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What is the story about?
Zetwerk Manufacturing Businesses has raised ₹2,251.23 crore from large institutional investors ahead of its ₹5,012-crore initial public offering (IPO), which opens for public subscription on October 15.
Global financial institutions such as BlackRock, Goldman Sachs and Nomura participated in the anchor investment round. The company allotted 14.91 crore shares to 99 funds at ₹151 apiece, the upper end of its IPO price band, according to a circular filed on the BSE website.
Other investors included Capital Group and First Sentier Investors, along with sovereign wealth funds such as Norway’s Government Pension Fund Global and the Abu Dhabi Investment Authority (ADIA).
Indian investors also participated, including SBI Mutual Fund, ICICI Prudential Mutual Fund, HDFC Mutual Fund and Mirae Asset Mutual Fund. Insurance companies SBI Life Insurance and ICICI Prudential Life Insurance were among the subscribers.
Zetwerk IPO: Dates, price band and issue size
Zetwerk's IPO will open on October 15 and close on October 19. The price band has been set at ₹143–₹151 per share, and the company's shares are scheduled to list on the BSE and NSE on October 23.
The issue comprises a fresh share sale worth ₹2,830 crore and an offer for sale (OFS) of 14.45 crore shares by existing shareholders. At the upper end of the price band, the OFS is valued at around ₹2,182 crore, taking the total IPO size to approximately ₹5,012 crore.
In an OFS, existing shareholders sell some of their shares to investors. In a fresh issue, the company issues new shares and receives the money raised.
Promoters Amrit Pratik Acharya and Srinath Ramakkrushnan, along with promoter group entity Creovate Innovation, will sell shares through the OFS. Existing investors Peak XV, Accel, Lightspeed and Kae Capital will also sell part of their holdings.
How Zetwerk plans to use the IPO money
Zetwerk plans to use the money raised through the fresh issue to repay debt at the company and subsidiary levels, fund potential acquisitions that have not yet been identified, and meet general corporate expenses.
Founded in 2018, Zetwerk was established by Amrit Pratik Acharya, Srinath Ramakkrushnan, Vishal Chaudhary, Ankit Fatehpuria and Rahul Sharma. Its investors include Khosla Ventures, Baillie Gifford, Rakesh Gangwal, Accel, Peak XV and Lightspeed.
What does Zetwerk do?
Zetwerk manufactures products and components for industries including renewable energy, electronics, aerospace, defence, AI infrastructure, oil and gas, and industrial automation.
The company operates 26 manufacturing facilities across India, the US, Germany and Spain. It also works with third-party suppliers in several countries.
Its customers include Siemens Gamesa, Acer India, CG Power, NTPC Renewable Energy, L&T MHI Power Boiler, the Defence Research and Development Organisation (DRDO), the Indian Air Force and Numaligarh Refinery Ltd.
Zetwerk has two main business segments: Manufacturing Business and Ecosystem Business, which operates under the Terra91 brand. It exited the civil infrastructure business in FY26 as part of a strategic realignment.
Global financial institutions such as BlackRock, Goldman Sachs and Nomura participated in the anchor investment round. The company allotted 14.91 crore shares to 99 funds at ₹151 apiece, the upper end of its IPO price band, according to a circular filed on the BSE website.
Other investors included Capital Group and First Sentier Investors, along with sovereign wealth funds such as Norway’s Government Pension Fund Global and the Abu Dhabi Investment Authority (ADIA).
Indian investors also participated, including SBI Mutual Fund, ICICI Prudential Mutual Fund, HDFC Mutual Fund and Mirae Asset Mutual Fund. Insurance companies SBI Life Insurance and ICICI Prudential Life Insurance were among the subscribers.
Zetwerk IPO: Dates, price band and issue size
Zetwerk's IPO will open on October 15 and close on October 19. The price band has been set at ₹143–₹151 per share, and the company's shares are scheduled to list on the BSE and NSE on October 23.
The issue comprises a fresh share sale worth ₹2,830 crore and an offer for sale (OFS) of 14.45 crore shares by existing shareholders. At the upper end of the price band, the OFS is valued at around ₹2,182 crore, taking the total IPO size to approximately ₹5,012 crore.
In an OFS, existing shareholders sell some of their shares to investors. In a fresh issue, the company issues new shares and receives the money raised.
Promoters Amrit Pratik Acharya and Srinath Ramakkrushnan, along with promoter group entity Creovate Innovation, will sell shares through the OFS. Existing investors Peak XV, Accel, Lightspeed and Kae Capital will also sell part of their holdings.
How Zetwerk plans to use the IPO money
Zetwerk plans to use the money raised through the fresh issue to repay debt at the company and subsidiary levels, fund potential acquisitions that have not yet been identified, and meet general corporate expenses.
Founded in 2018, Zetwerk was established by Amrit Pratik Acharya, Srinath Ramakkrushnan, Vishal Chaudhary, Ankit Fatehpuria and Rahul Sharma. Its investors include Khosla Ventures, Baillie Gifford, Rakesh Gangwal, Accel, Peak XV and Lightspeed.
What does Zetwerk do?
Zetwerk manufactures products and components for industries including renewable energy, electronics, aerospace, defence, AI infrastructure, oil and gas, and industrial automation.
The company operates 26 manufacturing facilities across India, the US, Germany and Spain. It also works with third-party suppliers in several countries.
Its customers include Siemens Gamesa, Acer India, CG Power, NTPC Renewable Energy, L&T MHI Power Boiler, the Defence Research and Development Organisation (DRDO), the Indian Air Force and Numaligarh Refinery Ltd.
Zetwerk has two main business segments: Manufacturing Business and Ecosystem Business, which operates under the Terra91 brand. It exited the civil infrastructure business in FY26 as part of a strategic realignment.
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