Zetwerk Manufacturing Businesses’ ₹5,012 crore IPO closes today, October 19, at ₹143-151 a share. The issue was 31% subscribed at the end of Day 2, after the company raised ₹2,251 crore from anchor investors.
Zetwerk IPO Key Terms
Zetwerk Manufacturing Businesses Ltd, a Bengaluru-based manufacturing platform, opened its initial public offering on October 15. Bidding ends today. The issue is a mix of fresh shares and an offer for sale, where existing shareholders sell part of their holdings.
| Term | Details |
| Price band | ₹143 to ₹151 per share |
| Issue size | About ₹5,012 crore |
| Fresh issue | ₹2,830 crore |
| Offer for sale | Up to 14.45 crore shares, worth about ₹2,182 crore |
| Lot size | 99 shares, about ₹14,949 at the upper band |
| Valuation at upper band | About ₹25,583 crore |
| Employee quota | Up to 7,00,000 shares at ₹14 discount |
| Reservation | 75% QIB, 15% non-institutional, 10% retail |
| Allotment and listing | October 21 and October 23, as tentatively scheduled |
What Zetwerk Does and How the Issue Changed
Founded in 2018, Zetwerk runs a business-to-business platform that connects customers with manufacturers and suppliers of industrial components, and it also trades raw materials. It has raised more than $793 million from investors including Greenoaks Capital, Lightspeed Venture Partners, Mars Growth Capital and Peak XV Partners, according to Inc42.
The company filed its draft papers confidentially in March 2026 and received Sebi’s approval in July. An updated draft in August proposed a fresh issue of ₹2,600 crore and an offer for sale of up to about 9.6 crore shares. The final issue is larger, with a ₹2,830 crore fresh component and an offer for sale of about 14.45 crore shares.
Subscription So Far
The issue was subscribed 31% at the end of Day 2, according to Business Standard. The final day matters more than usual here, because at least 75% of the offer is reserved for qualified institutional buyers, who typically bid closer to the end of the window. Final subscription figures for Day 3 were not available at the time of writing.
Grey market quotes differed across trackers, with one showing a premium of ₹6 and another ₹22. The grey market is unofficial and unregulated, and its prices do not determine the listing price.
The Anchor Book
On October 14, Zetwerk raised ₹2,251.23 crore from 99 anchor investors, allotting 14.91 crore shares at ₹151, the top of the price band. Anchor investors are large institutions that commit before the public issue opens. Half of their shares are locked in for 30 days and the rest for 90 days.
The list included global investors such as Capital Group, BlackRock, Goldman Sachs, Nomura, Societe Generale, Manulife and Susquehanna, and sovereign funds including Norway’s Government Pension Fund Global and the Abu Dhabi Investment Authority. Domestic participants included SBI Mutual Fund, ICICI Prudential Mutual Fund, HDFC Mutual Fund, Mirae Asset Mutual Fund and Aditya Birla Sun Life Mutual Fund.
Revenue Is Growing, but Losses Widened
Zetwerk’s revenue from operations rose about 40% to ₹15,913 crore in FY26 from ₹11,332 crore in FY25, according to figures reported from its offer documents. Over the same period, its net loss widened to about ₹1,606 crore from about ₹371 crore.
One data provider cited a different FY26 loss figure of ₹964 crore, while the other sources reviewed agree on about ₹1,606 crore. Readers should check the red herring prospectus for the definitive number. The company also reported a loss of about ₹64 crore for the first quarter of FY27, per one of those sources.
Because the company is loss-making, the price-to-earnings ratio, the usual valuation yardstick, does not apply. A review in The Sunday Guardian noted this difficulty and flagged negative operating cash flow as a risk.
How the IPO Proceeds Will Be Used
Only the fresh issue brings money into the company. The offer for sale proceeds go to the selling shareholders. According to the Sunday Guardian review, Zetwerk plans to use about ₹2,160 crore of the fresh issue to repay or prepay borrowings. The offer documents carry the full list of objects of the issue.
Also Read: ICICI Bank Q2 Profit Jumps 20% to ₹14,843 Crore, Beats Estimates as Margin Slips to 4.18%
What Happens Next
Allotment is expected on October 21, with shares tentatively listing on the NSE and BSE on October 23. Anchor lock-ins end on November 20 for half of the shares and on January 19, 2027 for the rest.
Investors who applied can check allotment status on the registrar’s website once it is published. The red herring prospectus remains the source for risk factors, financial statements and the use of proceeds. This article is not a recommendation to subscribe or avoid the issue.
