Zetwerk IPO subscribed 47% so far on last day of bidding; GMP drops to 3%

The non-institutional investor (NII) portion was subscribed 30%. According to market tracking platform InvestorGain, Zetwerk IPO was commanding a grey market premium of nearly 3 percent on the morning of October 19. However, the grey market premium is unofficial and can fluctuate before listing. It does not guarantee the stock's listing price or returns. Read Also: Bonfiglioli Transmissions IPO booked over 2x so far on Day 3; check latest GMP

The IPO opened for subscription on October 15 and will close on October 19, 2026. The company is expected to finalise the share allotment on October 21, while the shares are tentatively scheduled to list on the BSE and NSE on October 23. Zetwerk Manufacturing Business has fixed the price band at Rs 143–151 per equity share, with a face value of Rs 1 per share. Investors can apply for a minimum of 99 shares and in multiples of 99 shares thereafter.

At the upper end of the price band, the minimum investment for a retail investor would be Rs 14,949. Eligible employees participating in the reserved portion of the issue will receive a discount of Rs 14 per share. The Rs 5,012.33-crore book-built issue comprises a fresh issue of shares worth Rs 2,830 crore and an offer for sale (OFS) of 14.45 crore shares valued at approximately Rs 2,182 crore. Of the net fresh issue proceeds, the company will utilise Rs 2,160 crore for repaying debt availed by the company and certain subsidiaries.

The remaining proceeds will be allocated towards inorganic growth opportunities, including acquisitions that have not yet been identified, and general corporate purposes. On the financial front, Zetwerk is a loss-making company, posting a net loss of Rs 732.9 crore for the April-June 2026 quarter, narrowing from a loss of Rs 1,368.4 crore in the same quarter of the previous year. Revenue surged 55.4 percent year-on-year to Rs 4,117.9 crore from Rs 2,649.4 crore.

However, the company's net loss widened to Rs 1,606.1 crore in the fiscal year ended March 2026, from Rs 370.7 crore in the previous financial year. Revenue during the same period soared 40.4 percent to Rs 15,913.3 crore from Rs 11,331.9 crore. Kotak Mahindra Capital Company, Morgan Stanley India Company, Goldman Sachs (India) Securities, Avendus Capital, JM Financial, HSBC Securities & Capital Markets (India) and Pantomath Capital Advisors are the book-running lead managers to the issue.

KFin Technologies has been appointed as the registrar. About Zetwerk Manufacturing Business Incorporated in 2017, Zetwerk Manufacturing Business operates a technology-led manufacturing platform that connects industrial and consumer businesses with manufacturing partners for customised and large-scale production. The company serves multiple sectors, including electronics, renewable energy, aerospace and defence, oil and gas, AI infrastructure and industrial automation.

Zetwerk operates in more than 25 countries and has a network of over 10,000 suppliers and 1,100 customers, including Fortune 500 companies. It also has more than 20 manufacturing facilities across India, the US and Mexico.