Zetwerk Manufacturing Business sets price band at Rs 143–151 for Rs 5,012 crore IPO

Price band and issue structure

Zetwerk Manufacturing Business has set its price band at Rs 143 to Rs 151 per share for its Rs 5,012 crore initial public offering, which opens for public subscription on October 15.

The three-day bidding window closes on October 19. Basis of allotment is scheduled for October 21, ahead of a planned listing on the BSE and National Stock Exchange on October 23. Investors can bid for a minimum batch of 99 shares and in multiples of 99 thereafter, while employees participating in the reserved quota receive a discount of Rs 14 per share.

The offer consists of a fresh issue of equity shares worth Rs 2,830 crore alongside an offer for sale of 14.45 crore shares valued at roughly Rs 2,182 crore. The company stated in its offer documents that it intends to direct Rs 2,160 crore from the fresh capital towards paying down outstanding debts, with remaining funds targeted at strategic acquisitions and general corporate expansion.

Global manufacturing footprint

Established in 2017, Zetwerk operates an asset-light, technology-driven platform connecting enterprise clients with specialized manufacturing partners. Its custom production services span high-value domains including renewable energy, electronics, aerospace, defence, AI infrastructure, and industrial automation.

The company maintains over 20 manufacturing facilities across India, the United States, and Mexico. Supported by a proprietary operating system, Zetwerk's network links more than 10,000 suppliers with over 1,100 clients, including Fortune 500 firms. In fiscal 2026, the platform served 1,802 customers globally, reflecting the robust expansion of India's industrial and technology exports.

Kotak Mahindra Capital, Morgan Stanley India, Goldman Sachs (India) Securities, Avendus Capital, JM Financial, HSBC Securities & Capital Markets, and Pantomath Capital Advisors are serving as book-running lead managers, with KFin Technologies as registrar.

Broader market supply dynamics

Zetwerk's public debut arrives during a period of sustained activity across Indian primary markets. Market research from Nuvama Institutional Equities shows that shareholder lock-in periods for 99 recently listed companies are scheduled to expire between mid-October 2026 and late January 2027.

The scheduled expiries make stock worth roughly $24 billion eligible for market trading. Nuvama noted that promoter holdings represent a large share of the unlocking equity, meaning the actual volume of shares brought to market will depend on whether key shareholders retain or dilute their positions.