The sovereign wealth fund is among more than 30 domestic and international investors examining participation in the offering, according to people familiar with the discussions. No allocation to ADIA has been confirmed, and expressions of interest do not guarantee an investment.
Zetwerk has now fixed its initial public offering price band at Rs143 to Rs151 a share, giving the company a valuation of approximately Rs25,583 crore at the upper end. The final pricing is below the roughly Rs27,000 crore valuation discussed before the price band was disclosed.
Anchor investors are scheduled to submit bids on October 14, ahead of the public subscription period from October 15 to 19. Shares are expected to begin trading on the BSE and National Stock Exchange on October 23, subject to the completion of allotment and listing formalities.
The offering totals approximately Rs5,012 crore, comprising Rs2,830 crore in newly issued shares and about Rs2,182 crore in shares sold by existing investors. Proceeds from the secondary component will go to selling shareholders rather than to Zetwerk.
Other institutions identified as potential anchor participants include Norges Bank, BlackRock, Goldman Sachs Asset Management and fund managers affiliated with State Bank of India and HDFC. Their inclusion among prospective bidders does not establish that they have secured shares or committed funds.
Anchor allocations are made to eligible institutional investors before an IPO opens for wider subscription. Their participation can provide an indication of demand and establish a base of institutional shareholders, although allocations and subsequent market performance remain separate matters.
The size of any proposed ADIA subscription has not been disclosed. The authority has not publicly announced a final investment decision or specified terms for a possible allocation. Details of the completed anchor book should become clearer after the institutional bidding process.
For Zetwerk, the flotation combines a fresh capital raising with an opportunity for early backers to sell part of their holdings. Its investors include Peak XV Partners, Accel and Lightspeed Venture Partners, whose stakes have helped finance the development of the manufacturing business.
The company intends to use a substantial portion of the fresh issue proceeds to reduce borrowings, with approximately Rs2,160 crore earmarked for debt repayment. Other stated uses include acquisitions and general corporate purposes, giving management additional financing flexibility after the listing.
Zetwerk connects industrial customers with manufacturing partners and also operates its own production facilities. Its activities span renewable energy equipment, precision components, electronics and capital goods, serving customers in India and overseas.
The business has expanded beyond arranging manufacturing contracts into directly producing selected products. Chief executive Amrit Acharya said company-operated facilities now account for about a quarter of its manufacturing activity, reflecting its decision to build capacity in areas requiring closer production oversight.
Energy-related products account for the largest share of its business, while precision manufacturing covers components used in consumer electronics, electric vehicles and other applications. Customers identified in IPO information include Siemens Gamesa, Acer India and NTPC Renewable Energy.
Financial disclosures accompanying the issue show revenue of Rs4,118 crore for the quarter ended June, an increase of more than 55 per cent from the corresponding period a year earlier. The quarterly loss narrowed to around Rs64 crore, although the company remains loss-making.
For the financial year ended March 2026, Zetwerk recorded a net loss of approximately Rs1,606 crore, compared with Rs371 crore in the preceding year. The losses underline the financial risks that prospective investors must weigh alongside the company’s revenue growth and expanding order book.
Acharya has linked future profitability improvements to greater operating scale and higher margins. The company has also discontinued its civil infrastructure business, separating activities it no longer considers central to its manufacturing strategy.
The offer is being managed by a syndicate of investment banks, while KFin Technologies is serving as registrar. The final institutional allocation will depend on demand, pricing rules and the number of shares reserved for eligible anchor investors under applicable regulations.
Public investors can apply for shares in lots of 99, with the minimum application at the top of the price band amounting to Rs14,949. The indicative allotment date is October 21, followed by the planned market debut two days later.
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