Zetwerk sets IPO price band at Rs 143-151; Rs 5,012 crore issue opens October 15

Zetwerk Manufacturing Businesses has fixed the price band for its initial public offering at Rs 143 to Rs 151 per share, valuing the contract manufacturing company at about Rs 25,583 crore at the top of the range. The issue, worth about Rs 5,012 crore, opens for public bidding on Thursday, October 15, 2026, and closes on Monday, October 19, with bidding for anchor investors on Wednesday, October 14. The offer combines fresh shares worth up to Rs 2,830 crore with an offer for sale of up to 14.45 crore shares by existing shareholders. Investors can bid in lots of 99 shares, and the company plans to use part of the fresh money to repay debt.

Zetwerk is one of the best-known names from India's recent wave of venture-backed companies, and its listing is a test of how public markets value a venture-backed manufacturing business. A successful issue would encourage other late-stage start-ups waiting to list; a weak one would make them think again about timing and pricing.

The valuation is the headline number. Earlier reports had put the expected value at about Rs 27,000 crore. At about Rs 25,583 crore at the top of the band, the company has priced the issue somewhat below that, which may be meant to leave room for gains after listing and to attract investors in a market that has been unsettled by high oil prices and foreign selling.

The split between fresh shares and the offer for sale also tells investors something. Just over half the money, about Rs 2,830 crore, goes to the company, with part of it used to cut debt, which can lower interest costs and improve profits. The rest goes to existing shareholders who are selling part of their holdings. Investors usually read a larger fresh issue as a sign that the company needs and will use the capital to grow.

For retail investors, the minimum application of about Rs 14,949 makes the issue accessible, but the usual cautions apply: read the offer document, look at the company's profits and debt, and consider how the shares might trade once listed rather than relying only on demand in the grey market.

Short-term: Anchor demand on October 14 and subscription levels over the following three bidding days will show how much appetite there is for large new-age listings.

Long-term: A strong debut could reopen the door for other venture-backed manufacturing and technology companies planning to list in India.

Who is affected: Retail and institutional investors considering the issue, Zetwerk's existing shareholders selling in the offer, and other start-ups preparing their own public listings.

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