what Kae Capital sells Zetwerk shares for, against its cost
Zetwerk's IPO is cheaper than its last private rounds, but early investors still make up to 38x
Zetwerk gets industrial products made for clients, using its own factories and outside suppliers. Its IPO opens on 15 October at ₹143-151 a share. The numbers below use ₹151, the upper end of the price band.
Private investors paid more. Bharat Value Fund and Susquehanna Asia Technology paid ₹171 a share in 2026, while Creovate Innovation paid ₹178.58 in 2025. At ₹151, the IPO price is about 13% below the average price paid in these rounds.
The 2026 investors are not selling any shares. Creovate, however, is selling 68% of its stake at a price 15% below what it paid.
Early investors got in much cheaper. Kae Capital paid ₹3.94 a share, Peak XV ₹6.31 and Accel ₹7.84. At ₹151, their investments are worth 38x, 24x and 19x what they paid. All three are selling part of their holdings.
Of the ₹5,012 crore IPO, ₹2,182 crore goes to existing shareholders selling their shares. Zetwerk gets ₹2,830 crore, of which ₹2,160 crore will repay loans.
Zetwerk lost ₹1,606 crore in FY26. Most of this came from one-off charges and a construction business it is shutting down. Even after excluding these, its remaining business lost ₹81 crore before tax.
A lower IPO price than earlier private rounds does not automatically make Zetwerk cheap. Early investors can still make huge returns at ₹151 because they bought in at a fraction of that price. Meanwhile, most of the money Zetwerk raises will go towards repaying loans, and the business is still loss-making!
Zetwerk's early funds paid under ₹8 a share; IPO buyers pay ₹151
What each investor paid per Zetwerk share, and the IPO price. Early funds sell at up to 38 times their cost, while 2026 investors paid more than IPO buyers will.
Zetwerk Manufacturing Businesses, abridged prospectus and red herring prospectus (SEBI), price band advertisement · Oct 2026
Where the ₹5,012 crore from Zetwerk's IPO goes
The offer at ₹151 a share, in ₹ crore, from the whole to what is left of Zetwerk's new money. ₹2,160 crore of its ₹2,830 crore repays loans.
Zetwerk Manufacturing Businesses, price band advertisement and Red Herring Prospectus (SEBI) · Oct 2026