Zetwerk's ₹5,012 Crore IPO Closed 3.06 Times Covered, With Retail Bids at 73% of Their Quota
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Zetwerk's ₹5,012 Crore IPO Closed 3.06 Times Covered, With Retail Bids at 73% of Their Quota
Qualified institutions bid 4.73 times their allocation, about 83% of all shares bid, while retail fell short and the valuation depends on a revenue period the coverage does not pin down.
Zetwerk's ₹5,012.3 crore IPO closed on October 19 at 3.06 times the shares on offer, but retail investors bid for only 73% of the portion set aside for them. Institutions did the lifting: qualified institutional buyers (QIBs) bid 4.73 times their allocation.
The final figures are from Entrackr and Inc42, which cite exchange data as of 19:00 IST. The two differ slightly. Entrackr counts 56.54 crore shares bid and Inc42 counts 56.62 crore, against 18.50 crore offered. Both put the total at 3.06 times.
Where the 3.06 times came from
Inc42 lists the category figures with shares bid against shares allocated. Retail bid 2.50 crore shares for a 3.41 crore allocation. QIBs bid 46.82 crore for 9.89 crore. Non-institutional investors (NIIs) bid 7.18 crore for 5.12 crore.
QIBs alone account for 46.82 crore of the 56.62 crore shares bid, about 83% of all demand. Strip them out and the rest of the book is close to the size of the shares offered to everyone else.
- QIB4.73 x
- Employees1.59 x
- NII1.4 x
- Retail0.73 x
Source: Inc42, citing exchange data as of 19:00 IST, accessed 2026-10-19
How the ₹5,012.3 crore is split
The issue has two parts, and only one puts money into the company.
| Part | Amount | Goes to |
|---|---|---|
| Fresh issue | ₹2,830 crore | Zetwerk |
| Offer for sale (OFS) | ₹2,182.3 crore | Selling shareholders |
| Anchor book | ₹2,251.23 crore | Allotted before the open (Entrackr) |
Entrackr names two sellers in the OFS: Lightspeed Venture Partners, selling ₹426.9 crore, and Peak XV Partners, selling ₹353.5 crore. Together that is ₹780.4 crore, or about 36% of the OFS. The other ₹1,401.9 crore of selling is not attributed to a named holder in either article.
Neither article lists the use of proceeds. The price band was ₹143 to ₹151, with 99 shares to a lot, so the minimum bid was ₹14,157.
The valuation and the loss
Inc42 puts the implied valuation at the top of the band at about ₹25,583 crore, roughly $2.7 billion. That is Inc42's calculation, and Entrackr gives no valuation.
The earnings figure in Inc42's piece needs care. It reports operating revenue from continuing operations up 55.4% to ₹4,117.9 crore from ₹2,649.4 crore, and a net loss narrowed 46.4% to ₹733 crore from ₹1,368.5 crore. Of that loss, ₹668.9 crore came from discontinued operations and ₹64.1 crore from continuing ones. The article labels the year-ago comparison "Q1 FY26" and gives no full-year figure, so the period behind the ₹4,117.9 crore is not clear from the page.
At the top of the band, ₹25,583 crore is about 6.2 times the ₹4,117.9 crore revenue figure, if that figure is read as a single period. If it is a quarter, the multiple is far lower. The articles do not settle which.
What comes next
Allotment and listing dates are absent from both articles. The first trading day will show whether the institutional demand holds once retail, which bid under its quota, is the marginal buyer. The company's published prospectus is the document that settles the use of proceeds and the period behind the revenue number. Peak XV and Lightspeed's remaining holdings after the ₹780.4 crore sale are not reported either.
For a comparison on how the same market treated a seller-heavy offer, see the Cult.fit IPO, where sellers could take 76% of ₹4,000 crore, and for Indian logistics losses, Flipkart's FY26 loss.
Sources
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