Zetwerk Manufacturing Business IPO is due to list on the NSE and BSE on 23 October 2026. Our tracker shows the grey market premium at ₹0 against the ₹151 issue price, after the book closed at 3.06x. Retail investors bid for only 0.73x of their portion.
What our data shows
The ₹5,012.33 crore issue is the fifth largest of 105 mainboard IPOs that have closed in 2026. Its 3.06x subscription ranks 76th of those 105, against a median of 24.96x. The GMP, an unofficial dealer quote and not an exchange price, was ₹5.50 (3.64%) on 18 October and has slid to zero. On the last 10 mainboard listings, the final GMP was off by 9.39 percentage points on average. It overstated the listing gain six times and understated it four times.
How the grey market moved
| Date | GMP (₹) | GMP (%) |
|---|---|---|
| 18 October | 5.50 | 3.64 |
| 19 October | 3.50 | 2.32 |
| 20 October | 2 | 1.32 |
| 21 October | 0 | 0.00 |
| 22 October | 0 | 0.00 |
A zero GMP means dealers were not pricing any gap between the issue price and the first trade. It does not rule out a move either way on the day.
What the final book looked like
QIBs, the large institutions, bid 4.73x. Non-institutional investors bid 1.40x, with bigger bids at 1.68x and smaller ones at 0.84x. Retail bid 0.73x and employees 1.59x. We covered the closing numbers in our final-day subscription story.
Key facts before listing
- Issue price: ₹151 (band ₹143–151), lot of 99 shares, so ₹14,949 for one lot.
- Structure: fresh issue plus offer for sale. Of the proceeds listed in the offer document, ₹1,300 crore and ₹860 crore are for repaying borrowings.
- The company made a loss after tax of ₹1,606.17 crore in FY2026 on total income of ₹16,100.63 crore, so a price-to-earnings multiple cannot be worked out.
- Registrar: KFin Technologies. Allotment was due on 21 October, refunds and demat credit on 22 October.
Who sold and who ran the issue
Promoter holding falls from 15.86% before the issue to 11.36% after it. The lead managers include Kotak Mahindra Capital, Morgan Stanley, Goldman Sachs, Avendus, JM Financial and HSBC. JM Financial's earlier listings on our records opened above the issue price 24 times out of 33.
What happens next
Shares are scheduled to list on 23 October. Check the live premium on our Zetwerk GMP page and how earlier listings fared on the IPO performance page. This year 68 of 102 mainboard IPOs opened above the issue price, with a median listing gain of 6.92%.
