Zetwerk IPO opens with ₹5,012 crore issue, overall subscription 0.23x on day one
The Bengaluru‑based contract manufacturer’s fresh issue opened on 15 Oct 2026, drawing modest demand – 0.30× from qualified institutional buyers and 0.22× from retail investors.
What happened
Zetwerk Manufacturing Businesses Limited opened its ₹5,012 crore (₹5,012.33 crore per the prospectus) public issue on 15 Oct 2026. Exchange data at 5 pm showed an overall subscription of 0.23 times – the issue remained undersubscribed across all investor categories.
Subscription breakdown
| Category | Subscription level |
|---|---|
| Qualified Institutional Buyers (QIB) | 0.30× |
| Non‑Institutional Investors (NII) | 0.09× |
| Retail Individual Investors (RII) | 0.22× |
| Employees | 0.26× |
| Total | 0.23× |
The QIB segment led the demand, followed by retail investors. The NII component showed the weakest interest.
Issue details
- Price band: ₹143 – ₹151 per share
- Lot size: 99 shares (minimum ₹14,949 for retail)
- Issue type: Book‑built (Fresh issue ₹2,830 crore + Offer‑for‑Sale ₹2,182.33 crore)
- Book‑running lead managers: Kotak Mahindra Capital, Morgan Stanley India, Goldman Sachs (India), Avendus Capital, JM Financial, HSBC Securities & Capital Markets (India), Pantomath Capital Advisors
- Registrar: KFin Technologies
- Subscription window: 15 Oct 2026 – 19 Oct 2026
- Allotment date (tentative): 21 Oct 2026
- Listing: BSE & NSE, 23 Oct 2026
Use of proceeds
According to the prospectus, the net proceeds will be used to:
- Repay or pre‑pay borrowings of the company and its listed subsidiaries (≈ ₹1,300 crore at the holding‑company level and ₹860 crore at the subsidiary level)
- Fund inorganic growth through strategic acquisitions
- General corporate purposes, including capital expenditure and working‑capital needs.
Company profile
Founded in 2017, Zetwerk operates a technology‑driven, asset‑light manufacturing platform that links global buyers with a network of 6,979 third‑party suppliers across 26 countries and 26 owned facilities in four nations. Its client list includes Siemens Gamesa, boAt, Acer India, NTPC Renewable Energy and the Indian Air Force.
Recent financials (as disclosed in the IPO filing)
- Revenue FY 2026: ₹41,178.77 crore (Economic Times) or ₹15,913.32 crore (ScanX) – both figures appear in the filing.
- EBITDA FY 2026: ₹103.16 crore (Economic Times)
- PAT FY 2026: –₹732.98 crore (Economic Times)
The company continues to report losses, a point highlighted in its risk factors.
What’s next?
The issue will remain open until 19 Oct 2026. Investors can expect the allotment process to conclude on 21 Oct, with shares beginning to trade on 23 Oct, subject to market conditions.
Key numbers
| What | Figure | Source |
|---|---|---|
| Total issue size | ₹5,012.33 crore | Groww |
| Overall subscription | 0.23× | Economic Times |
| QIB subscription | 0.30× | Economic Times |
| Retail subscription | 0.22× | Economic Times |
| Employee subscription | 0.26× | Economic Times |
| Price band per share | ₹143‑₹151 | Groww |
| Listing date | 23 Oct 2026 | Groww |
| Revenue FY 2026 (as per filing) | ₹41,178.77 crore | Economic Times |
In this story
| Name | Role in the story |
|---|---|
| Zetwerk Manufacturing Businesses Limited | Issuer |
