B2B manufacturing company Zetwerk’s ₹5,012.3 Cr IPO was subscribed 27% on the second day of bidding today. Investors placed bids for 4.95 Cr shares against 18.51 Cr shares on offer as of 14:39 IST, according to BSE data.
Non-institutional investors (NIIs) bid for 67.85 Lakh shares against 5.13 Cr shares reserved for them, subscribing to 13% of their quota. Within the NII category, the portions for bids above ₹2 Lakh and up to ₹10 Lakh, and those above ₹10 Lakh, were each subscribed 13%.
Qualified institutional buyers (QIBs) subscribed to 32% of their allocation, placing bids for 3.13 Cr shares against 9.89 Cr shares on offer.
The retail portion was also subscribed 32%, with bids for 1.11 Cr shares against an allocation of 3.42 Cr shares.
Meanwhile, employees bid for 2.95 Lakh shares against 7 Lakh shares reserved for them, subscribing to 42% of their quota.
Zetwerk’s IPO opened yesterday and closes on October 19. 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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