The IPO opened on October 15 and will remain available for subscription until October 19. The price band has been fixed at ₹143–₹151 per share, while the company is targeting a valuation of approximately $2.64 billion.
Zetwerk IPO Day 2 Subscription Status
As of 10:10 AM on October 16, the IPO’s overall subscription stood at 0.23 times.
| Investor category | Subscription |
|---|---|
| Qualified Institutional Buyers (QIBs) | 0.30x |
| Retail Individual Investors (RIIs) | 0.25x |
| Employees | 0.30x |
| Non-Institutional Investors (NIIs) | 0.10x |
| Overall subscription | 0.23x |
These are time-specific figures and may change as bidding continues.
Zetwerk IPO: Key Issue Details
- Total issue size: ₹5,012.33 crore
- Fresh issue: ₹2,830 crore
- Offer for Sale (OFS): ₹2,182.33 crore
- Price band: ₹143–₹151 per share
- Lot size: 99 shares
- Minimum retail investment: ₹14,949 at the upper price band
- IPO opening date: October 15, 2026
- IPO closing date: October 19, 2026
- Expected allotment date: October 21, 2026
- Tentative listing date: October 23, 2026
- Stock exchanges: BSE and NSE
- Registrar: KFin Technologies Limited
The allotment and listing dates are tentative and could be revised.
What Is the Grey Market Premium (GMP) Today?
The grey market premium, or GMP, for Zetwerk’s IPO was reported at around 9% on October 16, according to The Economic Times. This unofficial indicator suggests the price at which shares may trade in the grey market relative to the IPO price, but it is not a reliable guarantee of listing performance.
Investors should avoid basing an application decision solely on GMP, as market sentiment and actual listing prices can change significantly.
How Will Zetwerk Use the IPO Proceeds?
The company plans to use the funds raised through the fresh issue primarily to:
- Repay or prepay borrowings held by the company and certain subsidiaries.
- Fund acquisitions and other strategic growth opportunities.
- Meet general corporate requirements.
The OFS portion, by contrast, involves existing shareholders selling shares; its proceeds go to the selling shareholders rather than the company.
What Does Zetwerk Do?
Established in 2017, Zetwerk operates a technology-enabled manufacturing platform serving industrial and consumer product businesses. Its activities span areas including renewable energy, precision engineering, consumer electronics, aerospace and defence.
Its reported customers include Siemens Gamesa, Acer India, the Indian Air Force and NTPC Renewable Energy. Energy products account for a substantial portion of its business, while precision products serve sectors such as electric vehicles and consumer electronics.
Financial Performance: Growth Alongside Losses
Zetwerk reported revenue from operations of approximately ₹15,913 crore in FY2026, compared with ₹11,332 crore in FY2025. However, its net loss widened to approximately ₹1,606 crore in FY2026 from around ₹371 crore in FY2025.
The figures show substantial revenue growth but also underline the importance of monitoring profitability, cash flow and debt levels as the company expands.
Should Investors Apply for the Zetwerk IPO?
Investors may want to examine several factors before making a decision:
Potential positives
- Exposure to manufacturing and renewable-energy supply chains.
- A diversified industrial and precision-products business.
- Funds from the fresh issue earmarked partly for debt repayment and growth.
Key risks
- The company has reported significant annual losses.
- Subscription figures were still below full subscription early on Day 2.
- Listing expectations based on grey market activity can be unreliable.
- Future performance will depend on growth, profitability and execution.