The Zetwerk Manufacturing Business IPO listing took place on 23 October 2026. Shares opened at ₹159.25 on the NSE on 23 October 2026, 5.46% above the issue price of ₹151. One lot of 99 shares was worth ₹15,766 at the open, a gain of ₹817.
How the open compares with the grey market
The last grey market quote was ₹1 (0.66%), which pointed to ₹152. The stock opened ₹7.25 above that mark. The last grey market quote of ₹1 pointed to a listing near ₹152, and the stock opened ₹7.25 above that. GMP is an unofficial dealer quote, not an exchange price.
The premium was ₹5.50 (3.64%) on 18 October, ₹3.50 on 19 October when the book closed, ₹2 on 20 October, and ₹0 on 21 and 22 October. It faded every day.
What our data shows
The ₹5,012.33 crore issue is the fifth largest of 105 mainboard IPOs that closed in 2026. Its 3.06x subscription ranks 76th, against a median of 24.96x. Retail bid 0.73x, so the retail portion was not fully taken up. Across 2026, 68 of 102 mainboard IPOs opened above the issue price, with a median gain of 6.92%. On the last 10 listings, the final GMP missed by 9.39 percentage points on average. See the full record on our IPO performance page.
| Category | Subscription |
|---|---|
| QIB | 4.73x |
| NII | 1.40x |
| Retail | 0.73x |
| Employee | 1.59x |
| Total | 3.06x |
What the company does
Zetwerk Manufacturing Business, set up in 2017, runs a managed marketplace that links companies with manufacturing partners. It is asset-light and serves electronics, renewable energy, aerospace and defence, and capital goods customers. It had 1,802 customers in FY2026.
It is loss-making. Total income rose from ₹11,492.23 crore in FY2025 to ₹16,100.63 crore in FY2026. Loss after tax widened from ₹370.71 crore to ₹1,606.17 crore. The April to June 2026 quarter showed a further loss of ₹732.98 crore. Of the proceeds, ₹1,300 crore and ₹860 crore are marked for repaying borrowings. Promoter holding falls from 15.86% to 11.36%.
The lead managers were Kotak Mahindra Capital, Morgan Stanley India, Goldman Sachs India, Avendus, JM Financial, HSBC and Pantomath. JM Financial has seen 24 of its 33 earlier listings open above the issue price. HSBC has 4 of 5 and Avendus 4 of 5. A record like that describes the past. It does not decide where one stock opens.
What happens next
Allotment was finalised on 21 October through KFin Technologies, and refunds and demat credit followed on 22 October. The shares trade on the NSE and BSE from 23 October 2026. Details are on the Zetwerk Manufacturing Business IPO page.
