Zetwerk Manufacturing Businesses IPO
Zetwerk Manufacturing Businesses LtdMainboard
This IPO opens on 15 Oct 2026.
- Open date
- 15 Oct 2026
- Close date
- 19 Oct 2026
- Min. Investment
- ₹14,949
- Lot Size
- -
- Fresh Issue
- ₹2830.00 Cr
- Price Range
- -
- Face Value
- -
- IPO Document
- DRHP - PDF(opens in a new tab)
Subscription rate
- Qualified Institutional Buyers0.00x
- Non-Institutional Investors0.00x
- Retail-Individual Investors0.00x
- Total0.00x
Schedule
- Current step: IPO open date15 Oct 2026
- Upcoming: IPO close date19 Oct 2026
- Upcoming: Allotment date21 Oct 2026
- Upcoming: Funds unblock or debit22 Oct 2026
- Upcoming: Tentative listing date23 Oct 2026
About
Promoter shareholding in Zetwerk Manufacturing Businesses Ltd, before and after the issue.
| Promoter | Pre-issue shares | Pre-issue % | Post-issue shares | Post-issue % |
|---|---|---|---|---|
| Amrit Pratik Acharya | 11,55,26,710 | 7.51% | 11,55,26,710 | 6.82% |
| Srinath Ramakkrushnan | 12,83,55,830 | 8.35% | 12,83,55,830 | 7.58% |
Financials of Zetwerk Manufacturing Businesses IPO
| Key Performance Indicators | Mar 2023 | Mar 2024 | Mar 2025 |
|---|---|---|---|
| Operating Revenue | - | - | - |
| Other Income | - | - | - |
| Total Income | 11448.66 | 14443.53 | 12798.30 |
| Total Expenses | 11706.17 | 15373.32 | 13279.66 |
| Profit Before Tax | - | - | - |
| Total Profit | -101.60 | -917.94 | -370.71 |
Zetwerk Manufacturing Businesses IPO Strengths & Risks
- Our unique business model enables us to serve multiple demand pools and makes us resilient across economic cycles
- Ability to scale in a capital-efficient manner.
- Zetwerk OS, our proprietary technology enables end-to-end workflow management across the manufacturing lifecycle while driving powerful network effects across our operations.
- Deep relationships with customers driving higher revenue visibility and stickiness.
- Ability to add value-additive ecosystem services to our manufacturing platform.
- Experienced, cycle-tested management team backed by an experienced board of directors.
- Comprehensive and institutionalised risk management framework with strong protection against external risks.
- Risks Relating to the Business: The company incurred a restated loss for the period/year from continuing operations of Rs.641.29 million, Rs.8,806.65 million, Rs.9,643.93 million, Rs.2,150.69 million and Rs.8,525.31 million for the three months periods ended June 30, 2026 and June 30, 2025 and Fiscals 2026, 2025 and 2024, respectively, and certain of its Subsidiaries have incurred losses in the past. Any similar losses in the future may adversely affect the company's business, financial condition and cash flows.
- Risks Relating to the Business: The company relies on third-party suppliers for manufacturing and raw materials, and exposure to price volatility, capacity and quality issues, supply disruptions, and trade and foreign exchange risks could adversely affect the company's business, financial condition, cash flows, results of operations and prospects.
- Risks Relating to the Business: The company is dependent on the performance of the industries its customers operates in, including renewables, artificial intelligence infrastructure, oil & gas, consumer electronics, and defence & aerospace industries, and a downturn in any of these industries could adversely affect the company's business.
- Risks Relating to the Business: The company's revenue from operations - continuing operations from India accounted for 83.53%, 77.29%, 82.54%, 79.41% and 75.43% and its revenue from operations - continuing operations from the USA accounted for 12.77%, 20.44%, 14.33%, 19.09% and 21.54% of the company's revenue from operations - continuing operations for the three months periods ended June 30, 2026 and June 30, 2025 and Fiscals 2026, 2025 and 2024, respectively, each based on Ind AS 108 Operating Segments. Any adverse economic or regulatory changes that negatively affect the demand for its products in India and the USA could adversely affect the company's business, financial condition, cash flows and results of operations.
- Risks Relating to the Business: The company's top 10 suppliers contributed 40.71%, 37.59%, 38.18%, 39.59% and 36.87% of its total expenses for continuing operations for the three months periods ended June 30, 2026 and June 30, 2025 and Fiscals 2026, 2025 and 2024, respectively. Any disruption in the supply or quality from these suppliers could adversely affect the company's business, results of operations, financial condition, cash flows, and reputation.
- Risks Relating to the Business: The company's statutory auditors have included certain emphasis of matters and modifications under the section "Report on Other Legal and Regulatory Requirements" in their auditor reports in the three months periods ended June 30, 2026 and June 30, 2025 and Fiscals 2026, 2025 and 2024.
- Risks Relating to the Business: The company's top 10 customers accounted for 29.39%, 34.26%, 35.90%, 26.89% and 22.37% of its revenue from operations - continuing operations for the three months periods ended June 30, 2026 and June 30, 2025 and Fiscals 2026, 2025 and 2024, respectively. If the company fails to retain or expand its network of customers the company's business, financial condition, cash flows and results of operations may be adversely affected.
- Risks Relating to the Business: The company is subject to strict performance and quality requirements. Defects, perceived defects, or failures to meet customer specifications, whether attributable to the company or its suppliers, could result in order cancellations, recalls, liability, and reputational harm.
- Risks Relating to the Business: The company has manufacturing facilities in India, Spain, the USA and Germany. Any adverse changes in economic or regulatory conditions affecting its supply chains in these jurisdictions could negatively affect the company's results of operations.
- Risks Relating to the Business: The company does not have firm, long-term purchase commitments with many of its customers and the company's revenue visibility, capacity utilisation and margins may be adversely affected by order reductions, cancellations or delays.
- Risks Relating to the Business: The company has significant working capital requirements and its inability to meet such working capital requirement may have an adverse effect on the company's results of operations and cash flows.
- Risks Relating to the Business: The company had negative net cash flow from/ (used in) operations in the three months periods ended June 30, 2026 and June 30, 2025 and Fiscals 2026, 2025 and 2024. Periods of negative cash flow in the future may adversely impact its results of operations, financial condition and profitability.
- Risks Relating to the Business: Unplanned slowdowns or shutdowns in the company's manufacturing operations could adversely affect its business, results of operations, financial condition and cash flows.
- Risks Relating to the Business: Pricing pressure from customers may affect the company's Gross Margin and profitability and may limit its ability to increase prices. This could materially adversely affect the company's business, results of operations, cash flows and financial condition.
- Risks Relating to the Business: The company is exposed to counterparty credit risk. The company's inability to collect receivables on time or at all and defaults in payment from its customers could reduce the company's profits and affect its results of operations, financial condition and cash flows.
- Risks Relating to the Business: The company's success depends on the expertise and continuing efforts of its Directors, Key Managerial Personnel and Senior Management, as well as the company's ability to attract and retain people with the relevant technical expertise. The company's inability to do so could adversely affect its business, financial condition, cash flows and results of operations.
- Risks Relating to the Business: Any slowdown or interruption or under-utilisation of the company's manufacturing capacities may adversely affect its business, cash flows, future prospects and future financial performance.
- Risks Relating to the Business: Orders in the company's Manufacturing Business order book may be delayed, modified or cancelled, which may have an adverse impact on its business, results of operations and cash flows.
- Risks Relating to the Business: Security breaches and attacks against the company's systems, and any resulting breach or failures to protect confidential information, could adversely impact its business and reputation.
- Risks Relating to the Business: The company operates in highly competitive industries, and if the company is not able to compete effectively, its business could be adversely affected.
- Risks Relating to the Business: The company access to capital and the cost thereof is influenced by its credit ratings. Absence of ratings or unfavourable ratings may constrain financing options and adversely affect the company's business, financial condition, cash flows and results of operations.
- Risks Relating to the Business: The company has in the past failed to file certain forms with RBI for certain allotments made by the Company, within the prescribed timelines under FEMA and the rules made thereunder and have also paid late submission fees for delays in filing of forms with RBI in respect of certain allotments made by the Company.
- Risks Relating to the Business: Non-compliance with, or changes to, safety, health, environmental and labour laws could adversely affect the company's business, results of operations, cash flows and financial condition.
- Risks Relating to the Business: The company's insurance coverage may not be adequate or its may incur uninsured losses or losses in excess of the company's insurance coverage which may impact its financial condition, cash flows and results of operations.
- Risks Relating to the Business: There have been certain instances of delays in payment of statutory dues by the company in the past. Any delay in payment of statutory dues by the company in future, may result in the imposition of penalties and in turn may have an adverse effect on its business, financial condition, results of operation and cash flows.
- Risks Relating to the Business: The company has pursued and are likely to continue to pursue strategic acquisitions to expand its capabilities. The company's inability to successfully complete and integrate suitable acquisitions on acceptable terms in the future could adversely affect its business, results of operations, financial condition and cash flows.
- Risks Relating to the Business: The company is subject to laws related to anti-corruption, anti-bribery, anti-money laundering, financial and applicable primary and secondary economic sanctions and similar laws of the USA and EU or other jurisdictions, and non-compliance with such laws can subject it to administrative, civil and criminal fines and penalties, all of which could adversely affect the company's business, prospects, financial condition, results of operations, and cash flows.
- Risks Relating to the Business: Exchange rate fluctuations in various currencies in which the company does business could materially and adversely impact its business, financial condition, cash flows and results of operations.
- Risks Relating to the Business: The company has in the past entered into a number of related party transactions and may continue to enters into related party transactions in the future, and there can be no assurance that its could not have achieved more favourable terms if such transactions had not been entered into with related parties.
- Risks Relating to the Business: The company may be exposed to evolving risks associated with the company uses of artificial intelligence and machine learning in critical areas of its operations.
- Risks Relating to the Business: The company is dependent on third-party transportation providers for the supply of materials for its manufacturing and procurement operations and the delivery of the company's finished products and raw materials. Disruptions could adversely affect its business, results of operations, financial condition and cash flows
- Risks Relating to the Business: There are outstanding legal proceedings against the Company, its Directors, the company's Promoters and its Subsidiaries, or Key Managerial Personnel and member of senior management and adverse outcomes in such proceedings may adversely affect the company's business, results of operations, cash flows and financial condition.
- Risks Relating to the Business: The company must obtain, renew or maintain various statutory and regulatory permits and approvals in the ordinary course of its business, and the company failures to do so in a timely manner may adversely affect its operations.
- Risks Relating to the Business: The company's Promoters and certain members of its Promoter Group had, in the past, pledged their Equity Shares and Preference Shares with a security trustee under the company's promoter borrowing arrangements and certain of its Equity Shares held by certain Shareholders are subject to a pledge. Its cannot assure you that the company's Shareholders, including its Promoters and Promoter Group, will not pledge or encumber their Equity Shares, in the future.
- Risks Relating to the Business: The valuation reports obtained for acquisitions or divestments of business and undertakings and for mergers, amalgamations and revaluations of assets since inception are based on various assumptions and may not be indicative of the true value of the subject matter to which they relate.
- Risks Relating to the Business: The company work with materials and machinery at its manufacturing facilities that can be dangerous and cause harm to people or property.
- Risks Relating to the Business: The company must comply with restrictive covenants under its financing agreements, non-compliance with which can lead to accelerated repayment and suspension of future drawdowns, adversely affecting the company's business, results of operations, financial condition and cash flows.
- Risks Relating to the Business: Improper storage, processing and handling of materials and products could damage the company's inventory, which may adversely affect its business, results of operations and cash flows.
- Risks Relating to the Business: Unsatisfactory performance of, or defects in, the company's manufactured products or raw materials and semi-finished goods supplied through the company could result in costs incurred to repair or replace such products or materials, harm to its reputation and a reduction in sales.
- Risks Relating to the Business: The company may be unable to adequately protect its intellectual property and may be subject to risks of infringement claims. In addition, the company may be subject to third party claims of intellectual property infringement, which could adversely affect the company's business, reputation, financial condition, cash flows and results of operations.
- Risks Relating to the Business: The company has certain contingent liabilities which have been disclosed in its Restated Consolidated Financial Information, which may adversely affect the company's results of operations, cash flows and financial condition.
- Risks Relating to the Business: The company may be subject to unionisation, work stoppages or increased labour costs, which could adversely affect its business, cash flows and results of operations.
- Risks Relating to the Business: Internal or external fraud or misconduct by the company's employees, contractors, representatives or counterparties that its deal with could adversely affect the company's reputation and its results of operations.
- Risks Relating to the Business: The land and premises for the company's Registered and Corporate office and manufacturing facilities and warehouses are held by the company on lease or leave and license or tenancy agreements or on subscription basis. Failures to renew or comply with lease and license arrangements could disrupt its business and adversely affect the company's results of operations, cash flows and financial condition.
- Risks Relating to the Business: If the company is unable to establish and maintain an effective internal controls measures and compliance system, the company's business and reputation could be adversely affected.
- Risks Relating to the Business: Information relating to the installed capacity, available capacity, actual production and capacity utilisation of the company's manufacturing facilities are based on assumptions and estimates, and future production and capacity may differ.
- Risks Relating to the Business: The company's funding requirements and the proposed deployment of Net Proceeds have not been appraised by any bank or financial institution and if there are any delays or cost overruns, the company's business, cash flows, financial condition and results of operations may be adversely affected.
- Risks Relating to the Business: The corporate filings in relation to the allotment of Series D CCPS dated February 16, 2021 with the RoC had discrepancies and instances of non-conformance with the Companies Act, 2013 relating to share allotments. Its cannot assure you that regulatory proceedings or actions will not be initiated against the company in the future, and its will not be subject to any penalty imposed by the competent regulatory authority in this regard.
- Risks Relating to the Business: Any variation in the utilisation of the Net Proceeds as disclosed in this Red Herring Prospectus shall be subject to certain compliance requirements, including prior approval of the shareholders of the Company.
- Risks Relating to the Business: Proceeds from the Offer for Sale portion of the Offer will not be available to the company. The Selling Shareholders in the Offer for Sale will receive the proceeds of the Offer.
- Risks Relating to the Business: A portion of the Net Proceeds may be utilized for repayment or prepayment of specific loans incurred by the Company and certain of its Subsidiaries from entities which are affiliates of certain of the company Book Running Lead Managers.
- Risks Relating to the Business: This Red Herring Prospectus contains information from an industry report which has been prepared exclusively for the Offer and paid for and commissioned by the company exclusively in connection with the Offer and any reliance on such information for making an investment decision in the Offer is subject to inherent risks.
- Risks Relating to the Business: The company has issued Equity Shares during the last 12 months at a price that may be lower than the Offer Price.
- Risks Relating to the Business: If the company is unable to raise additional capital, its business, results of operations, cash flows and financial condition could be adversely affected.
- Risks Relating to the Business: The company's ability to pay dividends in the future will depends on its earnings, financial condition, working capital requirements, capital expenditures and restrictive covenants of the company's financing arrangements.
- Risks Relating to the Business: Changing regulations in India for technology driven companies, especially for foreign direct investment, could lead to new compliance requirements that are uncertain.
- Risks Relating to the Business: Certain of the company's Directors and Key Managerial Personnel (including its Promoters) have interests in the Company other than reimbursement of expenses incurred and normal remuneration or benefits.
- Risks Relating to the Business: This Red Herring Prospectus contains certain non-GAAP financial measures and other statistical information related to the company operations and financial performance. These non-GAAP measures and statistical information may vary from any standard methodology that is applicable across the industry, and therefore may not be comparable with financial or statistical information of similar nomenclature computed and presented by other companies.
- Risks Relating to the Business: Information relating to the company operational capacities and the historical capacity utilisation of its manufacturing facilities included in this Red Herring Prospectus is based on various assumptions and estimates and future production and capacity utilisation may vary.
- Risks Relating to the Business: Majority of the company's Directors does not have prior experience of holding a directorship in a company listed on the Stock Exchanges.
- Risks Relating to the Business: If the company is classified as a passive foreign investment company for U.S. federal income tax purposes, U.S. investors in Equity Shares may be subject to adverse U.S. federal income tax consequences.
