Deadline: the ₹5,012-crore IPO opens for subscription on October 15 and closes on October 19, with anchor bidding on October 14. Zetwerk Manufacturing Businesses has raised ₹2,251 crore from anchor investors ahead of the issue, which will open with a price band of ₹143–151 per share and a lot size of 99 shares.
At the upper end, the issue values the Bengaluru company at roughly ₹25,583 crore (about $2.8 billion). The offer comprises a fresh issue of ₹2,830 crore and an offer for sale of 14.45 crore shares by existing investors and promoters, per the red herring prospectus. The book-running lead managers are Kotak Mahindra Capital, Morgan Stanley India, Goldman Sachs India, Avendus Capital, JM Financial, HSBC Securities and Pantomath Capital Advisors.
The 'universal factory' goes public
Founded in 2018 by IIT alumni Amrit Pratik Acharya, Srinath Ramakkrushnan, Rahul Sharma and Vishal Chaudhary, Zetwerk runs a network of 26 owned factories across India, the US, Germany and Spain, backed by 6,979 third-party suppliers across 26 countries. Its contract manufacturing spans pressure vessels, heat exchangers, solar torque tubes, wind turbine components and transformers — work ranging from oil and gas to renewables.
Why it matters for founders
Zetwerk's listing is the biggest test yet of whether India's manufacturing-platform model earns public-market premiums. The ₹2,251-crore anchor book — one of the largest this season — suggests institutions are buying the 'universal factory' thesis. For deeptech and manufacturing founders, this IPO sets the comparable that will shape your next valuation conversation.