Zetwerk Manufacturing Business IPO subscription status on the final day: the issue closed on 19 October 2026 at 3.06x overall, as per our tracker at 5:05 PM. Institutional buyers (QIBs) bid hardest: QIBs 4.73x, non-institutional investors 1.4x, retail 0.73x. The grey market quote stands at ₹3 (1.99%).
How the book closed
| Category | Times subscribed |
|---|---|
| QIB (institutional buyers) | 4.73x |
| NII (non-institutional), total | 1.4x |
| bNII (bids above ₹10 lakh) | 1.68x |
| sNII (bids of ₹2–10 lakh) | 0.84x |
| Retail | 0.73x |
| Employees | 1.59x |
| Total | 3.06x |
Within the non-institutional portion, bids above ₹10 lakh (bNII) came in at 1.68x and bids of ₹2 lakh to ₹10 lakh (sNII) at 0.84x. The employee quota was 1.59x. The retail portion was not fully subscribed, so every valid retail application should get at least one lot.
What our data shows
At ₹5,012.33 crore, this is the fifth largest of the 105 mainboard IPOs that closed in 2026. Our grey market tracker shows the premium sliding every day since opening: ₹22 (14.57%) on 14 October, ₹14 on 15 October, ₹7.50 on 16 October, ₹5.50 on 18 October and ₹3.15 (2.09%) on 19 October. On the last 10 mainboard listings, the final GMP was off the actual listing gain by 11 percentage points on average, so it is a rough guide at best. Among the lead managers, JM Financial had 24 of its 33 earlier listings open above the issue price.
What the company does
Zetwerk Manufacturing Business runs a managed marketplace that links industrial and consumer companies with manufacturing partners. It earns from design, supplier matching, quality control and logistics rather than owning most of the factories. The company says it served 1,802 customers in FY2026, 1,613 of them in India.
The numbers behind the issue
Total income was ₹16,100.63 crore in FY2026 against ₹11,492.23 crore in FY2025, up about 40%. But the company made a loss after tax of ₹1,606.17 crore in FY2026, after a loss of ₹370.71 crore the year before. The three months to 30 June 2026 added a further loss of ₹732.98 crore. Because earnings are negative, a price-to-earnings multiple cannot be worked out at the upper band.
Of the proceeds, ₹1,300 crore and ₹860 crore are listed for repaying borrowings, and a part is for unidentified acquisitions. Promoter holding falls from 15.86% before the issue to 11.36% after it.
The full issue details are on the Zetwerk IPO page. See also how past IPOs listed.
Key facts
| Detail | Figure |
|---|---|
| Price band | ₹143 to ₹151 |
| Issue size | ₹5,012.33 crore, fresh issue plus offer for sale |
| Lot size | 99 shares |
| Minimum at upper band | ₹14,949 |
| Post-issue market value at upper band | ₹25,583.25 crore |
How the grey market moved
| Date | GMP | GMP as % of issue price |
|---|---|---|
| 14 Oct | ₹22 | 14.57% |
| 15 Oct | ₹14 | 9.27% |
| 16 Oct | ₹7.50 | 4.97% |
| 17 Oct | ₹7.20 | 4.77% |
| 18 Oct | ₹5.50 | 3.64% |
| 19 Oct | ₹3.15 | 2.09% |
GMP is an unofficial dealer quote, not an exchange price. It can change within hours and does not guarantee a listing price.
What happens next
Basis of allotment is due on 21 October 2026. Refunds and demat credit follow on 22 October, and shares list on BSE and NSE on 23 October. The registrar is KFin Technologies. Our subscription page keeps the category figures, and the GMP page keeps the grey market history.
