Zetwerk IPO: Kae Capital, Accel, Peak XV and Lightspeed set to realise ₹1,215

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At the issue price of ₹151 per share, the investors are monetising stakes accumulated at significantly lower prices

By BL Bengaluru Bureau

Updated - October 24, 2026 at 08:55 PM.

The IPO comprises a fresh issue of ₹2,830 crore and an offer-for-sale (OFS) of ₹2,182 crore | Photo Credit: Kesavan A N 1612

Early investors in Zetwerk Manufacturing Businesses are set to realise around ₹1,215 crore through the company’s ₹5,012-crore initial public offering (IPO), with venture capital firms Kae Capital, Accel, Peak XV Partners and Lightspeed Venture Partners selling part of their holdings.

The IPO comprises a fresh issue of ₹2,830 crore and an offer-for-sale (OFS) of ₹2,182 crore. At the issue price of ₹151 per share, the investors are monetising stakes accumulated at significantly lower prices.

Kae Capital and Accel

Kae Capital Fund II is set to realise around ₹190 crore, while its affiliate Kalysta Capital Fund II will receive approximately ₹63 crore. Both acquired shares at a weighted-average cost of ₹3.94 apiece, translating into gross returns of around 38.3 times their acquisition cost.

Accel India V is set to realise approximately ₹181 crore by selling shares acquired at ₹7.84 apiece, representing a return multiple of about 19.3 times.

Peak XV’s two vehicles

Peak XV Partners Investments V, formerly SCI Investments V, will realise around ₹266 crore from selling approximately 1.76 crore shares. Having acquired them at ₹6.31 apiece, the fund is set to make nearly 23.9 times its investment.

Peak XV Partners Growth Investments III, formerly SCI Growth Investments III, will realise around ₹88 crore from selling approximately 58 lakh shares acquired at ₹46.30 apiece, translating into a return multiple of 3.3 times.

Together, Peak XV’s two vehicles will receive around ₹353 crore, with estimated gross gains of ₹316 crore on the shares sold.

Lightspeed’s partial exit

Lightspeed Venture Partners Select IV Mauritius will realise around ₹204 crore, generating estimated gross gains of ₹130 crore on shares acquired at ₹54.66 apiece.

Lightspeed India Partners II will receive around ₹175 crore, with estimated gross gains of ₹159 crore on shares acquired at ₹13.97 apiece.

Lightspeed India Partners III is also participating in the OFS. Across its three vehicles, Lightspeed’s total proceeds are approximately ₹427 crore, though the consolidated gain cannot be calculated without the third fund’s acquisition cost.

Zetwerk shares listed at ₹159 on October 23, a 5 per cent premium to the issue price, before falling more than 20 per cent from the listing price during the session.

Published on October 24, 2026

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