Zetwerk Manufacturing Business opened its ₹5,012 crore initial public offering (IPO) on October 15, 2026, giving investors an opportunity to invest in the Bengaluru-based manufacturing technology platform. The issue is priced at ₹143–151 per share, with a minimum application of 99 shares. Subscription closes on October 19.

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The IPO comprises a fresh issue worth ₹2,830 crore and an offer for sale (OFS) of up to ₹2,182 crore. The company plans to use the proceeds for debt repayment, acquisitions, strategic growth initiatives and general corporate purposes.

Zetwerk reported revenue of ₹16,100.63 crore and a net loss of ₹1,606.17 crore for FY26. For the quarter ended June 30, 2026, it recorded revenue of ₹4,195.70 crore and a net loss of ₹732.98 crore, highlighting concerns about profitability despite its substantial business scale.

Ahead of the issue, the company raised ₹2,251.23 crore from anchor investors at ₹151 per share. The reported grey market premium (GMP) stood at ₹19–21 per share, indicating potential listing gains of around 12–13% over the upper price band. However, GMP is unofficial, fluctuates frequently and does not guarantee listing performance.

Brokerage opinions remain divided. ICICI Direct, SBI Securities and Ventura recommended subscribing, citing manufacturing growth opportunities, business scalability and potential benefits from debt reduction. BP Equities advised investors to avoid the issue because of persistent losses and uncertainty over a sustainable turnaround, while Swastika Investmart maintained a neutral view.

Investors should weigh Zetwerk’s manufacturing growth potential against its continuing losses, execution challenges and uncertain profitability. The IPO may suit investors with a long-term horizon and higher risk tolerance, but careful evaluation of the company’s financial performance and valuation is essential before applying.