Zetwerk's ₹5,012 Crore IPO Is 31% Subscribed After Day 2, No Category Full
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Zetwerk's ₹5,012 Crore IPO Is 31% Subscribed After Day 2, No Category Full
Institutions had bid for 37% of their quota, and 76% of the fresh issue is earmarked to repay debt.
Zetwerk Manufacturing Businesses had bids for 5.75 crore shares against 18.51 crore on offer at 17:00 IST on October 16, 2026, the second day of its ₹5,012.3 crore IPO, a subscription of 31%, according to Inc42. No investor category was fully covered. The issue closes on October 19.
The 31% excludes the anchor book. Zetwerk had already placed 14.91 crore shares with anchors at ₹151, the top of the ₹143 to ₹151 price band, raising ₹2,251.2 crore, Inc42 reported. That is about 45% of the issue, so the public offer is a smaller pool than the headline size suggests.
Subscription by category after two days
| Category | Bid vs offered | Subscribed |
|---|---|---|
| Qualified institutional buyers | 3.66 crore vs 9.89 crore shares | 37% |
| Non-institutional investors | 83.66 lakh vs 5.12 crore shares | 16% |
| Retail | 1.21 crore vs 3.41 crore shares | 36% |
| Employees | 3.38 lakh vs 7 lakh shares | 48% |
- Employees48 %
- QIB37 %
- Retail36 %
- Overall31 %
- Non-institutional16 %
Source: Inc42, October 16, 2026, 17:00 IST
Inc42 calls demand subdued, and the 31% is a reading from day 2 with bidding open until October 19. The allocation matters: up to 75% of the net offer is reserved for qualified institutional buyers, per Kotak Neo, so the institutional book decides the outcome.
Where the money goes
The ₹2,830 crore fresh issue, raised from ₹2,600 crore in the draft filing, sends ₹2,160 crore to repay or prepay borrowings of Zetwerk and certain subsidiaries, according to Energetica India. That is 76% of the fresh issue going to debt. The rest funds acquisitions and general corporate purposes.
The offer for sale is up to 14.45 crore shares worth ₹2,182.3 crore at the upper band, or 43.5% of the total. Sellers are co-founders Amrit Acharya and Srinath Ramakkrushnan, the promoter-group entity Creovate Innovation, and funds linked to Peak XV Partners, Accel India and Lightspeed Venture Partners, per Energetica. Money from the OFS goes to the sellers, not to the company.
Valuation against the revenue
At ₹151 the issue values the company at about ₹25,583 crore, or roughly $2.7 billion on Inc42's conversion. Quarter-ended June 2026 revenue was ₹4,117.9 crore, up 55.4% from ₹2,649.4 crore. Annualising that quarter gives about ₹16,470 crore, so the valuation is roughly 1.6 times annualised revenue, the author's arithmetic. The figure says little about profit. The company lost ₹733 crore in the quarter, down 46.4% from ₹1,368.5 crore, and ₹668.9 crore of that came from discontinued operations.
The sources disagree on two figures. Kotak Neo gives FY26 revenue as ₹15,913.3 crore, while Inc42 gives ₹15,739.3 crore. One Inc42 article puts the close on October 17 and its own later report puts it on October 19, which Kotak Neo and Energetica also give.
What happens next
Allotment is due October 21, refunds and share credit on October 22, and the shares list on BSE and NSE on October 23, per Kotak Neo. One lot is 99 shares, or ₹14,949 at the upper band. The final subscription figure on October 19 will show whether institutions came in late, and the October 23 opening price will show whether they paid for it.
For other Indian companies reporting cost and loss figures this month, see Groww's Q2 cost to serve, and for how a headline valuation gets tested against its own pre-money figure, Ramp's reported $60 billion valuation.
Sources
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