{"id":303214,"date":"2026-10-12T17:36:47","date_gmt":"2026-10-12T12:06:47","guid":{"rendered":"https:\/\/univest.in\/blogs-2\/?p=303214"},"modified":"2026-10-12T17:36:47","modified_gmt":"2026-10-12T12:06:47","slug":"zetwerk-ipo-valuation-targets-rs-25583-crore-in-rs-5012-crore-ipo-price-band-rs-143-151-fresh-issue-ofs-losses-key-details","status":"publish","type":"post","link":"https:\/\/univest.in\/blogs-2\/zetwerk-ipo-valuation-targets-rs-25583-crore-in-rs-5012-crore-ipo-price-band-rs-143-151-fresh-issue-ofs-losses-key-details\/","title":{"rendered":"Zetwerk IPO Valuation Targets Rs 25,583 Crore in Rs 5,012 Crore IPO: Price Band Rs 143 to Rs 151, Fresh Issue Rs 2,830 Crore, Revenue Rs 15,913 Crore, Losses, Use of Proceeds and What Investors Should Check"},"content":{"rendered":"<p style=\"border-left:4px solid #1F4E79;background:#EBF3FB;padding:10px 16px;font-style:italic;\"><em>Zetwerk IPO valuation: Rs 25,583 cr ($2.64 bn) at the Rs 151 upper band. Issue Rs 5,012 cr: fresh Rs 2,830 cr plus OFS of 14.45 cr shares. FY26 revenue Rs 15,913 cr (continuing). Q1 FY27 revenue +55%, loss Rs 64 cr (continuing). Opens 15 Oct, closes 19 Oct.<\/em><\/p>\n<div style=\"background:#F0F9FF;border-left:4px solid #2E7D32;border-radius:6px;padding:14px 18px;margin:18px 0;\">\n<p style=\"margin:0;color:#1F4E79;font-size:14px;\"><strong>Quick Answer<\/strong><\/p>\n<p style=\"margin:8px 0 0;\">Zetwerk IPO valuation is about Rs 25,583 crore ($2.64 billion) at the upper price band of Rs 151, for an issue of Rs 5,012 crore made up of a Rs 2,830 crore fresh issue and an offer for sale of 14.45 crore shares. The company grew FY26 revenue from continuing operations to Rs 15,913 crore from Rs 11,332 crore, and its Q1 FY27 revenue rose 55% to Rs 4,118 crore while the loss from continuing operations narrowed to Rs 64 crore from Rs 881 crore. At the upper band the valuation is about 1.6 times FY26 revenue (my calculation), which is modest for a growing platform but is paid for a business that has not yet made a profit. The issue opens on 15 October and closes on 19 October, so check the loss history, the use of proceeds and the grey market premium before you decide.<\/p>\n<\/p><\/div>\n<p>Zetwerk IPO valuation has become a talking point because the issue is the largest of four IPOs opening on 15 October, and it comes just before the expected Jio Platforms IPO. The company runs a technology-led manufacturing platform that connects businesses with factories and suppliers.<\/p>\n<p>This guide explains how the Zetwerk IPO valuation is built, the structure of the issue, who is selling, how the money will be used, the financial numbers and how reliable they are, and the risks.<\/p>\n<p>Some numbers differ between sources, such as total losses against losses from continuing operations. Where that happens, both figures are shown and the difference is explained.<\/p>\n<p style=\"margin-top:24px;\"><strong><a href=\"https:\/\/univest.in\/user\/log-in?utm_source=blogs&#038;utm_medium=zetwerk-ipo-valuation-targets-rs-25583-crore-in-rs-5012-crore-ipo-price-band-rs-143-151-fresh-issue-ofs-losses-key-details\">Click Here &#8211; Get Free Investment Predictions<\/a><\/strong><\/p>\n<div id=\"ez-toc-container\" class=\"ez-toc-v2_0_65 counter-hierarchy ez-toc-counter ez-toc-grey ez-toc-container-direction\">\n<div class=\"ez-toc-title-container\">\n<p class=\"ez-toc-title \" >Table of Contents<\/p>\n<span class=\"ez-toc-title-toggle\"><a href=\"#\" class=\"ez-toc-pull-right ez-toc-btn ez-toc-btn-xs ez-toc-btn-default ez-toc-toggle\" aria-label=\"Toggle Table of Content\"><span class=\"ez-toc-js-icon-con\"><span class=\"\"><span class=\"eztoc-hide\" style=\"display:none;\">Toggle<\/span><span class=\"ez-toc-icon-toggle-span\"><svg style=\"fill: #999;color:#999\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" class=\"list-377408\" width=\"20px\" height=\"20px\" viewBox=\"0 0 24 24\" fill=\"none\"><path d=\"M6 6H4v2h2V6zm14 0H8v2h12V6zM4 11h2v2H4v-2zm16 0H8v2h12v-2zM4 16h2v2H4v-2zm16 0H8v2h12v-2z\" fill=\"currentColor\"><\/path><\/svg><svg style=\"fill: #999;color:#999\" class=\"arrow-unsorted-368013\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"10px\" height=\"10px\" viewBox=\"0 0 24 24\" version=\"1.2\" baseProfile=\"tiny\"><path d=\"M18.2 9.3l-6.2-6.3-6.2 6.3c-.2.2-.3.4-.3.7s.1.5.3.7c.2.2.4.3.7.3h11c.3 0 .5-.1.7-.3.2-.2.3-.5.3-.7s-.1-.5-.3-.7zM5.8 14.7l6.2 6.3 6.2-6.3c.2-.2.3-.5.3-.7s-.1-.5-.3-.7c-.2-.2-.4-.3-.7-.3h-11c-.3 0-.5.1-.7.3-.2.2-.3.5-.3.7s.1.5.3.7z\"\/><\/svg><\/span><\/span><\/span><\/a><\/span><\/div>\n<nav><ul class='ez-toc-list ez-toc-list-level-1 ' ><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-1\" href=\"https:\/\/univest.in\/blogs-2\/zetwerk-ipo-valuation-targets-rs-25583-crore-in-rs-5012-crore-ipo-price-band-rs-143-151-fresh-issue-ofs-losses-key-details\/#Zetwerk_IPO_Valuation_The_Numbers_at_a_Glance\" title=\"Zetwerk IPO Valuation: The Numbers at a Glance\">Zetwerk IPO Valuation: The Numbers at a Glance<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-2\" href=\"https:\/\/univest.in\/blogs-2\/zetwerk-ipo-valuation-targets-rs-25583-crore-in-rs-5012-crore-ipo-price-band-rs-143-151-fresh-issue-ofs-losses-key-details\/#Who_Is_Selling_Behind_the_Zetwerk_IPO_Valuation\" title=\"Who Is Selling Behind the Zetwerk IPO Valuation\">Who Is Selling Behind the Zetwerk IPO Valuation<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-3\" href=\"https:\/\/univest.in\/blogs-2\/zetwerk-ipo-valuation-targets-rs-25583-crore-in-rs-5012-crore-ipo-price-band-rs-143-151-fresh-issue-ofs-losses-key-details\/#Use_of_Proceeds_Behind_the_Zetwerk_IPO_Valuation\" title=\"Use of Proceeds Behind the Zetwerk IPO Valuation\">Use of Proceeds Behind the Zetwerk IPO Valuation<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-4\" href=\"https:\/\/univest.in\/blogs-2\/zetwerk-ipo-valuation-targets-rs-25583-crore-in-rs-5012-crore-ipo-price-band-rs-143-151-fresh-issue-ofs-losses-key-details\/#Financials_Behind_the_Zetwerk_IPO_Valuation\" title=\"Financials Behind the Zetwerk IPO Valuation\">Financials Behind the Zetwerk IPO Valuation<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-5\" href=\"https:\/\/univest.in\/blogs-2\/zetwerk-ipo-valuation-targets-rs-25583-crore-in-rs-5012-crore-ipo-price-band-rs-143-151-fresh-issue-ofs-losses-key-details\/#The_Business_Behind_the_Zetwerk_IPO_Valuation\" title=\"The Business Behind the Zetwerk IPO Valuation\">The Business Behind the Zetwerk IPO Valuation<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-6\" href=\"https:\/\/univest.in\/blogs-2\/zetwerk-ipo-valuation-targets-rs-25583-crore-in-rs-5012-crore-ipo-price-band-rs-143-151-fresh-issue-ofs-losses-key-details\/#Zetwerk_IPO_Valuation_Allocation_and_Grey_Market_Premium\" title=\"Zetwerk IPO Valuation, Allocation and Grey Market Premium\">Zetwerk IPO Valuation, Allocation and Grey Market Premium<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-7\" href=\"https:\/\/univest.in\/blogs-2\/zetwerk-ipo-valuation-targets-rs-25583-crore-in-rs-5012-crore-ipo-price-band-rs-143-151-fresh-issue-ofs-losses-key-details\/#Risks_Around_the_Zetwerk_IPO_Valuation\" title=\"Risks Around the Zetwerk IPO Valuation\">Risks Around the Zetwerk IPO Valuation<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-8\" href=\"https:\/\/univest.in\/blogs-2\/zetwerk-ipo-valuation-targets-rs-25583-crore-in-rs-5012-crore-ipo-price-band-rs-143-151-fresh-issue-ofs-losses-key-details\/#What_to_Watch_Next_for_the_Zetwerk_IPO_Valuation\" title=\"What to Watch Next for the Zetwerk IPO Valuation\">What to Watch Next for the Zetwerk IPO Valuation<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-9\" href=\"https:\/\/univest.in\/blogs-2\/zetwerk-ipo-valuation-targets-rs-25583-crore-in-rs-5012-crore-ipo-price-band-rs-143-151-fresh-issue-ofs-losses-key-details\/#Conclusion\" title=\"Conclusion\">Conclusion<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-10\" href=\"https:\/\/univest.in\/blogs-2\/zetwerk-ipo-valuation-targets-rs-25583-crore-in-rs-5012-crore-ipo-price-band-rs-143-151-fresh-issue-ofs-losses-key-details\/#Frequently_Asked_Questions\" title=\"Frequently Asked Questions\">Frequently Asked Questions<\/a><ul class='ez-toc-list-level-3' ><li class='ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-11\" href=\"https:\/\/univest.in\/blogs-2\/zetwerk-ipo-valuation-targets-rs-25583-crore-in-rs-5012-crore-ipo-price-band-rs-143-151-fresh-issue-ofs-losses-key-details\/#What_is_the_Zetwerk_IPO_valuation\" title=\"What is the Zetwerk IPO valuation?\">What is the Zetwerk IPO valuation?<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-12\" href=\"https:\/\/univest.in\/blogs-2\/zetwerk-ipo-valuation-targets-rs-25583-crore-in-rs-5012-crore-ipo-price-band-rs-143-151-fresh-issue-ofs-losses-key-details\/#What_price_band_supports_the_Zetwerk_IPO_valuation\" title=\"What price band supports the Zetwerk IPO valuation?\">What price band supports the Zetwerk IPO valuation?<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-13\" href=\"https:\/\/univest.in\/blogs-2\/zetwerk-ipo-valuation-targets-rs-25583-crore-in-rs-5012-crore-ipo-price-band-rs-143-151-fresh-issue-ofs-losses-key-details\/#How_big_is_the_Zetwerk_IPO_and_what_is_in_it\" title=\"How big is the Zetwerk IPO and what is in it?\">How big is the Zetwerk IPO and what is in it?<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-14\" href=\"https:\/\/univest.in\/blogs-2\/zetwerk-ipo-valuation-targets-rs-25583-crore-in-rs-5012-crore-ipo-price-band-rs-143-151-fresh-issue-ofs-losses-key-details\/#How_will_Zetwerk_use_the_IPO_money\" title=\"How will Zetwerk use the IPO money?\">How will Zetwerk use the IPO money?<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-15\" href=\"https:\/\/univest.in\/blogs-2\/zetwerk-ipo-valuation-targets-rs-25583-crore-in-rs-5012-crore-ipo-price-band-rs-143-151-fresh-issue-ofs-losses-key-details\/#Is_Zetwerk_profitable\" title=\"Is Zetwerk profitable?\">Is Zetwerk profitable?<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-16\" href=\"https:\/\/univest.in\/blogs-2\/zetwerk-ipo-valuation-targets-rs-25583-crore-in-rs-5012-crore-ipo-price-band-rs-143-151-fresh-issue-ofs-losses-key-details\/#What_is_the_Zetwerk_IPO_grey_market_premium\" title=\"What is the Zetwerk IPO grey market premium?\">What is the Zetwerk IPO grey market premium?<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-17\" href=\"https:\/\/univest.in\/blogs-2\/zetwerk-ipo-valuation-targets-rs-25583-crore-in-rs-5012-crore-ipo-price-band-rs-143-151-fresh-issue-ofs-losses-key-details\/#When_does_the_Zetwerk_IPO_open_and_list\" title=\"When does the Zetwerk IPO open and list?\">When does the Zetwerk IPO open and list?<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-18\" href=\"https:\/\/univest.in\/blogs-2\/zetwerk-ipo-valuation-targets-rs-25583-crore-in-rs-5012-crore-ipo-price-band-rs-143-151-fresh-issue-ofs-losses-key-details\/#Should_I_apply_based_on_the_Zetwerk_IPO_valuation\" title=\"Should I apply based on the Zetwerk IPO valuation?\">Should I apply based on the Zetwerk IPO valuation?<\/a><\/li><\/ul><\/li><\/ul><\/nav><\/div>\n<h2><span class=\"ez-toc-section\" id=\"Zetwerk_IPO_Valuation_The_Numbers_at_a_Glance\"><\/span><strong>Zetwerk IPO Valuation: The Numbers at a Glance<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<table style=\"border-collapse:collapse;width:100%;\">\n<tr>\n<th style=\"text-align:left;padding:8px;border:1px solid #DDDDDD;background:#0A0E1A;color:#FFFFFF;\">Item<\/th>\n<th style=\"text-align:left;padding:8px;border:1px solid #DDDDDD;background:#0A0E1A;color:#FFFFFF;\">Detail<\/th>\n<th style=\"text-align:left;padding:8px;border:1px solid #DDDDDD;background:#0A0E1A;color:#FFFFFF;\">Note<\/th>\n<\/tr>\n<tr>\n<td style=\"padding:8px;border:1px solid #DDDDDD;\">Price band<\/td>\n<td style=\"padding:8px;border:1px solid #DDDDDD;\">Rs 143 to Rs 151 per share<\/td>\n<td style=\"padding:8px;border:1px solid #DDDDDD;\">Face value Re 1<\/td>\n<\/tr>\n<tr>\n<td style=\"padding:8px;border:1px solid #DDDDDD;\">Zetwerk IPO valuation at upper band<\/td>\n<td style=\"padding:8px;border:1px solid #DDDDDD;\">Rs 25,583 crore ($2.64 billion)<\/td>\n<td style=\"padding:8px;border:1px solid #DDDDDD;\">Matches 169.4 crore post-issue shares at Rs 151 (my calculation)<\/td>\n<\/tr>\n<tr>\n<td style=\"padding:8px;border:1px solid #DDDDDD;\">Issue size<\/td>\n<td style=\"padding:8px;border:1px solid #DDDDDD;\">Rs 5,012 crore ($518 million)<\/td>\n<td style=\"padding:8px;border:1px solid #DDDDDD;\">Fresh issue plus offer for sale<\/td>\n<\/tr>\n<tr>\n<td style=\"padding:8px;border:1px solid #DDDDDD;\">Fresh issue<\/td>\n<td style=\"padding:8px;border:1px solid #DDDDDD;\">Rs 2,830 crore<\/td>\n<td style=\"padding:8px;border:1px solid #DDDDDD;\">Raised from Rs 2,600 crore in the August draft<\/td>\n<\/tr>\n<tr>\n<td style=\"padding:8px;border:1px solid #DDDDDD;\">Offer for sale<\/td>\n<td style=\"padding:8px;border:1px solid #DDDDDD;\">14.45 crore shares, about Rs 2,182 crore at Rs 151<\/td>\n<td style=\"padding:8px;border:1px solid #DDDDDD;\">Up 49% from 9.68 crore proposed earlier<\/td>\n<\/tr>\n<tr>\n<td style=\"padding:8px;border:1px solid #DDDDDD;\">Lot size<\/td>\n<td style=\"padding:8px;border:1px solid #DDDDDD;\">99 shares<\/td>\n<td style=\"padding:8px;border:1px solid #DDDDDD;\">About Rs 14,949 at the upper band<\/td>\n<\/tr>\n<tr>\n<td style=\"padding:8px;border:1px solid #DDDDDD;\">Dates<\/td>\n<td style=\"padding:8px;border:1px solid #DDDDDD;\">Anchor 14 October; open 15 October; close 19 October; listing 23 October<\/td>\n<td style=\"padding:8px;border:1px solid #DDDDDD;\">BSE and NSE<\/td>\n<\/tr>\n<\/table>\n<p>The Zetwerk IPO valuation works out to about 1.6 times FY26 revenue of Rs 15,913 crore (my calculation), and about 5.3 times the March 2026 net worth of Rs 4,813.72 crore, a mixed measure because the fresh issue will add to net worth.<\/p>\n<p style=\"margin-top:24px;\"><strong><a href=\"https:\/\/univest.in\/screeners\">Check the Univest Screener for live data on upcoming IPOs<\/a><\/strong><\/p>\n<h2><span class=\"ez-toc-section\" id=\"Who_Is_Selling_Behind_the_Zetwerk_IPO_Valuation\"><\/span><strong>Who Is Selling Behind the Zetwerk IPO Valuation<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<table style=\"border-collapse:collapse;width:100%;\">\n<tr>\n<th style=\"text-align:left;padding:8px;border:1px solid #DDDDDD;background:#0A0E1A;color:#FFFFFF;\">Seller<\/th>\n<th style=\"text-align:left;padding:8px;border:1px solid #DDDDDD;background:#0A0E1A;color:#FFFFFF;\">Shares in the offer for sale<\/th>\n<th style=\"text-align:left;padding:8px;border:1px solid #DDDDDD;background:#0A0E1A;color:#FFFFFF;\">Type<\/th>\n<\/tr>\n<tr>\n<td style=\"padding:8px;border:1px solid #DDDDDD;\">Amrit Pratik Acharya<\/td>\n<td style=\"padding:8px;border:1px solid #DDDDDD;\">1.42 crore<\/td>\n<td style=\"padding:8px;border:1px solid #DDDDDD;\">Promoter<\/td>\n<\/tr>\n<tr>\n<td style=\"padding:8px;border:1px solid #DDDDDD;\">Srinath Ramakkrushnan<\/td>\n<td style=\"padding:8px;border:1px solid #DDDDDD;\">1.42 crore<\/td>\n<td style=\"padding:8px;border:1px solid #DDDDDD;\">Promoter<\/td>\n<\/tr>\n<tr>\n<td style=\"padding:8px;border:1px solid #DDDDDD;\">Creovate Innovation<\/td>\n<td style=\"padding:8px;border:1px solid #DDDDDD;\">Up to 2.30 crore<\/td>\n<td style=\"padding:8px;border:1px solid #DDDDDD;\">Promoter group<\/td>\n<\/tr>\n<tr>\n<td style=\"padding:8px;border:1px solid #DDDDDD;\">Lightspeed Venture Partners<\/td>\n<td style=\"padding:8px;border:1px solid #DDDDDD;\">2.51 crore<\/td>\n<td style=\"padding:8px;border:1px solid #DDDDDD;\">Investor<\/td>\n<\/tr>\n<tr>\n<td style=\"padding:8px;border:1px solid #DDDDDD;\">Peak XV Partners<\/td>\n<td style=\"padding:8px;border:1px solid #DDDDDD;\">2.34 crore<\/td>\n<td style=\"padding:8px;border:1px solid #DDDDDD;\">Investor<\/td>\n<\/tr>\n<tr>\n<td style=\"padding:8px;border:1px solid #DDDDDD;\">Accel India V<\/td>\n<td style=\"padding:8px;border:1px solid #DDDDDD;\">Up to 1.20 crore<\/td>\n<td style=\"padding:8px;border:1px solid #DDDDDD;\">Investor<\/td>\n<\/tr>\n<\/table>\n<p>Promoters and promoter group sell about 5.14 crore shares in total (my calculation), and the rest comes from venture investors cashing out. Investors in the Zetwerk IPO valuation often look at how much early backers sell, and Peak XV, Lightspeed and Accel are all selling some shares.<\/p>\n<p style=\"margin-top:24px;\"><em>Download the <a href=\"http:\/\/apps.apple.com\/in\/app\/univest-stocks-investment\/id6443753518\" rel=\"nofollow noopener\" target=\"_blank\">Univest iOS App<\/a> or <a href=\"http:\/\/play.google.com\/store\/apps\/details?id=com.univest.capp&#038;hl=en_IN\" rel=\"nofollow noopener\" target=\"_blank\">Univest Android App<\/a> to track the Zetwerk IPO and subscription status live.<\/em><\/p>\n<h2><span class=\"ez-toc-section\" id=\"Use_of_Proceeds_Behind_the_Zetwerk_IPO_Valuation\"><\/span><strong>Use of Proceeds Behind the Zetwerk IPO Valuation<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<ol>\n<li>Rs 1,300 crore to repay or prepay borrowings at the company level.<\/li>\n<li>Rs 860 crore to repay debt at nine subsidiaries.<\/li>\n<li>The remaining fresh issue money for acquisitions, strategic investments and general corporate purposes.<\/li>\n<\/ol>\n<p>Close to Rs 2,160 crore of the Rs 2,830 crore fresh issue behind the Zetwerk IPO valuation goes to debt repayment (my calculation), so most new money cuts borrowings and does not fund new factories. The offer for sale money goes to the selling shareholders and not to the company.<\/p>\n<h2><span class=\"ez-toc-section\" id=\"Financials_Behind_the_Zetwerk_IPO_Valuation\"><\/span><strong>Financials Behind the Zetwerk IPO Valuation<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<table style=\"border-collapse:collapse;width:100%;\">\n<tr>\n<th style=\"text-align:left;padding:8px;border:1px solid #DDDDDD;background:#0A0E1A;color:#FFFFFF;\">Measure<\/th>\n<th style=\"text-align:left;padding:8px;border:1px solid #DDDDDD;background:#0A0E1A;color:#FFFFFF;\">Figure<\/th>\n<th style=\"text-align:left;padding:8px;border:1px solid #DDDDDD;background:#0A0E1A;color:#FFFFFF;\">Comparison<\/th>\n<\/tr>\n<tr>\n<td style=\"padding:8px;border:1px solid #DDDDDD;\">Revenue, FY26 (continuing operations)<\/td>\n<td style=\"padding:8px;border:1px solid #DDDDDD;\">Rs 15,913 crore<\/td>\n<td style=\"padding:8px;border:1px solid #DDDDDD;\">Up about 40% from Rs 11,332 crore in FY25 (my calculation)<\/td>\n<\/tr>\n<tr>\n<td style=\"padding:8px;border:1px solid #DDDDDD;\">Revenue, Q1 FY27<\/td>\n<td style=\"padding:8px;border:1px solid #DDDDDD;\">Rs 4,118 crore<\/td>\n<td style=\"padding:8px;border:1px solid #DDDDDD;\">Up more than 55% year on year<\/td>\n<\/tr>\n<tr>\n<td style=\"padding:8px;border:1px solid #DDDDDD;\">Loss, Q1 FY27 (continuing operations)<\/td>\n<td style=\"padding:8px;border:1px solid #DDDDDD;\">Rs 64 crore<\/td>\n<td style=\"padding:8px;border:1px solid #DDDDDD;\">Down from Rs 881 crore a year earlier<\/td>\n<\/tr>\n<tr>\n<td style=\"padding:8px;border:1px solid #DDDDDD;\">Reported total loss, FY26<\/td>\n<td style=\"padding:8px;border:1px solid #DDDDDD;\">About Rs 1,606 crore<\/td>\n<td style=\"padding:8px;border:1px solid #DDDDDD;\">One data page; includes discontinued operations<\/td>\n<\/tr>\n<tr>\n<td style=\"padding:8px;border:1px solid #DDDDDD;\">Reported total loss, June 2026 quarter<\/td>\n<td style=\"padding:8px;border:1px solid #DDDDDD;\">About Rs 733 crore<\/td>\n<td style=\"padding:8px;border:1px solid #DDDDDD;\">Same page; includes discontinued operations<\/td>\n<\/tr>\n<tr>\n<td style=\"padding:8px;border:1px solid #DDDDDD;\">Net worth, March 2026<\/td>\n<td style=\"padding:8px;border:1px solid #DDDDDD;\">About Rs 4,814 crore<\/td>\n<td style=\"padding:8px;border:1px solid #DDDDDD;\">Same data page<\/td>\n<\/tr>\n<\/table>\n<p>The two sets of loss figures describe different scopes. The company discontinued its civil infrastructure business in FY26, and one data page shows total losses that include it, while the other reports show continuing operations only. Read the prospectus to see both.<\/p>\n<h2><span class=\"ez-toc-section\" id=\"The_Business_Behind_the_Zetwerk_IPO_Valuation\"><\/span><strong>The Business Behind the Zetwerk IPO Valuation<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<ol>\n<li>Platform: a technology-led manufacturing platform serving electronics, energy, aerospace, defence and industrial automation.<\/li>\n<li>Customers named in reports: Siemens Gamesa, Acer India, the Indian Air Force and NTPC Renewable Energy.<\/li>\n<li>Scale: 26 manufacturing facilities across India, the US, Germany and Spain, per one report.<\/li>\n<li>Segments: a Manufacturing Business and an Ecosystem Business branded Terra91.<\/li>\n<li>Focus: it exited civil infrastructure in FY26 to concentrate on the core business.<\/li>\n<\/ol>\n<p>Reports give the founding year as 2017 in some places and 2018 in others, so check the prospectus.<\/p>\n<h2><span class=\"ez-toc-section\" id=\"Zetwerk_IPO_Valuation_Allocation_and_Grey_Market_Premium\"><\/span><strong>Zetwerk IPO Valuation, Allocation and Grey Market Premium<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<table style=\"border-collapse:collapse;width:100%;\">\n<tr>\n<th style=\"text-align:left;padding:8px;border:1px solid #DDDDDD;background:#0A0E1A;color:#FFFFFF;\">Item<\/th>\n<th style=\"text-align:left;padding:8px;border:1px solid #DDDDDD;background:#0A0E1A;color:#FFFFFF;\">Detail<\/th>\n<th style=\"text-align:left;padding:8px;border:1px solid #DDDDDD;background:#0A0E1A;color:#FFFFFF;\">Note<\/th>\n<\/tr>\n<tr>\n<td style=\"padding:8px;border:1px solid #DDDDDD;\">Allocation<\/td>\n<td style=\"padding:8px;border:1px solid #DDDDDD;\">QIB about 74.84%, HNI about 14.97%, retail about 9.98%, employees about 0.21%<\/td>\n<td style=\"padding:8px;border:1px solid #DDDDDD;\">One data page; confirm in the prospectus<\/td>\n<\/tr>\n<tr>\n<td style=\"padding:8px;border:1px solid #DDDDDD;\">Retail share<\/td>\n<td style=\"padding:8px;border:1px solid #DDDDDD;\">Only about 10% of the issue<\/td>\n<td style=\"padding:8px;border:1px solid #DDDDDD;\">Retail investors compete for a small portion<\/td>\n<\/tr>\n<tr>\n<td style=\"padding:8px;border:1px solid #DDDDDD;\">Grey market premium<\/td>\n<td style=\"padding:8px;border:1px solid #DDDDDD;\">About Rs 30 or 19.9%<\/td>\n<td style=\"padding:8px;border:1px solid #DDDDDD;\">Undated page; implied listing near Rs 181 (my calculation)<\/td>\n<\/tr>\n<tr>\n<td style=\"padding:8px;border:1px solid #DDDDDD;\">Bankers<\/td>\n<td style=\"padding:8px;border:1px solid #DDDDDD;\">Kotak Mahindra Capital, Morgan Stanley, Goldman Sachs, Avendus, JM Financial, HSBC, Pantomath<\/td>\n<td style=\"padding:8px;border:1px solid #DDDDDD;\">Registrar is KFin Technologies<\/td>\n<\/tr>\n<\/table>\n<p>The grey market premium is an unofficial figure that can change within hours and is not recognised by SEBI or the exchanges, so do not rely on it for the Zetwerk IPO valuation decision.<\/p>\n<h2><span class=\"ez-toc-section\" id=\"Risks_Around_the_Zetwerk_IPO_Valuation\"><\/span><strong>Risks Around the Zetwerk IPO Valuation<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p><strong>Losses:<\/strong> The company is not yet profitable, so the Zetwerk IPO valuation rests on revenue growth and margin improvement.<\/p>\n<p><strong>Debt:<\/strong> Most fresh issue money repays borrowings, so the Zetwerk IPO valuation sits on a debt-heavy balance sheet.<\/p>\n<p><strong>Complex reporting:<\/strong> Continuing and discontinued operations make year on year comparison harder.<\/p>\n<p><strong>Crowded calendar:<\/strong> Four IPOs open together and the Jio Platforms IPO is expected soon, which can split investor money.<\/p>\n<p><strong>Investor selling:<\/strong> Venture backers such as Peak XV and the promoters are selling about 14.45 crore shares in the offer.<\/p>\n<h2><span class=\"ez-toc-section\" id=\"What_to_Watch_Next_for_the_Zetwerk_IPO_Valuation\"><\/span><strong>What to Watch Next for the Zetwerk IPO Valuation<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<ol>\n<li>Anchor investor details on 14 October.<\/li>\n<li>Subscription from 15 to 19 October, especially the QIB portion.<\/li>\n<li>The grey market premium on a live source.<\/li>\n<li>The allotment on about 21 October and listing on 23 October.<\/li>\n<li>Quarterly results after listing for the loss trend.<\/li>\n<\/ol>\n<h2><span class=\"ez-toc-section\" id=\"Conclusion\"><\/span><strong>Conclusion<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>Zetwerk IPO valuation of Rs 25,583 crore is about 1.6 times FY26 revenue for a fast-growing manufacturing platform that is still loss-making. Read the continuing operations numbers, the use of proceeds and the allocation before you apply. Consult a SEBI-registered advisor before making any decision.<\/p>\n<div style=\"background:#CC0000;border-radius:8px;padding:16px 20px;margin:24px 0;\">\n<p style=\"color:#FFFFFF;font-size:13px;line-height:1.7;margin:0;\"><strong style=\"color:#FFFFFF;\">Disclaimer:<\/strong> Data and figures in this article are sourced from publicly available information. These may or may not be accurate. Please verify all data with the official NSE (nseindia.com) and BSE (bseindia.com) websites before making any investment decision. Investments in securities are subject to market risk. This content is for educational purposes only and is not investment advice by Univest (SEBI RA INH000013776).<\/p>\n<\/p><\/div>\n<h2><span class=\"ez-toc-section\" id=\"Frequently_Asked_Questions\"><\/span><strong>Frequently Asked Questions<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<h3><span class=\"ez-toc-section\" id=\"What_is_the_Zetwerk_IPO_valuation\"><\/span><strong>What is the Zetwerk IPO valuation?<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p><strong>Ans.<\/strong> About Rs 25,583 crore ($2.64 billion) at the upper price band of Rs 151.<\/p>\n<h3><span class=\"ez-toc-section\" id=\"What_price_band_supports_the_Zetwerk_IPO_valuation\"><\/span><strong>What price band supports the Zetwerk IPO valuation?<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p><strong>Ans.<\/strong> Rs 143 to Rs 151 per share, with a lot size of 99 shares.<\/p>\n<h3><span class=\"ez-toc-section\" id=\"How_big_is_the_Zetwerk_IPO_and_what_is_in_it\"><\/span><strong>How big is the Zetwerk IPO and what is in it?<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p><strong>Ans.<\/strong> Rs 5,012 crore, made up of a fresh issue of Rs 2,830 crore and an offer for sale of 14.45 crore shares.<\/p>\n<h3><span class=\"ez-toc-section\" id=\"How_will_Zetwerk_use_the_IPO_money\"><\/span><strong>How will Zetwerk use the IPO money?<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p><strong>Ans.<\/strong> Rs 1,300 crore to repay company borrowings, Rs 860 crore for subsidiary debt, and the rest for acquisitions and general purposes.<\/p>\n<h3><span class=\"ez-toc-section\" id=\"Is_Zetwerk_profitable\"><\/span><strong>Is Zetwerk profitable?<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p><strong>Ans.<\/strong> No. Q1 FY27 loss from continuing operations was Rs 64 crore, down from Rs 881 crore, and total reported losses are larger because of discontinued operations.<\/p>\n<h3><span class=\"ez-toc-section\" id=\"What_is_the_Zetwerk_IPO_grey_market_premium\"><\/span><strong>What is the Zetwerk IPO grey market premium?<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p><strong>Ans.<\/strong> A data page showed about Rs 30 (19.9%), but it was undated and unofficial. Check a live source.<\/p>\n<h3><span class=\"ez-toc-section\" id=\"When_does_the_Zetwerk_IPO_open_and_list\"><\/span><strong>When does the Zetwerk IPO open and list?<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p><strong>Ans.<\/strong> It opens on 15 October, closes on 19 October and is expected to list on 23 October.<\/p>\n<h3><span class=\"ez-toc-section\" id=\"Should_I_apply_based_on_the_Zetwerk_IPO_valuation\"><\/span><strong>Should I apply based on the Zetwerk IPO valuation?<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p><strong>Ans.<\/strong> This article does not constitute investment advice. IPOs carry risk. Consult a SEBI-registered financial advisor.<\/p>\n<div class=\"faq-schema\"><script type=\"application\/ld+json\">{\"@context\":\"https:\/\/schema.org\",\"@type\":\"FAQPage\",\"mainEntity\":[{\"@type\":\"Question\",\"name\":\"What is the Zetwerk IPO valuation?\",\"acceptedAnswer\":{\"@type\":\"Answer\",\"text\":\"About Rs 25,583 crore ($2.64 billion) at the upper price band of Rs 151.\"}},{\"@type\":\"Question\",\"name\":\"What price band supports the Zetwerk IPO valuation?\",\"acceptedAnswer\":{\"@type\":\"Answer\",\"text\":\"Rs 143 to Rs 151 per share, with a lot size of 99 shares.\"}},{\"@type\":\"Question\",\"name\":\"How big is the Zetwerk IPO and what is in it?\",\"acceptedAnswer\":{\"@type\":\"Answer\",\"text\":\"Rs 5,012 crore, made up of a fresh issue of Rs 2,830 crore and an offer for sale of 14.45 crore shares.\"}},{\"@type\":\"Question\",\"name\":\"How will Zetwerk use the IPO money?\",\"acceptedAnswer\":{\"@type\":\"Answer\",\"text\":\"Rs 1,300 crore to repay company borrowings, Rs 860 crore for subsidiary debt, and the rest for acquisitions and general purposes.\"}},{\"@type\":\"Question\",\"name\":\"Is Zetwerk profitable?\",\"acceptedAnswer\":{\"@type\":\"Answer\",\"text\":\"No. Q1 FY27 loss from continuing operations was Rs 64 crore, down from Rs 881 crore, and total reported losses are larger because of discontinued operations.\"}},{\"@type\":\"Question\",\"name\":\"What is the Zetwerk IPO grey market premium?\",\"acceptedAnswer\":{\"@type\":\"Answer\",\"text\":\"A data page showed about Rs 30 (19.9%), but it was undated and unofficial. 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See the fresh issue, sellers, revenue, losses, use of proceeds and risks.<\/p>\n","protected":false},"author":28,"featured_media":303213,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[842],"tags":[11412,8565,11413,1932,11410,11411],"class_list":["post-303214","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news","tag-fresh-issue","tag-ipo-price-band","tag-peak-xv","tag-upcoming-ipos","tag-zetwerk-ipo","tag-zetwerk-ipo-valuation"],"metadata":{"rank_math_internal_links_processed":["1"],"_thumbnail_id":["303213"],"rank_math_title":["Zetwerk IPO Valuation at Rs 25,583 Crore: Price Band, Details"],"rank_math_description":["Zetwerk IPO valuation is Rs 25,583 crore at the Rs 151 upper band. 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