featured prominently, with BlackRock Global Funds–India Fund receiving 1,910,304 shares worth ₹28.85 crore and BlackRock Global Funds Emerging Markets Fund allotted 1,155,330 shares worth ₹17.45 crore. Other global institutional investors participating included Capital Group, Société Générale, FSSA, Natixis, Loomis Sayles, Manulife, Carmignac, Eastspring Investments, Susquehanna and The Prudential Assurance Company. Under the allocation structure, 40% of the anchor investor portion was reserved for specified domestic institutional categories, comprising 33.33% for domestic mutual funds and 6.67% for life insurance companies and pension funds.
The ₹5,012.33-crore book-built issue comprises a fresh issue of shares worth ₹2,830 crore and an offer for sale (OFS) of ₹2,182.33 crore. The company has fixed the price band at ₹143–151 per equity share with a face value of ₹1 per share. Investors can apply for a minimum of 99 shares and in multiples of 99 thereafter. At the upper end of the price band, the minimum investment for a retail investor would be ₹14,949. The IPO will open for public subscription on October 15, 2026 and close on October 19, 2026, with shares proposed to be listed on both BSE and NSE on October 23, 2026. The allotment is expected to be finalised on October 21, 2026, while the shares are tentatively scheduled to list on the National Stock Exchange (NSE) and the BSE on October 23, 2026. The company was founded in 2018 by Amrit Pratik Acharya, Srinath Ramakkrushnan, Vishal Chaudhary, Ankit Fatehpuria and Rahul Sharma, and operates across 26 owned manufacturing facilities across India, the US, Germany and Spain, serving customers including Siemens Gamesa, Acer India, CG Power, NTPC Renewable Energy, DRDO, the Indian Air Force and Numaligarh Refinery Ltd.
According to the company's financial results, Zetwerk is a loss-making company but showing improvement trends. The company posted a net loss of ₹1,606.1 crore for the fiscal year ended March 2026, widening from a loss of ₹370.7 crore in the previous financial year. However, co-founder Amrit Acharya attributed much of the increase to one-time, non-cash accounting adjustments following a restructuring of the company's capital and an increase in founders' ownership, along with charges linked to its discontinued civil infrastructure business. Revenue during FY26 rose 40.4% to ₹15,913.3 crore from ₹11,331.9 crore in the previous year. The company also reported a net loss of ₹732.9 crore for the April-June 2026 quarter, narrowing from a loss of ₹1,368.4 crore in the same quarter previous year, with revenue surging 55.4% year-on-year to ₹4,117.9 crore. Ankit Fatehpuria, Chief Financial Officer of Zetwerk, revealed that the company had debt of around ₹2,800 crore and cash of approximately ₹3,300 crore on its balance sheet as of March. The company's cash deficit narrowed to ₹506.2 crore as of June 2026 from ₹796.4 crore a year earlier, though net debt rose to ₹1,942.2 crore as of June 2026 from ₹1,232.1 crore in FY24. SBI Securities has recommended a 'Subscribe for long-term' rating, citing the company's scalable platform, improving operating performance and potential improvement in earnings following debt repayment. Acharya emphasized that 'Cash flow is one of them. That will be the focus from here onwards' as the company prioritizes improving cash generation while building its manufacturing platform.
