The Zetwerk IPO opens for subscription on 15 October 2026 and closes on 19 October. The RHP, the final prospectus filed before launch, raises the fresh issue to ₹2,830 crore from ₹2,600 crore. The price band had not been announced as of the evening of 11 October.
What changed from the draft papers
The updated draft filed in August proposed a fresh issue of ₹2,600 crore and an offer for sale (OFS) of 9.68 crore shares. In the RHP, the fresh issue is ₹2,830 crore and the OFS is 14.45 crore shares, up 49%, as Entrackr reported from the filing.
An OFS means existing holders sell their shares, so that money does not reach the company.
| Key date | Day |
|---|---|
| Anchor bidding | 14 October |
| IPO opens | 15 October |
| IPO closes | 19 October |
| Listing on BSE and NSE | 23 October |
The anchor date is from the RHP report. The listing date is from our Zetwerk IPO page.
Who is selling?
Promoters Amrit Pratik Acharya and Srinath Ramakkrushnan will each sell 1.42 crore shares. Promoter group entity Creovate Innovation will sell up to 2.30 crore shares. Together that is about 5.14 crore shares.
Among investors, Lightspeed Venture Partners sells the most at 2.51 crore shares. Peak XV Partners follows with 2.34 crore. Kae Capital Fund and Kalysta Capital Fund together sell up to 1.67 crore, and Accel India V up to 1.2 crore.
Where the fresh money goes
Of the ₹2,830 crore fresh issue, ₹1,300 crore is for repaying or prepaying borrowings at the company level. Another ₹860 crore repays debt at nine subsidiaries. That is ₹2,160 crore, about 76% of the fresh issue. The rest goes to acquisitions, strategic investments and general corporate purposes. The draft had set aside ₹1,250 crore and ₹550 crore for the two debt items.
The numbers behind the company
Zetwerk runs a technology-led manufacturing platform connecting businesses with manufacturers and suppliers in energy, electronics, aerospace, defence and industrial automation. Revenue from continuing operations rose to ₹15,913 crore in FY26 from ₹11,332 crore in FY25. In Q1 FY27, revenue grew 55% year on year to ₹4,118 crore. Losses from continuing operations fell 93% to ₹64 crore from ₹881 crore a year earlier.
Bloomberg had reported, citing people familiar with the matter, a valuation of about $2.8 billion. That is a report, not a figure from the company.
What our data shows
Our tracker shows an unofficial grey market quote of ₹30 for Zetwerk on 11 October. Without a price band, it cannot yet be turned into a percentage. The grey market is a dealer quote, not an exchange price. On the last 10 mainboard listings, the final GMP was off by 11 percentage points on average, and it overstated the listing gain five times and understated it five times. Of the 100 mainboard IPOs listed in 2026, 66 opened above the issue price, with a median listing gain of 6.92%.
What happens next
The company will announce the price band and lot size before anchor bidding on 14 October. We will update the figures on the Zetwerk page. Track the grey market on our live GMP page.
