B2B manufacturing company eyes a post-issue market cap of about ₹25,583 crore, with most of the fresh capital earmarked for debt repayment
12 October 2026: B2B manufacturing company Zetwerk has fixed a price band of ₹143 to ₹151 per share for its initial public offering. At the upper end, the issue is worth ₹5,012.3 crore. The IPO opens for subscription on 15 October and closes on 19 October, with anchor investor bidding on 14 October.
Issue structure
The offering combines a fresh issue of ₹2,830 crore with an offer for sale (OFS) of up to 14.45 crore shares, worth ₹2,182.3 crore at the upper end of the band, according to the company’s red herring prospectus (RHP).
Both portions are larger than in the company’s earlier filing. The fresh issue is up from the ₹2,600 crore outlined in its updated draft red herring prospectus (UDRHP), and the OFS has grown 49.2% from about 9.7 crore shares. At the upper end of the band, Zetwerk would have a post-issue market capitalisation of around ₹25,583 crore, or about $2.7 billion.
Who is selling
Promoters and cofounders Amrit Pratik Acharya and Srinath Ramakkrushnan will each offload up to 1.42 crore shares. The other selling shareholders are promoter group entity Creovate Innovation and funds linked to Peak XV Partners, Accel India, Lightspeed Venture Partners and Kae Capital.
Use of proceeds
Zetwerk plans to put ₹2,160 crore, about 76% of the fresh issue, towards repaying or prepaying borrowings of the company and certain subsidiaries. That makes debt reduction the largest use of the money raised. The remaining net proceeds will go to acquisitions and general corporate purposes.
Road to listing
The company filed its draft IPO papers confidentially in March, followed by the UDRHP in August.