Zetwerk Manufacturing Business IPO Day 2: GMP at 9%; Check subscription status, and key details

ETMarkets.com

Zetwerk has fixed the IPO price band at Rs 143–151 per share

On Day 1, the IPO was subscribed to 23% overall against 18.50 crore shares on offer. The Retail Individual Investors (RIIs) category was subscribed to 22%, compared with 3.41 crore shares reserved for the segment.

The Rs 5,012.33-crore IPO comprises a fresh issue of shares worth Rs 2,830 crore and an offer for sale (OFS) of 14.45 crore shares worth approximately Rs 2,182 crore. While the proceeds from the fresh issue will go to the company, the OFS proceeds will be received by the selling shareholders.

Zetwerk has fixed the IPO price band at Rs 143–151 per share, with a face value of Rs 1 per equity share. The issue will remain open for subscription until October 19, 2026.

The basis of allotment is expected to be finalised on October 21, while the shares are tentatively scheduled to list on the BSE and NSE on October 23.

Investors can apply for a minimum of 99 equity shares, with subsequent bids to be placed in multiples of 99 shares. At the upper end of the price band, the minimum investment for a retail investor applying for one lot works out to Rs 14,949.

Eligible employees applying under the employee reservation portion will receive a discount of Rs 14 per share.

Ahead of the public issue, Zetwerk raised Rs 2,251.23 crore from 99 anchor investors on October 14. The company allotted 14,90,88,220 equity shares to anchor investors at Rs 151 per share, including a premium of Rs 150 per share. The anchor book attracted prominent global investors, including BlackRock, Goldman Sachs and Nomura.

According to the company’s restated consolidated financial information, Zetwerk reported a loss in FY2026. Consequently, its basic and diluted earnings per share (EPS) were negative, making the price-to-earnings (P/E) ratio unascertainable.

The company’s weighted average return on net worth over the last three financial years stood at negative 15.64%.

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 for the issue. KFin Technologies has been appointed as the registrar.

Zetwerk Manufacturing Business IPO Subscription Status

Zetwerk Manufacturing Business’ IPO witnessed a subdued response on Day 1, with the issue subscribed to 23% overall against 18.50 crore shares on offer.

Among investor categories, Qualified Institutional Buyers (QIBs) subscribed to 30% of their allocated portion, against 9.89 crore shares on offer. Retail Individual Investors (RIIs) subscribed to 22%, compared with 3.41 crore shares reserved for the category.

Meanwhile, the Non-Institutional Investors (NIIs) category was subscribed to 9%, against 5.12 crore shares on offer.

Zetwerk Manufacturing Business IPO GMP Today

Zetwerk Manufacturing Business IPO’s latest grey market premium (GMP) stood at Rs 14 per share, representing a premium of around 9.27% over the upper end of the IPO price band of Rs 151.

At this GMP, the estimated listing price works out to approximately Rs 165 per share, indicating a potential gain of Rs 14 per share for investors who receive an allotment at the upper price band. However, the GMP is an unofficial market indicator and does not guarantee the actual listing price or listing gains. It can fluctuate before the shares are listed on the stock exchanges.

IPO Objects of the Issue

The company plans to utilise the IPO proceeds primarily to repay or prepay, in part or full, certain outstanding borrowings. It also intends to allocate funds towards inorganic growth through unidentified acquisitions and other strategic acquisitions, along with general corporate purposes.

Of the total estimated proceeds of Rs 2,160 crore, Rs 1,300 crore is earmarked for one borrowing repayment/prepayment objective, while Rs 860 crore is allocated towards another borrowing repayment/prepayment objective.

About Zetwerk Manufacturing Business Ltd.

Zetwerk Manufacturing Businesses Private Limited, incorporated in 2017, is a technology-led global manufacturing platform that connects industrial and consumer enterprises with manufacturing partners for customised and large-scale production. It serves diverse sectors, including electronics, renewable energy, aerospace and defence, oil and gas, AI infrastructure and industrial automation. The company follows an asset-light model, offering end-to-end services such as design, supplier matching, quality control and logistics through its proprietary platform, Zetwerk OS.

Zetwerk operates in over 25 countries, with a network of more than 10,000 suppliers and 1,100 customers, including Fortune 500 companies. It also has over 20 manufacturing facilities across India, the US and Mexico. In fiscal 2026, the company served 1,802 customers, comprising 1,613 in India and 189 overseas, supported by its scalable manufacturing capabilities, quality control systems and diversified global customer base.