Zetwerk Raises Rs 2,251.2 Cr From Anchor Investors Ahead of Rs 5,012 Cr IPO
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Khushi Jain
- October 14, 2026
Manufacturing company Zetwerk has raised Rs 2,251.2 Cr from anchor investors ahead of the opening of its initial public offering (IPO) for public subscription on October 15.
The company allotted 14.91 Cr equity shares to anchor investors at Rs 151 per share, the upper end of its IPO price band.
Domestic mutual funds accounted for around 46% of the anchor book, acquiring 6.80 Cr shares through 61 schemes across 22 fund houses. Around 40% of the anchor investor portion was reserved for domestic mutual funds, life insurance companies and pension funds.
SBI Mutual Fund emerged as the largest investor among the participating domestic funds, acquiring 1.02 Cr shares through two schemes. ICICI Prudential Mutual Fund accounted for around 7% of the anchor allocation. Other participating fund houses included Bajaj Finserv, Abakkus, Baroda BNP Paribas, Motilal Oswal and Edelweiss.
Global Institutional Investors Participate in Anchor Book
Global institutional investors accounted for a significant portion of Zetwerk’s anchor book.
Capital Group’s Smallcap World Fund Inc received the largest individual allocation, worth Rs 288 Cr, accounting for 12.79% of the total anchor portion.
Government Pension Fund Global and Abu Dhabi Investment Authority’s Monsoon fund were each allocated shares worth about Rs 75 Cr. Nomura India Investment Mother Fund received an allocation worth Rs 50 Cr.
Other international investors participating in the anchor book included Goldman Sachs, BlackRock, First Sentier Investors and Societe Generale.
Zetwerk IPO Details
Zetwerk’s Rs 5,012 Cr IPO will open for public subscription on October 15 and close on October 17. The company has set a price band of Rs 143 to Rs 151 per share.
At the upper end of the price band, the offering values Zetwerk at a post-issue market capitalisation of around Rs 25,583 Cr, or approximately $2.7 Bn.
The IPO comprises a fresh issue of Rs 2,830 Cr and an offer for sale (OFS) of up to 14.45 Cr shares, amounting to Rs 2,182.3 Cr at the upper end of the price band.
Zetwerk has increased the fresh issue from Rs 2,600 Cr proposed in its updated draft red herring prospectus (UDRHP). The OFS component has also expanded by 49.2% from approximately 9.7 Cr shares.
Cofounders and Existing Investors to Sell Shares
Zetwerk’s promoters and cofounders, Amrit Pratik Acharya and Srinath Ramakkrushnan, will each sell up to 1.42 Cr shares as part of the OFS.
Other shareholders offloading their stakes include promoter group entity Creovate Innovation and funds associated with Peak XV Partners, Accel India, Lightspeed Venture Partners and Kae Capital.
The company plans to use Rs 2,160 Cr from the fresh issue to repay or prepay borrowings of Zetwerk and certain subsidiaries. The remaining proceeds will be allocated towards acquisitions and general corporate purposes.
Zetwerk Financial Performance
Zetwerk’s operating revenue rose to Rs 15,739.3 Cr in FY26 from Rs 11,331.9 Cr in FY25. However, its consolidated net loss widened to Rs 1,606.2 Cr from Rs 370.7 Cr in FY25, driven by discontinued operations over the past fiscal.
The FY26 loss included an exceptional charge of Rs 796.4 Cr linked to changes in share conversion ratios and an impairment charge of Rs 453 Cr related to its discontinued civil infrastructure business.
In Q1 FY27, operating revenue grew 55.4% year-on-year (YoY) to Rs 4,117.9 Cr from Rs 2,649.4 Cr.
Its total net loss narrowed 46.4% to Rs 733 Cr from Rs 1,368.5 Cr in the corresponding quarter last year.
Of the latest quarterly loss, Rs 668.9 Cr was attributable to discontinued operations, while continuing operations accounted for Rs 64.1 Cr.
The year-ago quarter included exceptional charges of Rs 803.2 Cr from continuing operations and the Rs 453 Cr impairment charge in the discontinued business.
FAQs
1. How much has Zetwerk raised from anchor investors?
Zetwerk has raised Rs 2,251.2 Cr from anchor investors ahead of its IPO.
2. When will Zetwerk’s IPO open and close?
The IPO will open for public subscription on October 15 and close on October 17.
3. What is the price band for Zetwerk’s IPO?
The IPO price band is Rs 143 to Rs 151 per share.
4. How will Zetwerk use the proceeds from the fresh issue?
The company plans to use Rs 2,160 Cr to repay or prepay borrowings of Zetwerk and certain subsidiaries. The remaining proceeds will be used for acquisitions and general corporate purposes.
5. What was Zetwerk’s operating revenue in FY26?
Zetwerk’s operating revenue rose to Rs 15,739.3 Cr in FY26 from Rs 11,331.9 Cr in FY25.
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