Zetwerk Manufacturing Businesses Limited’s Initial Public Offering to open on Thursday, October 15, 2026

 by Pranita Kurani 

Price Band fixed at ₹ 143 per equity share of face value ₹1 each to ₹151 per equity share of face value of ₹1 each (“Equity Shares”) of Zetwerk Manufacturing Businesses Limited (the “Company”)

Anchor Investor Bidding Date – Wednesday, October 14, 2026

Bid /Offer Opening Date – Thursday, October 15, 2026, and Bid/ Offer Closing Date – Monday, October 19, 2026

Bids can be made for a minimum of 99 Equity Shares of face value ₹ 1 each and in multiples of 99 Equity Shares thereafter

Red Herring Prospectus (“RHP”) link:   https://ir.zetwerk.com/wp-content/uploads/Zetwerk-RHP.pdf

National, October 12, 2026: Zetwerk Manufacturing Businesses Limited (the “Company”) proposes to open the initial public offering (“Offer”) of its equity shares of face value ₹1 each (“Equity Shares”) on Thursday, October 15, 2026. The Anchor Investor Bidding Date is a Working Day prior to Bid/Offer Opening Date, being Wednesday, October 14, 2026. The Bid/Offer Closing Date is Monday, October 19, 2026.

The Price Band of the Offer has been fixed from ₹ 143 per Equity Share of face value ₹ 1 each to ₹151 per Equity Share of face value of ₹ 1 each. Bids can be made for a minimum of 99 Equity Shares of face value ₹ 1 each and multiples of 99 Equity Shares of face value ₹ 1 each thereafter. The floor price and cap price are 143 times and 151 times the face value of the equity shares, respectively.

The Offer comprises a fresh issue of Equity Shares of face value of ₹1 each aggregating up to ₹28,300.00 million (₹2,830 crore) (the “Fresh Issue”) and an offer for sale of up to 144,525,036 Equity Shares of face value of ₹1 each (the “Offer for Sale”) by certain existing shareholders. The Fresh Issue and Offer for Sale together constitute the “Offer”.

This is an Offer in terms of Rule 19(2)(b) of the SCRR read with Regulation 31 of the SEBI ICDR Regulations. This Offer is being made through the Book Building Process incompliance with Regulation 6(2) of the SEBI ICDR Regulations wherein in terms of Regulation 32(2) of the SEBI ICDR Regulations not less than 75% of the Net Offer shall be available for allocation on a proportionate basis to Qualified Institutional Buyers (“QIBs” and such portion the “QIB Portion”) provided that our Company in consultation with the BRLMs, may allocate up to 60% of the QIB Portion to Anchor Investors on a discretionary basis in accordance with the SEBI ICDR Regulations (“Anchor Investor Portion”), of which 40% of the Anchor Investor Portion within the 60% of allocation of the QIB Portion to Anchor Investors, shall be reserved in the following manner: (i) 33.33% will be reserved for domestic Mutual Funds, and (ii) 6.67% will be reserved for Life Insurance Companies and Pension Funds. In the event of under-subscription in the reserved category for Life Insurance Companies and Pension Funds, the balance Equity Shares may be allocated to domestic Mutual Funds. In the event of under-subscription or non-allocation in the Anchor Investor Portion, the balance Equity Shares shall be added to the QIB Portion (excluding the Anchor Investor Portion) (“Net QIB Portion”). 

Further, 5% of the Net QIB Portion shall be available for allocation on a proportionate basis to Mutual Funds only and the remainder of the Net QIB Portion shall be available for allocation on a proportionate basis to all QIBs (other than Anchor Investors) including Mutual Funds, subject to valid Bids being received at or above the Offer Price. However, if the aggregate demand from Mutual Funds is less than 5% of the Net QIB Portion, the balance Equity Shares available for allocation in the Mutual Fund Portion will be added to the remaining QIB Portion for proportionate allocation to QIBs. 

Further, not more than 15% of the Net Offer shall be available for allocation to Non-Institutional Bidders (“NIBs”) of which (a) one third portion shall be reserved for Bidders with application size of more than ₹200,000 and up to ₹1,000,000; and (b) two-thirds of the portion shall be reserved for Bidders with application size of more than ₹1,000,000, provided that the unsubscribed portion in either of such sub-categories may be allocated to Bidders in other sub-category of the NIBs in accordance with SEBI ICDR Regulations and not more than 10% of the Net Offer shall be available for allocation to Retail Individual Bidders (“RIBs”) in accordance with the SEBI ICDR Regulations, subject to valid Bids being received from them at or above the Offer Price. 

Further, Equity Shares will be allocated on a proportionate basis to Eligible Employees applying under the Employee Reservation Portion, subject to valid Bids being received from them at or above the Offer Price (net of employee discount, if any). All potential Bidders (except Anchor Investors) are required to mandatorily utilise the Application Supported by Blocked Amount (“ASBA”) process by providing details of their respective ASBA accounts and UPI ID (in case of UPI Bidders (defined herein) using the UPI Mechanism), in which case the corresponding Bid Amounts will be blocked by the SCSBs or under the UPI Mechanism, as applicable to participate in the Net Offer. Anchor Investors are not permitted to participate in the Anchor Investor Portion of the Net Offer through the ASBA process

The Equity Shares are proposed to be listed on BSE Limited (“BSE”) and the National Stock Exchange of India Limited (“NSE”). For the Offer, NSE shall be the Designated Stock Exchange.

Kotak Mahindra Capital Company Limited, Morgan Stanley India Company Private Limited, Goldman Sachs (India) Securities Private Limited, Avendus Capital Private Limited, JM Financial Limited, HSBC Securities and Capital Markets (India) Private Limited, Pantomath Capital Advisors Private Limited, are the Book Running Lead Managers to the issue.

Disclaimer

ZETWERK MANUFACTURING BUSINESSES LIMITED (formerly known as Zetwerk Manufacturing Businesses Private Limited) is proposing, subject to applicable statutory and regulatory requirements, receipt of requisite approvals, market conditions and other considerations, to make an initial public offering of its Equity Shares and has filed the RHP with SEBI, RoC, Bengaluru at Karnataka and the Stock Exchanges on October 11, 2026. The RHP shall be available on the website of SEBI at www.sebi.gov.in, and is available on the websites of the Stock Exchanges i.e. BSE and NSE at www.bseindia.com and www.nseindia.com, respectively, on the website of our Company at www.zetwerk.com and the websites of the BRLMs, i.e., Kotak Mahindra Capital Company Limited, Morgan Stanley India Company Private Limited, Goldman Sachs (India) Securities Private Limited, Avendus Capital Private Limited, JM Financial Limited, HSBC Securities and Capital Markets (India) Private Limited and Pantomath Capital Advisors Private Limited at https://investmentbank.kotak.com, www.morganstanley.com/india, www.goldmansachs.com, https://www.avendus.com, www.jmfl.com, www.business.hsbc.co.in and www.pantomathcapital.com, respectively. Any potential investors should note that investment in equity shares involves a high degree of risk and for details relating to such risk, see ‘‘Risk Factors’’ beginning on page 28 of the RHP. Potential investors should not rely on the DRHP filed with SEBI and the Stock Exchanges and should instead rely on their own examination of our Company and the Offer, including the risks involved, for making any investment decision.

This announcement does not constitute an invitation or offer of securities for sale in any jurisdiction. The Equity Shares have not been and will not be registered under the United States Securities Act of 1933, as amended (the "U.S. Securities Act") or any other applicable law of the United States and may not be offered or sold within the United States except pursuant to an exemption from, or in a transaction not subject to, the registration requirements of the U.S. Securities Act and applicable state securities laws. Accordingly, the Equity Shares are only being offered and sold (a) to persons in the United States that are reasonably believed to be "qualified institutional buyers" (as defined in Rule 144A under the U.S. Securities Act) in transactions exempt from or not subject to the registration requirements of the U.S. Securities Act; or (b) outside the United States in offshore transactions in reliance on Regulation S under the U.S. Securities Act and the applicable laws of the jurisdictions where those offers and sales occur. There will be no public offering of the Equity Shares in the United States.