Upcoming IPO: Zetwerk’s ₹5,012 crore issue to open on Oct 15; check price band

The issue will close on October 19 and the bidding for anchor investors will open on October 14, according to a tech-led manufacturing platform public announcement on Monday.

The IPO comprises a fresh issue of shares worth ₹2,830 crore and an Offer for Sale (OFS) of 14.45 crore equity shares by existing shareholders. At the upper end of the price band of ₹151 per share, the OFS is valued at ₹2,182 crore, taking the total issue size to around ₹5,012 crore.

Promoters Amrit Pratik Acharya and Srinath Ramakkrushnan, along with promoter group entity Creovate Innovation, are among the shareholders selling shares in the OFS. Investors Peak XV, Accel, Lightspeed and Kae Capital are also among the selling shareholders.

Zetwerk plans to utilise proceeds from the fresh issue to repay debt of the company and its subsidiaries. Also, proceeds are earmarked for unidentified acquisitions and general corporate purposes.

Founded in 2018, Zetwerk was started by Amrit Pratik Acharya, Srinath Ramakkrushnan, Vishal Chaudhary, Ankit Fatehpuria and Rahul Sharma. Its operations span renewable energy, electronics, aerospace, defence, AI infrastructure, oil and gas, and industrial automation.

The company is backed by investors, including Khosla Ventures, Baillie Gifford, Rakesh Gangwal, Accel, Peak XV and Lightspeed.

Zetwerk has 26 owned manufacturing facilities across India, the US, Germany and Spain and works with third-party suppliers across multiple countries.

Its customers include Siemens Gamesa, Acer India, CG Power, NTPC Renewable Energy, L&T MHI Power Boiler, DRDO, the Indian Air Force and Numaligarh Refinery Ltd.

The company operates two key businesses—manufacturing business and ecosystem business, branded Terra91. It discontinued its civil infrastructure business in FY26 as part of a strategic realignment.

The shares are proposed to be listed on the BSE and NSE on October 23.

Kotak Mahindra Capital Company, Morgan Stanley India Company, Goldman Sachs (India) Securities, Avendus Capital, JM Financial, HSBC Securities and Capital Markets (India) Pvt Ltd, and Pantomath Capital Advisors are the book-running lead managers for the issue. KFin Technologies is the registrar.