Zetwerk Manufacturing listing: Shares list at 5.4% premium over IPO price on NSE

Zetwerk Manufacturing shares made a decent stock market debut on Friday, October 23. Shares of the technology-led manufacturing platform listed at ₹159.2 apiece on the National Stock Exchange (NSE), reflecting a premium of 5.4% over the initial public offering (IPO) issue price of ₹151 apiece.

On the BSE, Zetwerk Manufacturing stock started trading at ₹159, up 5.3% from the issue price.

Incorporated in December 2017, Zetwerk Manufacturing Business is a technology-led manufacturing platform for industrial and consumer goods. The company aggregates third-party production capacity and selected owned facilities into what it describes as a “universal factory.”

The company operates a network comprising 6,979 third-party suppliers across 26 countries and 26 owned manufacturing facilities across India, Spain, the USA and Germany.

The company’s initial public offering was subscribed 3.10 times, with bids for 56.6 crore shares compared to 18.2 crore shares on offer, according to the NSE data.

The ₹5,012 crore IPO comprised a fresh issue of equity shares worth ₹2,830 crore and an offer-for-sale (OFS) component valued at ₹2,182 crore.

Zetwerk Manufacturing Financials

Zetwerk Manufacturing IPO objective

About the company

Zetwerk Manufacturing platform serves industries including utilities, renewable energy, consumer electronics, artificial-intelligence infrastructure, aerospace, space and defence, oil and gas, and industrial automation. Since incorporation, the company has delivered products and raw materials representing a cumulative gross merchandise value of ₹74,374 crore. The company coordinates design, supplier selection, production planning, quality control, logistics, customs and documentation through Zetwerk OS, its proprietary technology platform. Zetwerk OS processes engineering drawings, matches orders with supplier capabilities and capacity, generates production plans, and monitors execution and quality across facilities. Production can take place from multiple suppliers at the same time, which helps to minimise dependency on one particular production plant. The system also accumulates supplier-performance and production data from completed orders, which management uses to refine future supplier selection and execution. The operating network comprised 6,979 third-party suppliers across 26 countries and 26 owned manufacturing facilities across India, Spain, the USA and Germany. 15 were acquired, while the remaining 11 were set up by the company. Three manufacturing facilities, one of which is a new solar module plant under construction as of the RHP date.

The owned facilities mainly undertake assembly, finishing and specialised manufacturing where execution control, certification or proximity to customers is important. The capacity utilisation varied from vertical to vertical, ranging from 2.98% to 100.41% in FY26.

As of June 30, 2026, the manufacturing business order book stood at ₹13,062.4 crore; FY26 new orders were ₹15,393.3 crore. An order was allocated to an average of seven suppliers in FY26, compared with six in FY25 and three in FY24, supporting parallel execution. ODM’s share of manufacturing GMV increased from 8.12% in FY24 to 13.93% in FY26.

The customer base includes Siemens Gamesa, Acer India, boAt, NextPower, CG Power, NTPC Renewable Energy, L&T MHI Power Boiler, DRDO, NALCO, Indian Oil, Mortenson, Nordex Acciona and the Indian Air Force. Revenue from repeat manufacturing business customers was 80.1% in FY26, against 78.1% in FY24; median net revenue retention during FY23-FY26 was 128.8%.