Zetwerk, a B2B manufacturing startup, has set a price band of ₹143-₹151 per share for its initial public offering (IPO), targeting a total issue size of ₹5,012.3 crore. The IPO will open for subscription on October 15 and close on October 19, with anchor investor bidding scheduled for October 14. At the upper end of the price band, Zetwerk aims for a post-issue valuation of approximately ₹25,583 crore ($2.7 billion), according to inc42.com.
The IPO comprises a fresh issue of ₹2,830 crore and an offer for sale (OFS) of up to 14.45 crore shares worth ₹2,182.3 crore at the upper price band. Zetwerk has increased the fresh issue size from ₹2,600 crore outlined in its updated draft red herring prospectus. Promoters and cofounders Amrit Pratik Acharya and Srinath Ramakkrushnan will each sell up to 1.42 crore shares. Other selling shareholders include Creovate Innovation and funds linked to Peak XV Partners, Accel India, Lightspeed Venture Partners, and Kae Capital. The company plans to use ₹2,160 crore from the fresh issue proceeds primarily to repay borrowings.
This IPO marks a significant fundraising event in the Indian B2B manufacturing sector, reflecting growing investor interest in industrial supply chain startups. Zetwerk’s targeted valuation of ₹25,583 crore places it among the larger tech-driven manufacturing firms in India. The fresh issue and OFS combination allows early investors and promoters to partially exit while enabling the company to reduce debt, which is a key focus for its capital allocation. The deal follows a trend of sizable IPOs from startups in the manufacturing and industrial space, highlighting the sector’s expanding capital market presence.
Zetwerk’s IPO subscription window will be open from October 15 to October 19, with anchor investor bidding on October 14. The company’s promoters and early investors will sell shares through the OFS, while the fresh issue proceeds will largely be used for debt repayment, totaling ₹2,160 crore. This offering will be closely watched as a benchmark for investor appetite in B2B manufacturing startups in India, according to inc42.com.