Zetwerk Lists 5.5% Above Issue and Closes 8.4% Below It on the BSE

Zetwerk Manufacturing Businesses opened on the NSE at ₹159.25 on Oct. 23, 5.46 percent above its ₹151 issue price, and closed the day at ₹138.25, below the price the IPO's own investors paid. On the BSE the close was ₹138.30, which is 8.4 percent under issue and 13 percent under the listing price, according to Inc42.

The ₹5,012.3 crore offer was priced inside a ₹143 to ₹151 band and subscribed 3.06 times, per Reuters. Qualified institutional buyers took 4.73 times their quota. Retail investors took 0.73 times, so the retail portion did not fill.

The day's prices, from issue to close

1. Intraday high160.5 ₹
2. Listing price159 ₹
3. Issue price151 ₹
4. Close138.3 ₹
5. Intraday low127.2 ₹

Source: Inc42, Oct. 23, 2026; BSE prices

The slide took the market value to about ₹23,432 crore at the BSE close, against roughly ₹25,583 crore at the issue price. Reuters put the valuation near 251.7 billion rupees, about $2.65 billion, at the point it was trading at ₹147.4.

SMC Global Securities analysts, cited by Reuters, pointed to two concerns: the company is still loss-making and relies heavily on third-party suppliers.

What the investors who sold took out

The offer had a ₹2,830 crore fresh issue and an offer for sale of 14.45 crore shares worth about ₹2,182 crore at ₹151, according to the Free Press Journal. The sellers were promoters Amrit Pratik Acharya and Srinath Ramakkrushnan, the promoter-group entity Creovate Innovation, and the funds Peak XV, Accel, Lightspeed and Kae Capital.

Funds that sold early are a recurring subject here: Carta and NewView counted 44 tender offers at Series C and later in H1 2026, while Myntra, another large Indian consumer name, reported a ₹582 crore FY26 loss. The distinction matters for a first-day loss. Sellers in the offer for sale were paid at ₹151 whatever happened afterwards, and the fresh issue money went to the company. Of that, ₹2,160 crore is earmarked to repay or prepay borrowings, with the rest for acquisitions and general purposes.

Anchor investors, who commit before the book opens, put in 22.51 billion rupees, including Capital Group, BlackRock and Goldman Sachs. The articles fetched do not give the anchor price.

Two loss figures that do not agree

FY26 operating revenue rose 40.4 percent to ₹15,913.3 crore, and the net loss widened to ₹1,606.2 crore from ₹370.7 crore, including a ₹796.4 crore exceptional charge and a ₹453 crore impairment in a discontinued civil infrastructure business. That is the Inc42 reading of the prospectus numbers.

Inc42's separate listed-company tracker, updated Oct. 23, shows FY26 sales of ₹15,913 crore and a net profit column of -₹371 crore, which matches the prior-year loss, not the ₹1,606 crore figure. One of the two pages carries the wrong year's number. The ₹1,606 crore figure matches both Inc42's IPO article and the pre-listing reports, so it is the one to use until the company's filing says otherwise.

The April to June quarter is similarly split. Inc42 says continuing-operations revenue rose 55.4 percent to ₹4,117.9 crore with a total net loss of ₹733 crore. Reuters reports a loss of 641.29 million rupees, about ₹64 crore, on revenue of 41.18 billion rupees. The two may measure different perimeters; neither article says.

Zetwerk's first quarterly result as a listed company, for July to September, is the next filing that can settle which loss figure investors are pricing.