Zetwerk Lists on NSE at 5.5% Premium After ₹5,012 Cr IPO

Zetwerk opened its public-market life at ₹159.25 on the NSE, a 5.46% premium to its ₹151 issue price. On the BSE, the stock listed at ₹159, up 5.3%. The listing caps a ₹5,012.3 crore IPO that ran from October 15 to October 19, priced within a band of ₹143–₹151 per share.

The Bengaluru-based B2B manufacturing company will deploy ₹2,160 crore of fresh issue proceeds to repay or prepay borrowings of the company and certain subsidiaries. The remaining proceeds go to acquisitions and general corporate purposes.

How Was the IPO Structured?

The offering combined a ₹2,830 crore fresh issue with an offer for sale of 14.45 crore shares worth ₹2,182.3 crore. Zetwerk increased the fresh issue from the ₹2,600 crore proposed in its updated draft red herring prospectus, and the OFS component grew 49.2% from roughly 9.7 crore shares.

At the issue price, the company's post-issue valuation stood at about ₹25,583 crore.

A day before the subscription opened, Zetwerk raised ₹2,251.2 crore from anchor investors on October 14, allotting 14.91 crore equity shares at ₹151 apiece. The company had confidentially filed its draft IPO papers in March and submitted its UDRHP in August.

Who Cashed Out?

Cofounders Amrit Pratik Acharya and Srinath Ramakrishnan each offered up to 1.42 crore shares for sale. Other sellers included promoter group entity Creovate Innovation and funds tied to Peak XV Partners, Accel India, Lightspeed Venture Partners, and Kae Capital.

The exits delivered outsized returns. Kae Capital Fund II and Kalysta Capital Fund II pocketed 38.3X returns, taking home ₹196.3 crore and ₹63.3 crore respectively. Lightspeed's funds collectively received around ₹440 crore, while Peak XV's funds realised ₹359.3 crore.

Revenue Rises, Loss Widens

Zetwerk's operating revenue grew 40.4% to ₹15,913.3 crore in FY26 from ₹11,331.9 crore the previous year. But its net loss, including discontinued operations, widened to ₹1,606.2 crore from ₹370.7 crore in FY25.

The FY26 loss carried two heavy one-off items: a ₹796.4 crore exceptional charge linked to changes in share conversion ratios, and a ₹453 crore impairment charge in its discontinued civil infrastructure business.

The newest quarter paints a better picture. In Q1 FY27, operating revenue from continuing operations rose 55.4% to ₹4,117.9 crore from ₹2,649.4 crore. The total net loss narrowed 46.4% to ₹733 crore from ₹1,368.5 crore a year earlier. Of that quarterly loss, ₹668.9 crore came from discontinued operations, leaving just ₹64.1 crore from the continuing business.

What Does Zetwerk Actually Do?

Founded in 2018, Zetwerk runs a manufacturing platform serving businesses across industrial and consumer goods categories. It blends capacity from third-party suppliers with its own facilities to fulfil orders spanning renewable energy, consumer electronics, aerospace, defence, oil and gas, and industrial automation.

Its customer roster includes Siemens Gamesa, Acer India, boAt, NTPC Renewable Energy, CG Power and Industrial Solutions, and the Indian Air Force. As of June 30, 2026, the company operated 26 manufacturing facilities across India, the US, Germany, and Spain.

Zetwerk joined the unicorn club in 2021 after a $150 million raise. Before the IPO, it had raised more than $900 million from investors including Peak XV Partners, Lightspeed Venture Partners, Accel India, Greenoaks Capital Partners, and D1 Capital Partners.

The muted 5.5% listing pop, against a loss-heavy FY26 and a shrinking quarterly burn, means the market's real verdict on Zetwerk will come as debt repayments land and the continuing operations turn profitable.