Zetwerk’s IPO Fully Subscribed On Day 3, Gets Muted Response From Retail Investors

Zetwerk's IPO, a B2B manufacturing firm, saw a fully subscribed offering on the third day of bidding, with retail investors responding mutedly. The bidding received 19.83 Cr shares out of 18.51 Cr shares available, resulting in an oversubscription of 1.07X. Qualified institutional buyers (QIBs) were the most interested, oversubscribing their quota by 1.44X by placing bids for 14.28 Cr shares against 9.89 Cr shares offered.

Non-institutional investors (NIIs) also showed strong interest, subscribing 73% of their quota for 3.74 Cr shares against 5.13 Cr shares reserved. Within NII, bids above ₹2 Lakh and up to ₹10 Lakh were subscribed by 36% and 91% respectively. The retail segment, while interested, only subscribed 51% of their allocation, placing bids for 1.71 Cr shares against 3.42 Cr shares allocated.

The IPO, priced between ₹143-₹151 per share, valued the company at around ₹25,583 Cr ($2.7 Bn) at its upper valuation. Zetwerk, founded in 2018, has raised over $900 Mn in funding and operates a full-stack manufacturing platform serving various industries. The company reported a 55.4% rise in operating revenue for Q1 FY26, reaching ₹4,117.9 Cr from ₹2,649.4 Cr in the same period last year, while net loss narrowed significantly to ₹733 Cr from ₹1,368.5 Cr.