B2B manufacturing company Zetwerk’s ₹5,012.3 Cr IPO has been oversubscribed on the final day of bidding, receiving bids for 19.83 Cr shares against the 18.51 Cr shares on offer. This translates to an oversubscription of 1.07X, as per BSE data on 13:45 IST.
Qualified institutional buyers (QIBs) have shown the highest interest in the IPO, oversubscribing their quota by 1.44X. These investors have placed bids for 14.28 Cr shares against 9.89 Cr shares on offer till now.
Following QIBs, non-institutional investors (NIIs) have placed bids for 3.74 Cr shares against 5.13 Cr shares reserved for them, subscribing their quota by 73%. Within the NII category, the portions for bids above ₹2 Lakh and up to ₹10 Lakh was subscribed 36%, and those above ₹10 Lakh subscribed 91%.
The retail portion was also subscribed 51%, attracting bids for 1.71 Cr shares against an allocation of 3.42 Cr shares.
Meanwhile, employees bid for 7.8 Lakh shares against 7 Lakh shares reserved for them, oversubscribing by 1.12X of their quota.
The company has set a price band of ₹143-₹151 per share, implying a valuation of around ₹25,583 Cr (about $2.7 Bn) at the upper end.
The IPO comprises a fresh issue of ₹2,830 Cr and an OFS of up to 14.45 Cr shares, worth ₹2,182.3 Cr at the upper end.
Ahead of the issue, Zetwerk raised ₹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.
Founded in 2018, Zetwerk operates a full-stack manufacturing platform serving businesses across industrial and consumer goods categories.
It combines capacity from third-party suppliers and its own facilities to manage manufacturing orders across sectors including renewable energy, consumer electronics, aerospace, defence, oil and gas, and industrial automation.
The company has raised over $900 Mn in funding to date from investors like Peak XV Partners, Lightspeed Venture Partners, Accel India, Greenoaks Capital Partners, and D1 Capital Partners.
On the financial front, operating revenue from continuing operations rose 55.4% to ₹4,117.9 Cr from ₹2,649.4 Cr in Q1 FY26. Net loss narrowed 46.4% to ₹733 Cr from ₹1,368.5 Cr in the year-ago period.
Of the latest quarterly loss, ₹668.9 Cr came from discontinued operations, while continuing operations accounted for ₹64.1 Cr. The year-ago quarter included ₹803.2 Cr in exceptional charges from continuing operations and the ₹453 Cr impairment charge in the discontinued business.
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