Zetwerk IPO: Listing Price, Listing Gains vs GMP and Review

Listing update, 23 October 2026: Zetwerk shares listed on 23 October 2026 at ₹159.25 on NSE, 5.5% above the ₹151 issue price, and at ₹159 on BSE (+5.3%). At the NSE listing price, one lot of 99 shares showed a paper gain of about ₹817. The issue was subscribed 3.10 times. We will add the day-1 close after the market shuts.

Zetwerk, the Bengaluru manufacturing platform backed by Peak XV, Accel and Lightspeed, opened its IPO on 15 October 2026. Zetwerk Manufacturing Businesses Limited is raising ₹5,012.3 crore at ₹143 to ₹151 a share: a fresh issue of ₹2,830 crore and an offer for sale (OFS) of up to 14.45 crore shares worth ₹2,182.3 crore. Bidding closed on 19 October with the issue subscribed 3.10 times.

Zetwerk IPO listing price and listing gains

The listing premium landed close to the roughly ₹7 grey market figure quoted in mid-October. For a ₹5,012 crore issue with a large offer for sale and a thin retail book (0.77x), a modest debut is consistent with the subscription pattern. GMP is unofficial and was never a forecast. The day-1 close will be added after 3:30 pm IST.

How to Check Zetwerk IPO Allotment Status Online

The basis of allotment was finalised on Wednesday, 21 October 2026. The registrar usually uploads results in the evening; if Zetwerk is not in the dropdown yet, the file is not live. You only need your PAN or application number.

• Registrar (KFin Technologies): ipostatus.kfintech.com
• BSE: BSE IPO application status
• NSE: NSE verify IPO bids

Check on KFin Technologies with PAN

1. Open the KFin Technologies IPO status page and pick Zetwerk Manufacturing Businesses Limited from the dropdown.
2. Choose PAN (or Application Number / DP-Client ID).
3. Enter your PAN, fill the captcha and click Submit. The page shows shares applied for and shares allotted.

Check on BSE

1. Select Issue Type Equity and Issue Name Zetwerk Manufacturing Businesses Limited.
2. Enter your application number or PAN, tick the captcha and click Search.

Check on NSE

1. Sign in on the NSE bid-verification page (a one-time sign-up with your PAN is needed).
2. Choose Equity, select the Zetwerk symbol, enter your PAN and application number, and submit.

What next: if allotted, shares should reach your demat account on 22 October 2026; if not, your UPI block or ASBA amount is released from 22 October. Grey market premium figures are unofficial and are not an indicator of the listing price.

At the upper band the company is valued at about ₹25,583 crore, roughly 1.6 times FY26 revenue. Institutions backed the anchor book with ₹2,251.2 crore, but the public book has been slow so far, at 0.27 times by the afternoon of day 2, and the grey market premium is only about 5%. Below, we cover the final RHP terms, the numbers and what to weigh before applying.

Final subscription and allotment update

The Zetwerk IPO closed on 19 October 2026 with the issue subscribed 3.10 times overall, according to the final day 3 exchange figures reported by HDFC Sky and IPO Watch. The retail portion was undersubscribed (0.77 times), so every valid retail bid at the final price should receive the shares applied for. Allotment was finalised on 21 October 2026 and the shares are scheduled to list on 23 October 2026. Use the allotment status steps above to check your application.

Subscription status: day 2 update

Zetwerk ended its first day 0.22 times subscribed and had reached 0.27 times by 2:15 PM on day 2. That is a slow start, but not an unusual one for an issue of this size: QIBs and large NIIs tend to bid on the last day, and the issue stays open until Monday, 19 October. Retail investors, who get only 10% of the net offer, had bid for about a third of their quota.

The anchor round on 14 October raised ₹2,251.2 crore, with 14.91 crore shares allotted at the ₹151 upper band. Domestic mutual funds took about 46% of it through 61 schemes from 22 fund houses, led by SBI Mutual Fund. Among global investors, Capital Group’s Smallcap World Fund took the largest single allocation of about ₹288 crore, and Norway’s Government Pension Fund Global and an ADIA fund took about ₹75 crore each.

A thin grey market for a big issue

Grey market trackers put the premium at about ₹7 on 16 October, around 5% over the upper band, with one tracker as high as ₹14. That points to a listing somewhere between ₹158 and ₹165, or a gain of about ₹693 to ₹1,386 on one lot. For a ₹5,000 crore issue, a single-digit premium usually means the market sees the price as full rather than generous. We will update this page with the final subscription after the close on 19 October.

Zetwerk IPO at a glance

The final terms are bigger than the updated draft filed in August. The fresh issue rose from ₹2,600 crore to ₹2,830 crore, and the OFS grew by about half, from 9.68 crore shares to 14.45 crore. The sellers are promoters Amrit Acharya and Srinath Ramakkrushnan, who are each selling up to 1.42 crore shares, the promoter group entity Creovate Innovation, and funds linked to Peak XV, Accel, Lightspeed and Kae Capital.

Because Zetwerk is loss-making on a restated basis, at least 75% of the net offer must go to qualified institutional buyers and retail investors get at most 10%. That is a much smaller retail slice than the 35% in profitable-company IPOs, so if demand picks up on the last day, retail allotment odds can fall quickly.

What Zetwerk actually does

Founded in 2018 by Amrit Acharya, Srinath Ramakkrushnan and Vishal Chaudhary, Zetwerk began as a marketplace that matched industrial buyers with small machine shops. It has since moved into making products itself and now runs two businesses. The manufacturing business makes precision parts, electronics, renewable energy equipment and capital goods for customers in utilities, consumer electronics, aerospace and defence. The ecosystem business, branded Terra91, trades raw materials such as steel and aluminium for smaller manufacturers.

As of March 2026 the company reported more than 26 manufacturing facilities across India, the United States, Germany and Spain, and international markets made up nearly 30% of manufacturing revenue in FY26. It shut its civil infrastructure business during FY26 and now reports it as a discontinued operation.

The numbers behind the business

These are the restated figures from the offer documents, in ₹ crore. The June 2026 quarter figures were reported with the price band.

What these numbers tell us, in plain language:

• Fast growth at scale. Revenue rose 40.4% in FY26 to ₹15,913 crore, and revenue from continuing operations grew 55.4% in the June 2026 quarter. Manufacturing brought in ₹9,374.7 crore in FY26, about 59% of the total.
• Margins are thin. Adjusted EBITDA of ₹421.3 crore is a margin of about 2.6%, because a large part of revenue still comes from lower-margin raw material trading. The investment case rests on that mix shifting towards manufacturing.
• The big loss is mostly one-off. FY26 includes an exceptional charge of ₹835.8 crore linked to an adjustment in the founders’ shareholding and an impairment of about ₹453 crore on the discontinued civil infrastructure business. Before exceptional items and tax, continuing operations lost ₹41.1 crore, against ₹59.8 crore in FY25.
• Visibility is improving. The manufacturing order book grew 43% in a year to ₹12,370 crore, about 1.3 times FY26 manufacturing revenue.

About ₹2,160 crore of the fresh issue, roughly 76%, will repay or prepay borrowings at the company and some subsidiaries. The rest is for acquisitions and general corporate purposes. The OFS money goes to the selling shareholders, not the company.

The GMP story so far

Since the price band was announced on 12 October, grey market trackers have quoted a premium of about ₹7 to ₹14 for Zetwerk, or 5% to 9% over ₹151. On 16 October the lower end, about ₹7, was the more widely quoted figure.

The listing outlook

With a GMP of about ₹7, the signal is a modest listing near ₹158. The strong anchor book gives some support, and large anchor names often steady the first few days of trading. But a slow public book and a single-digit premium suggest the market sees limited upside at ₹151, so we would treat any listing gain as a bonus rather than the reason to apply.

Over the longer term, the share price will depend on whether manufacturing margins rise as the order book converts into revenue and the trading business shrinks as a share of the mix.

What to weigh before you apply

A rich price for a thin margin

At ₹151 the company is valued at about 1.6 times FY26 revenue and about 61 times adjusted EBITDA, and it is loss-making on a reported basis. In effect, Zetwerk is being priced on the margins it hopes to reach, not the ones it has today.

A bigger OFS than first planned

The offer for sale grew by about 50% from the draft, and both founders are selling. That is common for venture-backed companies, but it means more than 40% of the issue goes to existing shareholders rather than the business.

Scale and a growing order book

On the positive side, Zetwerk is one of India’s largest contract manufacturing platforms, with factories on three continents, a ₹12,370 crore order book and a role in the shift of supply chains to India. The fresh issue will cut debt sharply, which should lower its interest costs.

Strengths and risks

Strengths

• Revenue of ₹15,913 crore in FY26, up 40%
• Manufacturing order book up 43% to ₹12,370 crore
• More than 26 factories in India, the US, Germany and Spain
• ₹2,251 crore anchor book from leading domestic and global funds
• About ₹2,160 crore of fresh money to cut debt
• Exposure to defence, renewables and electronics manufacturing

Risks

• Loss-making on a restated basis, with a ₹1,606 crore FY26 loss
• Adjusted EBITDA margin of only about 2.6%
• About 61 times adjusted EBITDA at the upper band
• OFS of ₹2,182 crore, including founder selling
• Raw material trading exposes it to commodity prices
• Retail quota capped at 10% of the net offer

Your chances of getting an allotment

• The retail portion is up to 10% of the net offer, roughly ₹500 crore or about 3.3 lakh lots of 99 shares.
• Every successful retail applicant gets at least one lot. If the retail book is oversubscribed, lots are drawn at random among valid applications.
• At 0.32 times on day 2, the retail book is far from full. If it stays below 1x at the close, every valid retail bid at the cut-off price will be allotted in full.
• Bidding for 13 lots gives no better chance in a lottery than bidding for one. Separate PANs within a family do improve a household’s odds.

What to watch from here

• The QIB and NII numbers on the final day, 19 October
• Whether the GMP moves away from ₹7 before the close
• Allotment on 21 October through KFin Technologies
• Listing on BSE and NSE on 23 October
• After listing: manufacturing margin and order book conversion in the September and December quarters

Zetwerk IPO: frequently asked questions

Sources: KFin Technologies (registrar) allotment page, BSE public issues, NSE IPO page, SEBI public issue filings (RHP), Inc42, price band and Q1 FY27, Inc42, anchor book, Kotak Neo IPO page (lot size and subscription). Subscription data are from the exchanges; financials are from the company’s offer documents.

Disclaimer: This article is for information and education only and is not investment advice. GMP is unofficial and data may differ between sources. Read the RHP and consult a SEBI-registered adviser before investing. Subscription data as of 16 October 2026, 2:15 PM IST; GMP as of 16 October 2026.