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Zetwerk Manufacturing Businesses Ltd IPO

Tech-led NBFC delivering AI/ML driven retail credit across Tier-2 & Tier-3 India.

IPO Closed
Price Band ₹151 per share per share
Lot Size 99 Shares
Min. Investment ₹14949
Issue Size ₹5012.33 Cr
Face Value ₹1
IPO Open 15 October 2026
IPO Close 19 October 2026
Allotment 21 Oct 2026
Listing 23 Oct 2026
Live demand

Subscription status for Zetwerk Manufacturing Businesses Ltd IPO

As of 21 Oct 26, 9:40 PM. Will get Updated in every 30 minutes

QIB -

Qualified Institutional Buyers

NII -

Non-Institutional Investors

Retail -

Retail Individual Investors

Total -

Across all investor categories

Key dates

IPO schedule for Zetwerk Manufacturing Businesses Ltd

From the day bidding opens to listing — every milestone you need to track.

IPO Open 15 Oct 2026
IPO Close 19 Oct 2026
Allotment 21 Oct 2026
Refund / Unblock 22 Oct 2026
Listing 23 Oct 2026
About the company

Who is Zetwerk Manufacturing Businesses Ltd ?

Zetwerk Manufacturing Business Limited was originally incorporated at Chennai, Tamil Nadu as Zetwerk Manufacturing Businesses Private Limited' under Companies Act, 2013, dated December 6, 2017, issued by the RoC. Subsequently, the Company became a Public Limited company and the name changed to Zetwerk Manufacturing Businesses Limited'. Accordingly, a fresh certificate of Incorporation dated February 23, 2026, was issued by the CRC.

In the early stages, Zetwerk Manufacturing operated as a pure manufacturing marketplace, with demand sourced entirely from India and supplied exclusively through Indian suppliers. It initially focused on aggregating suppliers for capital goods products that were typically project-based and non-recurring in nature. For example, customers setting up greenfield manufacturing facilities would engage to source machine components. Such orders were generally one-time, with limited follow-on requirements other than spare parts.

As a technology-led, asset-light manufacturing platform, the Company deliver diversified industrial products across sectors including utilities, renewables, consumer electronics, AI infrastructure, space & defence, oil & gas, and industrial automation and aerospace both in India and globally. It converts digital designs and CAD files into physical products by matching client specifications with suitable manufacturing capacities. It Offers stock level management and supply chain visibility to reduce lead times for clients.

The Company has filed a Draft Prospectus with SEBI for IPO to raise a fresh issue of Rs 2600 crore equity shares of Rs 1 each and the offer for sale of 96,837,455 Equity shares.

Financial track record

Financials at a glance

Three-year trajectory of revenue, profit and assets — restated as per the RHP.

Revenue PAT Total Assets
FY 2026
FY 2025
FY 2024
Metric (₹ Cr)FY 2026FY 2025FY 2024
Total Income6,337.237,306.9011,834.53
EBITDA-558.20310.69-136.53
PAT-1,423.47-82.69-674.28
AUM10,038.148,612.308,382.49

Strengths & Risks

A balanced look at what works in the company's favour and what investors should watch.

Strengths

  • Our unique business model enables us to serve multiple demand pools and makes us resilient across economic cycles
  • Ability to scale in a capital-efficient manner.
  • Zetwerk OS, our proprietary technology enables end-to-end workflow management across the manufacturing lifecycle while driving powerful network effects across our operations.
  • Deep relationships with customers driving higher revenue visibility and stickiness.
  • Ability to add value-additive ecosystem services to our manufacturing platform.
  • Experienced, cycle-tested management team backed by an experienced board of directors.
  • Comprehensive and institutionalised risk management framework with strong protection against external risks.

Risks

  • The company incurred a restated loss for the period/year from continuing operations of Rs.641.29 million, Rs.8,806.65 million, Rs.9,643.93 million, Rs.2,150.69 million and Rs.8,525.31 million for the three months periods ended June 30, 2026 and June 30, 2025 and Fiscals 2026, 2025 and 2024, respectively, and certain of its Subsidiaries have incurred losses in the past. Any similar losses in the future may adversely affect the company's business, financial condition and cash flows.
  • The company relies on third-party suppliers for manufacturing and raw materials, and exposure to price volatility, capacity and quality issues, supply disruptions, and trade and foreign exchange risks could adversely affect the company's business, financial condition, cash flows, results of operations and prospects.
  • The company is dependent on the performance of the industries its customers operates in, including renewables, artificial intelligence infrastructure, oil & gas, consumer electronics, and defence & aerospace industries, and a downturn in any of these industries could adversely affect the company's business.
  • The company's revenue from operations - continuing operations from India accounted for 83.53%, 77.29%, 82.54%, 79.41% and 75.43% and its revenue from operations - continuing operations from the USA accounted for 12.77%, 20.44%, 14.33%, 19.09% and 21.54% of the company's revenue from operations - continuing operations for the three months periods ended June 30, 2026 and June 30, 2025 and Fiscals 2026, 2025 and 2024, respectively, each based on Ind AS 108 Operating Segments. Any adverse economic or regulatory changes that negatively affect the demand for its products in India and the USA could adversely affect the company's business, financial condition, cash flows and results of operations.
  • The company's top 10 suppliers contributed 40.71%, 37.59%, 38.18%, 39.59% and 36.87% of its total expenses for continuing operations for the three months periods ended June 30, 2026 and June 30, 2025 and Fiscals 2026, 2025 and 2024, respectively. Any disruption in the supply or quality from these suppliers could adversely affect the company's business, results of operations, financial condition, cash flows, and reputation.
  • The company's statutory auditors have included certain emphasis of matters and modifications under the section "Report on Other Legal and Regulatory Requirements" in their auditor reports in the three months periods ended June 30, 2026 and June 30, 2025 and Fiscals 2026, 2025 and 2024.
  • The company's top 10 customers accounted for 29.39%, 34.26%, 35.90%, 26.89% and 22.37% of its revenue from operations - continuing operations for the three months periods ended June 30, 2026 and June 30, 2025 and Fiscals 2026, 2025 and 2024, respectively. If the company fails to retain or expand its network of customers the company's business, financial condition, cash flows and results of operations may be adversely affected.
  • The company is subject to strict performance and quality requirements. Defects, perceived defects, or failures to meet customer specifications, whether attributable to the company or its suppliers, could result in order cancellations, recalls, liability, and reputational harm.
  • The company has manufacturing facilities in India, Spain, the USA and Germany. Any adverse changes in economic or regulatory conditions affecting its supply chains in these jurisdictions could negatively affect the company's results of operations.
  • The company does not have firm, long-term purchase commitments with many of its customers and the company's revenue visibility, capacity utilisation and margins may be adversely affected by order reductions, cancellations or delays.

Zetwerk Manufacturing Businesses Ltd IPO — frequently asked questions

The Zetwerk Manufacturing Businesses Ltd IPO opens on 15 October 2026 and closes on 19 October 2026. Bidding is accepted from 10:00 AM on the open date until 5:00 PM on the close date. The IPO is available to all eligible investors including retail individual investors, non-institutional investors, and qualified institutional buyers.
The price band for Zetwerk Manufacturing Businesses Ltd IPO is Rs 151 to Rs 151 per share. The lot size is 99 shares per lot, requiring a minimum investment of Rs 14949 at the upper price band. Investors must apply for a minimum of one lot and can apply for up to 99 lots as per SEBI guidelines.
You can apply for the Zetwerk Manufacturing Businesses Ltd IPO through the Chola Securities app or web platform using UPI or ASBA. Log in to your account, navigate to the IPO section, select Zetwerk Manufacturing Businesses Ltd from the open IPOs list, enter your bid quantity and price within the price band, and submit your application. You need an active demat account, a linked bank account, and a valid PAN to apply. Bidding closes on 19 October 2026 at 5:00 PM.
Allotment for Zetwerk Manufacturing Businesses Ltd IPO is scheduled on 21 Oct 2026. Refunds or unblocking of funds for unsuccessful applicants will be processed on 22 Oct 2026. The shares are expected to list on 23 Oct 2026. You can check your allotment status on the Chola Securities IPO page or through the registrar's website using your PAN.
Chola Securities' research team has reviewed the Zetwerk Manufacturing Businesses Ltd IPO based on the company's financials, business model, valuation, and sector outlook. The recommendation is available on this page. Investors are advised to read the full IPO note along with the company's Red Herring Prospectus before making an investment decision.
Yes, you can revise or withdraw your Zetwerk Manufacturing Businesses Ltd IPO bid before the subscription window closes on 19 October 2026 at 5:00 PM. Revisions can include changing the quantity or price within the allowed price band. To withdraw, cancel your application through the platform before the closing time. Once the subscription period ends, no further changes are permitted.
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