Zetwerk IPO Subscribed 31% on Day 2, QIB Portion at 37%
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Khushi Jain
- October 16, 2026
B2B manufacturing company Zetwerk’s Rs 5,012.3 Cr initial public offering (IPO) was subscribed 31% by the end of the second day of bidding on October 16, 2026. Investors placed bids for 5.75 Cr shares against the 18.51 Cr shares on offer as of 17:00 IST, according to BSE data.
Qualified institutional buyers (QIBs) subscribed to 37% of their allocated portion, placing bids for 3.66 Cr shares against 9.89 Cr shares reserved for them.
The retail investor portion was subscribed 36%, receiving bids for 1.21 Cr shares against an allocation of 3.41 Cr shares.
Non-institutional investors (NIIs) subscribed to 16% of their quota, bidding for 83.66 Lakh shares against 5.12 Cr shares reserved for them.
Meanwhile, the employee portion was subscribed 48%, with bids for 3.38 Lakh shares against 7 Lakh shares reserved for them.
Zetwerk IPO Subscription on Day 2 at 14:39 IST
Earlier on October 16, 2026, Zetwerk’s IPO was subscribed 27% as of 14:39 IST, with bids for 4.95 Cr shares against 18.51 Cr shares on offer, according to BSE data.
At that time, non-institutional investors subscribed to 13% of their quota, placing bids for 67.85 Lakh shares against 5.13 Cr shares reserved for them. Within the NII category, both the portions for bids above Rs 2 Lakh and up to Rs 10 Lakh, and those above Rs 10 Lakh, were subscribed 13%.
Qualified institutional buyers subscribed to 32% of their allocation, with bids for 3.13 Cr shares against 9.89 Cr shares on offer.
The retail portion was subscribed 32%, receiving bids for 1.11 Cr shares against 3.42 Cr shares allocated to the category. Employees subscribed to 42% of their quota, bidding for 2.95 Lakh shares against 7 Lakh shares reserved for them.
Zetwerk IPO Details and Valuation
Zetwerk’s IPO opened on October 15 and will close on October 19. The company has set a price band of Rs 143 to Rs 151 per share, implying a valuation of around Rs 25,583 Cr, or about $2.7 Bn, at the upper end of the price band.
The IPO comprises a fresh issue of Rs 2,830 Cr and an offer for sale (OFS) of up to 14.45 Cr shares, worth Rs 2,182.3 Cr at the upper end of the price band.
Ahead of the public issue, Zetwerk raised Rs 2,251.2 Cr from anchor investors. Domestic mutual funds, including SBI Mutual Fund and ICICI Prudential Mutual Fund, accounted for around 46% of the anchor book. Global institutional investors, including Goldman Sachs, BlackRock and ADIA, also participated in the anchor allocation.
Zetwerk’s Business and Investors
Founded in 2018, Zetwerk operates a full-stack manufacturing platform that serves businesses across industrial and consumer goods categories.
The company combines capacity from third-party suppliers and its own facilities to manage manufacturing orders across sectors such as renewable energy, consumer electronics, aerospace, defence, oil and gas, and industrial automation.
Zetwerk has raised over $900 Mn in funding to date from investors including Peak XV Partners, Lightspeed Venture Partners, Accel India, Greenoaks Capital Partners and D1 Capital Partners.
Zetwerk Financial Performance
Zetwerk’s operating revenue from continuing operations rose 55.4% to Rs 4,117.9 Cr from Rs 2,649.4 Cr in Q1 FY26. Its net loss narrowed 46.4% to Rs 733 Cr from Rs 1,368.5 Cr in the year-ago period.
Of the latest quarterly loss, Rs 668.9 Cr came from discontinued operations, while continuing operations accounted for Rs 64.1 Cr.
The year-ago quarter included Rs 803.2 Cr in exceptional charges from continuing operations and a Rs 453 Cr impairment charge in the discontinued business.
FAQs
1. What is the total size of Zetwerk’s IPO?
Zetwerk’s IPO is valued at Rs 5,012.3 Cr.
2. How much was Zetwerk’s IPO subscribed on Day 2?
The IPO was subscribed 31% by the end of the second day of bidding on October 16, 2026.
3. What is the price band for Zetwerk’s IPO?
The company has set a price band of Rs 143 to Rs 151 per share.
4. How much did Zetwerk raise from anchor investors?
Zetwerk raised Rs 2,251.2 Cr from anchor investors ahead of the IPO.
5. What was Zetwerk’s operating revenue from continuing operations?
Operating revenue from continuing operations rose 55.4% to Rs 4,117.9 Cr from Rs 2,649.4 Cr in Q1 FY26.
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