Zetwerk IPO anchor book raises ₹2,251 crore from global funds

Zetwerk Manufacturing Businesses Ltd has raised ₹2,251.23 crore from anchor investors ahead of its initial public offering opening on October 15, 2026. The company allocated 14.91 crore equity shares at the upper price band of ₹151 per share to a roster of global and domestic institutions.

Sovereign wealth funds Norway’s Government Pension Fund Global and Abu Dhabi Investment Authority participated in the anchor book. Other global institutional investors included Capital Group, Société Générale, First Sentier Investors, FSSA, Natixis, Loomis Sayles, Manulife, Carmignac, Eastspring Investments, Susquehanna and The Prudential Assurance Company. Leading domestic mutual funds and insurance companies were also major participants.

Use of proceeds and IPO structure

The IPO comprises a fresh issue of 18.75 crore shares worth ₹2,830 crore and an offer for sale of 14.45 crore shares aggregating ₹2,182.33 crore. Proceeds from the fresh issue will fund debt repayment for the company and its subsidiaries, finance inorganic growth through acquisitions, and serve general corporate purposes.

The offer for sale will benefit selling shareholders, including promoters Amrit Pratik Acharya and Srinath Ramakkrushnan, and promoter group entity Creovate Innovation. Other shareholders participating in the OFS are Peak XV, Accel, Lightspeed, and Kae Capital. The company will not receive any proceeds from the OFS.

Pricing, allotment and listing timeline

The price band for the IPO is fixed at ₹143-151 per share, with a lot size of 99 shares. Public subscription will run from October 15 to October 19, 2026. The allotment is expected to be finalised on October 21, with shares tentatively scheduled to list on the BSE and NSE on October 23, 2026.

Company profile and investor backing

Founded in 2018, Zetwerk operates a technology-led global manufacturing platform connecting enterprises with a network of manufacturing partners. The company, which discontinued its civil infrastructure business in FY26, operates an asset-light model with 26 owned facilities across India, the US, Germany, and Spain.

Its operations span utilities, renewable energy, consumer electronics, artificial intelligence infrastructure, aerospace, space and defence, oil and gas, and industrial automation. Customers include Siemens Gamesa, Acer India, CG Power, NTPC Renewable Energy, L&T MHI Power Boiler, DRDO, the Indian Air Force, and Numaligarh Refinery Ltd. The company is backed by investors including Khosla Ventures, Baillie Gifford, Rakesh Gangwal, Accel, Peak XV, and Lightspeed.

Allocation specifics and participation

A total of 99 funds participated in the anchor allocation. Domestic mutual funds received the largest share, with 22 funds allotted 6.80 crore equity shares. Seven life insurance companies were allocated 1.10 crore shares. Under the allocation structure, 40% of the anchor portion was reserved for specified domestic institutional categories.

Specific allocations to major global funds were disclosed. The Nomura India Investment Mother Fund said it "was allotted 3,311,253 shares worth nearly Rs 50 crore." Goldman Sachs Funds’ Goldman Sachs India Equity Portfolio stated it "received 2,980,098 shares worth around Rs 45 crore." Another Goldman Sachs ETF received shares worth approximately ₹5 crore.

BlackRock funds were also significant participants. Its India Fund received shares worth ₹28.85 crore, while its Emerging Markets Fund got an allocation worth ₹17.45 crore. Other participating BlackRock funds included its Emerging Markets Ex-China Fund, Emerging Markets Sustainable Equity Fund, Emerging Markets Equity Income Fund and Emerging Markets Fund.

The IPO opens for public subscription on October 15, 2026, with retail investors able to apply until October 19, 2026.