Zetwerk IPO Sees Slow Start With 8% Subscription on Day 1
B2B manufacturing firm Zetwerk's IPO began trading with a subscription rate of 8% by mid-day on its opening day. The company aims to raise approximately ₹5,012.3 crore through the offering.
The initial public offering (IPO) of B2B manufacturing company Zetwerk experienced a subdued start on its opening day, with only 8% of the offered shares subscribed by 14:00 IST. The company is seeking to raise approximately ₹5,012.3 crore (around $600 million USD) through the public issue.
Out of the 18.51 crore shares on offer, investors had placed bids for 1.50 crore shares. Qualified Institutional Buyers (QIBs) showed the most interest, subscribing to 8% of their allocated portion. Retail individual investors followed, with 15% subscription of their quota, while non-institutional investors subscribed to only 4%.
Zetwerk, founded in 2018, operates a full-stack manufacturing platform connecting third-party suppliers and its own facilities to manage production orders across various sectors including renewable energy, consumer electronics, and aerospace. The company has previously raised over $900 million from investors like Peak XV Partners and Lightspeed Venture Partners.
Prior to the IPO's opening, Zetwerk successfully raised ₹2,251.2 crore from anchor investors, including domestic mutual funds and global institutions such as Goldman Sachs and BlackRock. The company reported a consolidated net loss of ₹733 crore in the first quarter of fiscal year 2027.
The IPO is scheduled to close on October 19. The price band for the shares has been set at ₹143-₹151 per share, suggesting a potential valuation of around ₹25,583 crore at the upper end of the range.