Zetwerk's IPO Paid Kae 38.3x and Peak XV 23.9x. One Peak XV Fund Got 3.3x
Startups / analysis
Zetwerk's IPO Paid Kae 38.3x and Peak XV 23.9x. One Peak XV Fund Got 3.3x
The ₹5,012 crore offering priced at ₹151, and the seller list shows which cheques did the work: early money made 38 times, later growth money made three.
Zetwerk Manufacturing Businesses priced its ₹5,012.3 crore IPO at ₹151 a share, the top of a ₹143 to ₹151 band, and the offer-for-sale schedule published on Thursday shows how unevenly that price paid its backers. Kae Capital and Kalysta Capital, the earliest institutional money, booked 38.3 times their cost. A second Peak XV fund, which came in later, booked 3.3 times, according to Inc42's tally of the seller disclosures.
Listing on BSE and NSE is scheduled for October 23, per HDFC Sky's report on the anchor book. The subscription closed on October 19. That is the point at which an announced price becomes a traded one, so everything below is a priced offer, not a closed trading day.
How the ₹5,012 crore is split
The issue is ₹2,830 crore of new shares plus an offer for sale of up to 14.45 crore existing shares, worth ₹2,182.3 crore at ₹151. New money is 56% of the total and money going to sellers is 44%.
Of the new money, ₹2,160 crore, about 76%, goes to repaying borrowings of the company and certain subsidiaries, according to Inc42's price band report. The rest is for acquisitions and general corporate purposes. In plain terms, roughly 43 paise of every rupee investors put in retires debt.
Anchors took ₹2,251.2 crore of the book, 14.91 crore shares at ₹151 allotted to 99 funds. HDFC Sky lists BlackRock, Goldman Sachs, Nomura, Capital Group, Norway's Government Pension Fund Global and Abu Dhabi Investment Authority among them, with SBI, ICICI Prudential and HDFC mutual funds. Inc42 puts domestic mutual funds at about 46% of the anchor book. Public bids came to 56.62 crore shares against 18.50 crore offered, a 3.06x subscription.
What each seller earned
The return spread is the story. Kae and Kalysta's weighted average cost was ₹3.94 a share, so ₹151 is 38.3 times that, as Inc42 calculated. Peak XV's first vehicle booked 23.9 times, Accel 19.5 times, and one Lightspeed India fund about 10.9 times. Peak XV Partners Growth Investments III booked 3.3 times. Creovate Innovation sold at 0.9 times, a loss.
- Kae Capital / Kalysta Capital (blended)38.3 x
- Peak XV Partners Investments V23.9 x
- Accel19.5 x
- Lightspeed India Partners II10.9 x
- Peak XV Growth Investments III3.3 x
- Creovate Innovation0.9 x
Source: Inc42, Zetwerk IPO seller disclosures, accessed 2026-10-22
The two Peak XV vehicles together sold shares for ₹359.3 crore out of a 12.1% pre-sale holding, per Inc42. Lightspeed's three vehicles together took about ₹440 crore. Same firm, same company, two multiples that differ by a factor of seven: the gap is entry price, and it is why a headline "Peak XV exits at a profit" says little.
| Seller | Shares sold | Proceeds |
|---|---|---|
| Peak XV Investments V | about 1.8 crore | ₹271.8 crore |
| Lightspeed Select IV Mauritius | about 1.4 crore | ₹211.4 crore |
| Kae Capital Fund II | about 1.3 crore | ₹196.3 crore |
| Lightspeed India Partners II | 1.2 crore | ₹181.2 crore |
| Peak XV Growth III | 58 lakh | ₹87.5 crore |
| Kalysta Capital Fund II | 41.9 lakh | ₹63.3 crore |
Cofounders Amrit Acharya and Srinath Ramakkrushnan each sold about 1.4 crore shares for ₹211.4 crore, about ₹423 crore combined. Acharya keeps 10.1 crore shares, worth ₹1,525.1 crore at the offer price, and Ramakkrushnan keeps 11.4 crore, worth ₹1,721.4 crore. Neither sold more than a fraction of a holding that is worth seven times what they took out.
What the price asks of buyers
Inc42 puts post-issue market capitalisation at about ₹25,583 crore, roughly $2.7 billion, at the top of the band. Against FY26 operating revenue of ₹15,913.3 crore, up 40.4% from ₹11,331.9 crore, that is about 1.6 times sales.
There is no earnings multiple to compute. FY26's net loss, including discontinued operations, widened to ₹1,606.2 crore from ₹370.7 crore. In Q1 FY27 revenue from continuing operations rose 55.4% to ₹4,117.9 crore and the total net loss narrowed 46.4% to ₹733 crore, but ₹668.9 crore of that loss came from discontinued operations. Continuing operations lost ₹64.1 crore.
The seller table is also a warning on timing. Funds that bought at a few rupees a share are selling alongside a ₹2,160 crore debt paydown, and the investor with the weakest return, 3.3 times, still holds 4 crore shares worth ₹604 crore. Whether it sells more is a question for the lock-in terms in the offer document, which neither source reproduces.
Readers tracking how Indian private companies get priced can set this against the MyGate and Adonmo merger and, further afield, Legora's $550 million Series E. Zetwerk's multiple sits on ₹15,913.3 crore of reported FY26 revenue, which is the number to hold the other two against.
The next fixed point is October 23, when the shares open on BSE and NSE. The grey market premium of ₹19 to ₹21 a share cited before the issue is unverified and predates the subscription result.
Sources
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