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B2B manufacturing company Zetwerk’s ₹5,012.3 Cr IPO got off to a rather slow start today, receiving a mere 8% subscription as of 14:00 IST. Investors have placed bids for 1.50 Cr shares against 18.51 Cr shares on offer, as per BSE data.

Qualified institutional buyers (QIBs) have been the most bullish on the public float till now, placing the highest number of bids for 75.67 Lakh shares. However, this translated to a mere 8% subscription of their quota of 9.89 Cr shares.

Retail individual investors followed closely as they bid for 51.79 Lakh against 3.42 Cr shares reserved for them, translating to a 15% subscription of their quota.

Non-institutional investors (NIIs) subscribed to just 4% of their earmarked portion, bidding for 21.55 Lakh out of 5.13 Cr shares allocated to them. 

Meanwhile, employees of the manufacturing company placed bids for 1.34 Lakh shares against the 7 Lakh shares reserved for them, subscribing to their quota by 19%.

Zetwerk’s IPO closes on October 19. The company set a price band of ₹143-₹151 per share for its IPO, indicating a valuation of around ₹25,583 Cr at the upper end. 

The issue comprises a fresh issue of ₹2,830 Cr and an offer for share component of up to 14.45 Cr shares, worth ₹2,182.3 Cr at the upper end, as per its RHP. 

Ahead of opening the issue, Zetwerk raised ₹2,251.2 Cr from anchor investors yesterday. Domestic mutual funds including SBI Mutual Fund and ICICI Prudential Mutual Fund accounted for around 46% of the anchor book, while global institutional investors like Goldman Sachs, BlackRock, and ADIA also picked up stake. 

Founded in 2018 by Amrit Acharya, Srinath Ramakkrushnan, Vishal Chaudhary,  Zetwerk operates a full-stack manufacturing platform serving businesses across industrial and consumer goods categories. 

It combines capacity from third-party suppliers and its own facilities to manage manufacturing orders across sectors including renewable energy, consumer electronics, aerospace, defence, oil and gas, and industrial automation.

The company has raised over $900 Mn in funding to date from investors like Peak XV Partners, Lightspeed Venture Partners, Accel India, Greenoaks Capital Partners, and D1 Capital Partners.

On the financial front, Zetwerk posted a consolidated net loss of ₹733 Cr in Q1 FY27 against operating revenue of ₹4,117.9 Cr. 

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