ZETWERK MANUFACTURING BUSINESS LTD IPO: Company Review, Subscription and Allotment Updates

2026-10-15 — Company overview and issue details

ZETWERK MANUFACTURING BUSINESS LTD IPO (ABOUT THE COMPANY)

ZETWERK MANUFACTURING BUSINESS LTD – COMPANY BACKGROUND

Zetwerk Manufacturing Business Ltd is a managed marketplace, that connects industrial and consumer businesses with a global network of manufacturing partners. Global companies that have large manufacturing requirements at an economical cost, can use the Zetwerk platform to identify a match for their requirements. It follows a mix of outsourced and in-house manufacturing capacity, making it relatively asset-light. It operates across key sectors like aerospace, renewable energy, electronics, defence, capital goods, precision manufacturing etc. Out of its 1,802 customers globally, 1,613 customers are based out of India, and the rest are based abroad.

The promoters of Zetwerk Manufacturing Business Ltd are Amrit Acharya and Srinath Ramakrishnan. The IPO will be a combination of a fresh issue of shares and an offer for sale (OFS) component. The fresh issue proceeds will be used for repayment of loans taken by the company, funding inorganic growth via acquisitions, and for general corporate purposes. The issue is being lead-managed by Kotak Mahindra Capital, Morgan Stanley India, Goldman Sachs India, Avendus, JM Financial, HSBC Securities, and Pantomath; while KFIN Technologies Ltd (KFINTECH) is the IPO registrar.

HIGHLIGHTS OF THE IPO ISSUE OF ZETWERK MANUFACTURING BUSINESS LTD

Here are the key highlights of the public issue of Zetwerk Manufacturing Business Ltd.

The IPO is open from October 15th, 2026 to October 19th, 2026. It has a face value of ₹1 per share and the IPO price band has been fixed in the range of ₹143 to ₹151 per share.

The IPO of Zetwerk Manufacturing Business Ltd will be a combination of a fresh issue of shares and an offer for sale (OFS) component. The OFS offering will be by the promoter shareholders and the investor shareholders of the company.

The Fresh Issue portion of the IPO comprises the issue of 18,74,82,119 shares (1,874.82 lakh shares), which at the upper price band of ₹151 per share, translates into a fresh issue size of ₹2,830.98 crore.

The offer for sale (OFS) portion of the IPO comprises the sale of 14,45,25,036 shares (1,445.25 lakh shares), which at the upper price band of ₹151 per share, translates into an OFS size of ₹2,182.33 crore.

Therefore, the overall IPO will comprise of the fresh issue portion and the offer for sale (OFS) portion of 33,20,07,155 shares (3,320.07 lakh shares), which at the upper price band of ₹151 per share translates into an overall issue size of ₹5,013.31 crore.

Due to dilutive impact of the fresh issue and the offer for sale (OFS) by promoters, the promoter stake in the company will reduce from 21.08% pre-IPO to 15.71% post-IPO.

The IPO of Zetwerk Manufacturing Business Ltd will be listed on the NSE and the BSE on the IPO mainboard. The anchor allocation happened on October 14, 2026.

KEY DATES, INVESTOR ALLOCATION, AND LOT SIZES

Here are the key dates pertaining to the IPO of Zetwerk Manufacturing Business Ltd

Data Source: Company RHP

Investors can apply either through their existing trading account or the ASBA application can be directly logged through the internet banking account. This can only be done through the authorized list of self-certified syndicate banks (SCSB).

The table below captures the gist of the allocation to various categories.

Data Source: Security Parameters Filing (NSE)

The anchor portion, is carved out of the QIB portion and the QIB portion available in the IPO offer has been reduced proportionately. Please note that the above shares are final and may differ marginally from the original announcement.

Here is a quick look at the lot sizes applicable for the IPO of Zetwerk Manufacturing Business Ltd for various categories of investors.

It may be noted here that for the B-HNI category and for the QIB (qualified institutional buyer) category, there are no upper limits applicable. (1 Lot = 99 shares)

FINANCIAL HIGHLIGHTS OF ZETWERK MANUFACTURING BUSINESS LTD

The table captures the key financials of Zetwerk Manufacturing Business Ltd for last 3 financial years.

Data Source: Company RHP filed with SEBI (FY refers to Apr-Mar period)

Between FY24 and FY26, revenues of the company have grown by 28.7%. The company has been loss making for the last 3 years and hence most profit-oriented ratios may not be too relevant in this case. The company does have a positive EBITDA, although the EBITDA margins at around 2.65% are still to marginal to make an impact.

VALUATION METRICS OF ZETWERK MANUFACTURING BUSINESS LTD IPO

Since the company has been consistently loss making, the traditional metrics of valuations like P/E may not be applicable. One has to look at the company business more from the moat that it has created over the years and what could help grow earnings eventually and boost the margins. Here are a few key points to note.

It has a global business model with about 15% of its total revenues being generated outside India. That derisks the model to domestic cycles.

Zetwerk acts as a secondary market for manufacturing capacity and has close to 7,000 suppliers from more than 26 countries globally.

Its model is a hybrid model with capabilities in terms of third-party capacity sourcing as well as its own capacity on offer. This gives more flexibility and control.

The model can be scaled up rapidly without too much of additional investment required, if the order flows were to grow substantially. That could be the big differentiator.

It has repeat business ratio of 85% to 90%, which shows a high level of customer confidence in the model and its ability to deliver.

To sum up, investors can look at the IPO as a play on the emerging trend of outsourced manufacturing. The success will depend on its ability to scale up rapidly.

2026-10-15 — Anchor allocation

ZETWERK MANUFACTURING BUSINESS LTD IPO (ANCHOR ALLOCATION 44.62%)

BRIEF ON ANCHOR ALLOCATION OF ZETWERK MANUFACTURING BUSINESS LTD

The anchor issue of Zetwerk Manufacturing Business Ltd saw a strong response on 14th October 2026 with 44.62% of the IPO size absorbed by anchors. Out of 33,41,55,065 shares (3,341.55 lakh shares) on offer in the IPO; anchors picked up 14,90,88,220 shares (1,490.88 lakh shares) accounting for 44.62% of the total IPO size. The entire anchor allocation was made at the upper end of the price band of ₹151 per share. This includes the face value of ₹1 per share plus a share premium of ₹150 per share. The anchor bidding opened and closed on 14th October 2026.

KEY POINTS TO NOTE IN THE ANCHOR ALLOCATION PROCESS

Here are the key details pertaining to the anchor bidding of Zetwerk Manufacturing Business Ltd

An anchor investor in an IPO is a qualified institutional buyer (QIB) like a foreign portfolio investor or mutual fund or insurance company or a sovereign fund which invests before the IPO is made available to the public as per SEBI regulations. It helps in price discovery.

MAJOR ANCHOR ALLOCATION INVESTORS IN ZETWERK MANUFACTURING BUSINESS LTD

On 14th October 2026, Zetwerk Manufacturing Business Ltd allotted 14,90,88,220 shares to a total of 99 anchor investors. The allocation was done at the upper IPO price band of ₹151 per share which resulted in overall anchor allocation of ₹2,251.23 crore. The anchors have already absorbed 44.62% of the total issue size of ₹5,045.74 crore, after factoring in the employee discount offered in the IPO, if any.

Listed below are the Top 10 IPO anchor investors who accounted for anchor collection of ₹892.52 crores, or, 39.65% of the overall anchor allocation of shares, one trading day ahead of the IPO of Zetwerk Manufacturing Business Ltd. The individual anchor allocation to these investors is indexed descending on the number of shares allotted.

Data Source: BSE Filings (Value Allocated is ₹ in Crore)

The detailed and comprehensive report on the anchor allocation, with the mutual fund portion segregated, can be accessed on BSE by clicking on the link below.

https://www.bseindia.com/downloads/UploadDocs/Notices/Attach/ZetwerkCompanyAnchorIntimationLetter$e592052e-855d-4aa3-b961-498d7ec3dbce.pdf

Out of the 14,90,88,220 shares allocated to the anchors in the IPO, there was an allocation of 6,80,12,406 shares made to mutual funds regulated by SEBI. This anchor allocation to mutual funds was spread across 61 MF schemes of 22 asset management companies (AMC). Mutual funds accounted for 45.62% of the overall anchor allocation.

Out of the 14,90,88,220 shares allocated to the anchors in the IPO, there was an allocation of 1,10,10,346 shares to made to 7 life insurance companies regulated by IRDAI. Life Insurance companies accounted for 7.39% of the overall anchor allocation.

The remaining anchor allocation was spread across FPIs, ODIs, SIFs, and alternate investment funds (AIFs).

NEXT STEPS IN ZETWERK MANUFACTURING BUSINESS LTD IPO

Post the closure of the IPO subscription on 19th October 2026, the basis of allotment will be finalized on 21st October 2026 and the refunds will be initiated on 22nd October 2026. In addition, the demat credits are expected to also happen on 22nd October 2026 and the stock will list on 23rd October 2026 on the NSE and the BSE. The credits to the demat account to the extent of shares allotted will happen by the close of 22nd October 2026 under ISIN (INE09PO01019).

2026-10-19 — Final subscription (Day 3)

Zetwerk Manufacturing Business Ltd (Day-3 Final Subscription at 3.06 times)

ZETWERK MANUFACTURING BUSINESS LTD - IPO SUBSCRIPTION STATUS ON DAY-3

As of 7.10 pm on 19th October 2026, out of the 1,850.67 lakh shares on offer in the IPO (excluding anchor portion), Zetwerk Manufacturing Business Ltd saw bids for 5,662.61 lakh shares. This implies an overall subscription of 3.06X at a macro level. The granular break-up of subscriptions at close of Day-3 of the IPO of Zetwerk Manufacturing Business Ltd was as under:

The subscriptions were led by the QIB Investors followed by the HNI / NII investors and the Retail investors in that order. QIB bids and NII bids typically gather most of the momentum only on the last day. Both, the QIB portion and the HNI / NII portion saw bulk of the institutional, corporate and funded subscriptions come in on the last day of the IPO, but the HNI / NII segment just about got subscribed and the retail subscriptions actually fell short by about 27%. The company had seen robust anchor participation a day ahead of the IPO opening with 44.62% of the IPO size absorbed by anchor investors. Here is the category-wise subscription. The overall subscription ratio excludes anchor portion.

Data Source: NSE / BSE (as of close of Day-3 of the IPO)

The IPO of Zetwerk Manufacturing Business Ltd was open up to October 19, 2026, and has closed for subscription as of the close of trading hours on October 19, 2026. The subscription ratios presented in the table above represent the final subscription numbers for each category and also for the IPO overall.

Generally, the listing price of the IPO and the post-listing performance tend to get influenced by the extent of oversubscription of the IPO. However, it must also be noted that a higher subscription is not an automatic guarantee of a strong listing performance for the IPO stock. The final subscription ratio excludes anchor portion. Total bids as of the close (including anchor allocation) stood at ₹10,801.77 crore.

NEXT STEPS IN THE ZETWERK MANUFACTURING BUSINESS LTD IPO

Post the closure of the IPO subscription on 19th October 2026, the basis of allotment will be finalized on 21st October 2026 and the refunds will be initiated on 22nd October 2026. In addition, the demat credits are expected to also happen on 22nd October 2026 and the stock will list on 23rd October 2026 on the NSE and the BSE. The credits to the demat account to the extent of shares allotted will happen by the close of 22nd October 2026 under ISIN (INE09PO01019).

2026-10-19 — Allotment status

Zetwerk Manufacturing Business Ltd (How to check allotment status online)

ABOUT THE ZETWERK MANUFACTURING BUSINESS LTD IPO

The IPO of Zetwerk Manufacturing Business Ltd opened on October 15th, 2026 and closed on October 19th, 2026. The IPO comprised of a combination of a fresh issue and an offer for sale (OFS) of 33,41,55,065 shares (3,341.55 lakh shares) worth ₹5,045.74 crore at the upper band price of ₹151 per share.

The fresh issue and the OFS will lead to dilution of promoter stake in the company, post the IPO. The allotment status will be finalized by EOD of October 21, 2026. Here is how to check allotment status for the IPO of Zetwerk Manufacturing Business Ltd. You can check IPO status on BSE or NSE or IPO Registrar website of KFIN Technologies Ltd (KFINTECH).

CHECKING ALLOTMENT STATUS OF ZETWERK MANUFACTURING BUSINESS LTD ON BSE WEBSITE

This is a common link for all mainboard IPOs. Click on BSE link for IPO allotment as below.

https://www.bseindia.com/investors/appli_check.aspx

Once you reach the page, here are the steps to follow.

Under Issue Type – Select Equity Option

Under Issue Name – Select Zetwerk Manufacturing Business Ltd from the drop-down box

Enter the Application Number / CAF exactly as in the acknowledgement slip

Alternatively, Enter your PAN (10-digit alphanumeric) number

Once this is done; you need enter the 6-character alpha-numeric Captcha code to verify you are not a robot

Finally click on the SUBMIT Button on the left.

You can use either of the parameters to query; Application / CAF number or Investor PAN.

The allotment status will be displayed on the screen in front of you informing about the number of shares of Zetwerk Manufacturing Business Ltd allotted into your demat account. You can save a screenshot of the allotment status output for tallying with the demat account credits.

CHECKING ALLOTMENT STATUS OF ZETWERK MANUFACTURING BUSINESS LTD ON NSE WEBSITE

This is a common link for all IPOs. Click on NSE link for IPO allotment as below.

https://www.nseindia.com/invest/check-trades-bids-verify-ipo-bids

Once you reach the page, here are the steps to follow.

Under Issue Type – Select Equity & SME IPO Bid Details Option

Under SELECT SYMBOL – Select ZETWERK from the drop-down box

Enter the Application Number / CAF exactly as in the acknowledgement slip

Alternatively, Enter your PAN (10-digit alphanumeric) number

Enter one of the above inputs and, click on the SUBMIT Button

Now, you can either input the Application / CAF number or the Investor PAN.

The allotment status will be displayed on the screen in front of you informing about the number of shares of Zetwerk Manufacturing Business Ltd allotted into your demat account. You can save a screenshot of the allotment status output for tallying with the demat account credits.

CHECKING ALLOTMENT STATUS OF ZETWERK MANUFACTURING BUSINESS LTD ON KFIN TECHNOLOGIES LTD (REGISTRAR TO THE IPO)

Visit the website of KFIN Technologies Ltd, which has been appointed as the registrar for the issue. You can access their website for IPO status by clicking on the link below:

https://ipostatus.kfintech.com/

KFIN Technologies Ltd provides details of IPOs managed by them and where allotment status is finalized. There is no radio button for recent IPOs, so you have to search through a long list. You can simplify the search by typing the first 3-4 characters of the company name in the Search box. The dropdown list of IPOs will only show those IPOs where KFINTECH is the registrar, and where allotment status has been finalized. From the list, select Zetwerk Manufacturing Business Ltd.

THERE ARE 3 WAYS TO QUERY ALLOTMENT STATUS ON KFIN TECHNOLOGIES LTD

To Query by Application Number, check the appropriate box and follow these steps.

Enter the Application Number / CAF as it is

Application Number is available in the IPO application acknowledgement

Enter the Income Tax PAN number of the applicant

PAN is available on PAN card or on filed tax returns

Click on Submit button

Allotment Status gets displayed on screen

Unlike in the past, now you do not have to select ASBA versus Non-ASBA option.

To Query by Demat Account, check the appropriate box and follow these steps.

First select the depository (NSDL / CDSL)

Enter the DP-ID and CLIENT-ID as one single string

DP-ID / CLIENT-ID details are available in your demat statement or Contract Note

For NSDL, you need to enter the 14 digits after “IN”

For CDSL, you need to enter the full 16-digit DP-ID / CLIENT ID combination

Click on Submit button

Allotment Status gets displayed on screen

To Query by PAN, check the appropriate box and follow these steps.

Enter the 10-Character PAN number, available on your PAN card

You can verify your PAN number from PAN card or your filed tax returns.

Click on Submit button

Allotment status gets displayed on screen

Ensure to input the correct details in the query screen. Retain a screenshot of the allotment status output for future reference. This can be tallied with demat credit post allotment.

NEXT STEPS IN THE ZETWERK MANUFACTURING BUSINESS LTD IPO

Post the closure of the IPO subscription on 19th October 2026, the basis of allotment will be finalized on 21st October 2026 and the refunds will be initiated on 22nd October 2026. In addition, the demat credits are expected to also happen on 22nd October 2026 and the stock will list on 23rd October 2026 on the NSE and the BSE. The credits to the demat account to the extent of shares allotted will happen by the close of 22nd October 2026 under ISIN (INE09PO01019).

Interested in applying for this IPO?

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