Zetwerk Manufacturing lists at 5% premium over IPO price
Shares of Zetwerk Manufacturing Business opened at Rs 159 on the BSE and NSE, as compared to its issue price of Rs 151. This translates into a premium of 5 percent over the IPO price.
Shares of Zetwerk Manufacturing Business made a weak D-street debut with its shares listing with a 5 percent premium over the IPO price on Friday, October 23. The stock opened at Rs 159 on the BSE and NSE, as compared to its upper band issue price of Rs 151. Soon after the listing, the stock fell 6.60 percent at Rs 148.50 from the open price, on the BSE at around 10.10 am. Zetwerk Manufacturing IPO details
The Rs 5,012.33 crore IPO comprised a fresh issue of shares worth Rs 2,830 crore and an offer-for-sale (OFS) of 14.45 crore shares by existing shareholders. At the upper end of the price band, the OFS is valued at approximately Rs 2,182 crore, taking the total issue size to approximately Rs 5,012 crore. Zetwerk plans to utilise the proceeds from the fresh issue to repay debt of the company and its subsidiaries, fund unidentified acquisitions and meet general corporate purposes.
Zetwerk has fixed the IPO price band in the range Rs 143-Rs 151 per share, with a face value of Rs 1 per equity share. The Rs 5,012-crore IPO, which opened for subscription on October 15, 2026, and closed on October 19, subscribed 3.10 times overall. The issue received bids for 56,62,60,695 shares against 18,50,66,845 shares on offer, according to the NSE data. The portion reserved for the Qualified Institutional Buyers (QIBs) was subscribed 4.73 times, while the category for non-institutional investors (NII) received 1.40 times subscription.
The retail investor portion was subscribed 73 per cent. Last week on Wednesday, Zetwerk Manufacturing Businesses Ltd raised Rs 2,251.23 crore from anchor investors, including BlackRock, Goldman Sachs, and Nomura. The company allotted 14.91 crore equity shares to 99 funds at Rs 151 apiece, the upper end of the price band, according to a circular uploaded on the BSE website. Apart from BlackRock, Goldman Sachs, and Nomura, the anchor book witnessed participation from global investors, including Capital Group and First Sentier Investors, along with sovereign wealth funds such as Norway's Government Pension Fund Global and Abu Dhabi Investment Authority (ADIA).
Marquee global institutional investors, including Capital World and Capital Research, and former HDFC Mutual Fund CIO Prashant Jain's fund 3P India also participated in the anchor allocation. The company is backed by investors including Khosla Ventures, Baillie Gifford, Rakesh Gangwal, Accel, Peak XV and Lightspeed. Founded in 2018, Zetwerk owns 26 manufacturing facilities across India, the US, Germany and Spain, and works with third-party suppliers across multiple countries.
Its customers include Siemens Gamesa, Acer India, CG Power, NTPC Renewable Energy, L&T MHI Power Boiler, DRDO, the Indian Air Force and Numaligarh Refinery Ltd. The company operates two key businesses -- Manufacturing Business and Ecosystem Business, branded Terra91. It discontinued its civil infrastructure business in FY26 as part of a strategic realignment. 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 were the book-running lead managers (BRLMs) for the issue while KFin Technologies was the registrar to the public issue.
