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Zetwerk’s upcoming IPO is expected to deliver multi-fold returns to several early investors, with Kae Capital and Kalysta Capital set to earn around 38X returns on their investments. The offer for sale (OFS) will see existing shareholders offload 14.45 crore shares worth approximately Rs 2,182 crore. According to Entrackr’s analysis, Lightspeed Venture Partners is the largest selling external shareholder in Zetwerk’s IPO, with a share sale worth Rs 426.9 crore. At the upper price band of Rs 151 per share, it is set to clock around 4.5X returns based on the average acquisition cost across its participating funds. Peak XV Partners will offload shares worth Rs 353.5 crore, translating into around 9.3X returns, while Accel is set to generate around 19.3X returns on its Rs 181.5 crore share sale. The average acquisition costs for Lightspeed and Peak XV have been calculated across their respective funds participating in the OFS. Kae Capital will sell shares worth Rs 189.8 crore through the OFS and is set to clock around 38.3X returns based on an average acquisition cost of Rs 3.94 per share. Kalysta Capital will offload shares worth Rs 63.3 crore, also generating around 38.3X returns at the upper price band. Among other shareholders, promoter group entity Creovate Innovation will offload shares worth Rs 346.9 crore. Its acquisition cost of Rs 178.58 per share is higher than the IPO’s upper price band, implying a return of around 0.85X on its investment. Zetwerk co-founders Amrit Acharya and Srinath Ramakkrushnan will each sell shares worth around Rs 214.9 crore. Other OFS participants include Saifuddin Fakhruddin Qureshi and Matthew Harris Arnold, who will sell shares worth Rs 43.1 crore and Rs 36.9 crore, respectively. Zetwerk’s IPO comprises a fresh issue of Rs 2,830 crore and an OFS of 14.45 crore shares. The company aims to raise around Rs 5,012 crore through the public issue, valuing it at around Rs 25,583 crore at the upper end of the price band. The IPO will open for subscription on October 15 and close on October 19, with listing scheduled for October 23. Founded in 2017, Zetwerk operates a technology-led manufacturing platform that connects businesses with manufacturers and suppliers across sectors such as electronics, energy, aerospace, defence and industrial automation. Financially, the company’s revenue from continuing operations rose to Rs 15,913 crore in FY26 from Rs 11,332 crore in FY25. In Q1 FY27, revenue from operations grew 55% year-on-year to Rs 4,118 crore, while losses from continuing operations narrowed to Rs 64 crore from Rs 881 crore in the year-ago quarter.
document fetched 2026-10-13 02:57