Zetwerk IPO Sees 23% Subscription on Day One as QIBs Lead Investor Demand

B2B manufacturing company Zetwerk’s ₹5,012.3 crore initial public offering (IPO) received a measured response from investors on the first day of bidding, ending the session with a 23% overall subscription.

Investors submitted bids for 4.17 crore shares against the 18.51 crore shares available in the public issue, according to BSE data.

Qualified institutional buyers (QIBs) emerged as the strongest segment on the opening day. They placed bids for 2.96 crore shares against the 9.89 crore shares reserved for the category, taking its subscription level to 30%.

Retail investors also showed interest in the issue. They bid for 74.32 lakh shares out of the 3.42 crore shares earmarked for them, resulting in a 22% subscription.

Demand from non-institutional investors (NIIs) was comparatively weaker. The category received bids for 44.08 lakh shares against its reserved quota of 5.13 crore shares, translating into a 9% subscription.

Zetwerk employees subscribed to 26% of their reserved portion. They placed bids for 1.84 lakh shares against the 7 lakh shares set aside for them.

Earlier in the day, the IPO had recorded an 8% subscription by 2 PM, with investors bidding for 1.5 crore shares against the 18.51 crore shares on offer. QIBs had then subscribed to 8% of their allocation, while retail investors had subscribed to 15%. NIIs had booked 4% of their quota, and employees had subscribed to 19%.

The IPO will remain open until October 19. Zetwerk has fixed the price band at ₹143–₹151 per share. At the upper end of the band, the offering puts the company’s valuation at approximately ₹25,583 crore.

The public issue includes a fresh share sale of ₹2,830 crore along with an offer-for-sale (OFS) component of up to 14.45 crore shares. At the upper price-band level, the OFS portion is valued at about ₹2,182.3 crore.

Before the IPO opened, Zetwerk raised ₹2,251.2 crore from anchor investors. Domestic mutual funds, including SBI Mutual Fund and ICICI Prudential Mutual Fund, accounted for roughly 46% of the anchor book. International institutional investors such as Goldman Sachs, BlackRock and the Abu Dhabi Investment Authority also participated.

Founded in 2018 by Amrit Acharya, Srinath Ramakkrushnan and Vishal Chaudhary, Zetwerk operates a full-stack manufacturing platform that connects businesses with manufacturing capacity across industrial and consumer-focused sectors.

The company works with third-party manufacturers as well as its own facilities to execute production orders across areas such as renewable energy, consumer electronics, aerospace, defence, oil and gas, and industrial automation.

Zetwerk has raised more than $900 million in funding from investors including Peak XV Partners, Lightspeed Venture Partners, Accel India, Greenoaks Capital Partners and D1 Capital Partners.

The company reported a consolidated net loss of ₹733 crore in Q1 FY27, while operating revenue stood at ₹4,117.9 crore.