Zetwerk, an Indian manufacturing company founded in 2018, opens its initial public offering (IPO) on October 15, 2026. It has set a price band of Rs 143 to Rs 151 per share, in Indian rupees. At the top of the band, the issue raises Rs 5,012 crore, where one crore is 10 million. It joins a run of Indian startup listings this year, and most of the new money will pay down debt.
The offer
According to Inc42 and the Free Press Journal, the issue has two parts. Zetwerk sells new shares, and existing shareholders sell some of theirs.
| Part of the IPO | Detail |
|---|---|
| Price band | Rs 143-151 per share |
| New shares | Rs 2,830 crore, up from Rs 2,600 crore in the draft filing |
| Shares sold by existing holders | 14.45 crore shares, about Rs 2,182 crore |
| Anchor investors | October 14 |
| Open to the public | October 15 to October 19 |
| Planned listing | October 23, on the BSE and NSE stock exchanges |
The sellers include cofounders Amrit Pratik Acharya and Srinath Ramakkrushnan, and a promoter group company, Creovate Innovation. Funds linked to Peak XV Partners, Accel India, Lightspeed Venture Partners and Kae Capital are selling too.
At the top of the band, Zetwerk would be worth about Rs 25,583 crore after the issue. Inc42 puts that at about $2.7 billion. The lead banks include Kotak Mahindra Capital, Morgan Stanley, Goldman Sachs and JM Financial, the Free Press Journal reports.
What Zetwerk does
Zetwerk makes parts and products for other companies. It mixes work from outside suppliers with production in its own factories. As of June 30 it had 26 facilities in India, the US, Germany and Spain.
Its sectors include renewable energy, consumer electronics, aerospace, defence, oil and gas, and industrial automation. The Free Press Journal also lists AI infrastructure. Customers named by both outlets include Siemens Gamesa, Acer India, NTPC Renewable Energy, CG Power and the Indian Air Force.
Zetwerk became a unicorn, a startup valued at $1 billion or more, in 2021, Inc42 reports. It has raised more than $900 million. Its backers include Peak XV, Lightspeed, Accel India, Greenoaks Capital Partners and D1 Capital Partners.
The numbers behind the listing
Inc42 reports these results for the financial year to March 2026:
- Operating revenue rose 40.4% to Rs 15,913.3 crore, from Rs 11,331.9 crore.
- The net loss, including discontinued businesses, widened to Rs 1,606.2 crore, from Rs 370.7 crore.
- Two one-off items drove much of the loss. One was a Rs 796.4 crore charge tied to changes in how shares convert. The other was a Rs 453 crore write-down in a civil infrastructure business Zetwerk has shut.
The trend improved in the next quarter, Inc42 reports. Revenue from continuing businesses rose 55.4% to Rs 4,117.9 crore. The net loss narrowed 46.4% to Rs 733 crore.
Zetwerk plans to use Rs 2,160 crore of the new money, about 76%, to repay borrowings. The rest goes to acquisitions and general corporate purposes.
Where it fits
Inc42 notes that the IPO follows 2026 listings by RentoMojo, Moneyview, Shiprocket, LEAP India and ESDS Software. Zetwerk's debut will show how public investors in India price a fast-growing manufacturer that still loses money.
What this means for developers
For people who build hardware or buy manufacturing services:
- Hardware startups have a route to listing. A manufacturing startup is testing India's public market at a value of about Rs 25,583 crore. Hardware founders will watch how its shares trade.
- Read the loss line closely. Much of Zetwerk's loss in the year to March 2026 came from one-off charges. Investors comparing startups should separate those from the cost of running the business.
- Most of the money pays down debt. About three quarters of the new funds repay borrowings. Expect a stronger balance sheet, not a burst of new factories.
- Suppliers get more visible. Companies that buy from Zetwerk will soon see its quarterly results in public. That makes it easier to judge a key supplier's health.
This article was first published on Tech AI Wire.
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