Zetwerk IPO: Kae Capital and Kalysta Capital Set for 38.3X Returns
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Khushi Jain
- October 12, 2026
Zetwerk’s upcoming initial public offering (IPO) is expected to deliver substantial returns to several early investors, with Kae Capital and Kalysta Capital set to earn around 38.3X returns on their investments. The offer for sale (OFS) component will see existing shareholders offload 14.45 crore shares worth approximately Rs 2,182 crore.
According to Entrackr’s analysis, Lightspeed Venture Partners is the largest selling external shareholder in Zetwerk’s IPO, with a proposed share sale worth Rs 426.9 crore. At the upper price band of Rs 151 per share, the investor is set to generate around 4.5X returns based on the average acquisition cost across its participating funds.
Peak XV Partners will offload shares worth Rs 353.5 crore, translating into around 9.3X returns. Accel is expected to generate around 19.3X returns through its Rs 181.5 crore share sale.
The average acquisition costs for Lightspeed Venture Partners and Peak XV Partners have been calculated across their respective funds participating in the OFS.
Kae Capital will sell shares worth Rs 189.8 crore through the OFS and is set to generate around 38.3X returns based on an average acquisition cost of Rs 3.94 per share. Kalysta Capital will offload shares worth Rs 63.3 crore, also generating around 38.3X returns at the upper price band.
Promoters and Other Shareholders to Sell Shares
Among the other shareholders participating in the OFS, promoter group entity Creovate Innovation will offload shares worth Rs 346.9 crore. Its acquisition cost of Rs 178.58 per share is higher than the IPO’s upper price band, implying a return of around 0.85X on its investment.
Zetwerk co-founders Amrit Acharya and Srinath Ramakkrushnan will each sell shares worth around Rs 214.9 crore.
Other OFS participants include Saifuddin Fakhruddin Qureshi and Matthew Harris Arnold, who will sell shares worth Rs 43.1 crore and Rs 36.9 crore, respectively.
Zetwerk IPO Details
Zetwerk’s IPO comprises a fresh issue of Rs 2,830 crore and an OFS of 14.45 crore shares. The company aims to raise around Rs 5,012 crore through the public issue, valuing it at around Rs 25,583 crore at the upper end of the price band.
The IPO will open for subscription on October 15 and close on October 19, with listing scheduled for October 23.
Founded in 2017, Zetwerk operates a technology-led manufacturing platform that connects businesses with manufacturers and suppliers across sectors such as electronics, energy, aerospace, defence and industrial automation.
Revenue Rises in FY26 and Q1 FY27
Zetwerk’s revenue from continuing operations rose to Rs 15,913 crore in FY26 from Rs 11,332 crore in FY25.
In Q1 FY27, revenue from operations grew 55% year-on-year to Rs 4,118 crore. Losses from continuing operations narrowed to Rs 64 crore from Rs 881 crore in the year-ago quarter.
The proposed public issue will provide an exit opportunity for existing shareholders while allowing investors to participate in Zetwerk’s public-market debut.
FAQs
1. How much return are Kae Capital and Kalysta Capital expected to earn from Zetwerk’s IPO?
Both Kae Capital and Kalysta Capital are expected to generate around 38.3X returns on their investments at the upper price band.
2. How many shares will existing shareholders sell through Zetwerk’s IPO?
Existing shareholders will offload 14.45 crore shares through the offer for sale component, worth approximately Rs 2,182 crore.
3. How much will Zetwerk raise through its IPO?
Zetwerk aims to raise around Rs 5,012 crore through a fresh issue of Rs 2,830 crore and an OFS of 14.45 crore shares.
4. When will Zetwerk’s IPO open and close?
The IPO will open for subscription on October 15 and close on October 19. Listing is scheduled for October 23.
5. How did Zetwerk perform financially in FY26 and Q1 FY27?
Revenue from continuing operations rose to Rs 15,913 crore in FY26 from Rs 11,332 crore in FY25. In Q1 FY27, revenue from operations grew 55% year-on-year to Rs 4,118 crore, while losses from continuing operations narrowed to Rs 64 crore.
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