Zetwerk IPO GMP ₹23 Today (15 Oct), Price Band, Subscription Status, Allotment Date
Zetwerk IPO is a Mainboard issue open from 15–19 October. The company is raising ₹5,012 Cr at a price band of ₹143 to ₹151 per share. One lot is 99 shares.
Zetwerk IPO GMP (grey market premium)
₹23
Implied listing gain: ₹174 (15.23%)
Subscription
0.02x
Times the issue was bid for
On the GMP figure: grey market premium is quoted by informal dealers. No exchange publishes it, no regulator oversees it, and it is not a forecast of the listing price. Issues quoting a strong premium have listed below their issue price. Weigh the financials and the risk factors in the RHP well above this number.
Zetwerk IPO Review & Analysis
Our reading of the numbers below — growth rates, margins, pricing and demand are calculated from the company's own filed figures, not copied from anywhere.
Minimum retail investment
₹14,949
99 shares at the upper band of ₹151
Retail limit
13 lots
the most that fits under the ₹2 lakh retail cap
Funds blocked after close
~4 days
from the closing date to listing
Fresh issue share
56.5%
₹2830 Cr of the ₹5012 Cr issue
Peer listing record
8 of 11 listed above issue price
median listing move +5%
Total subscription
0.02x
across all categories
GMP-implied listing gain
+15.2%
₹23 premium on a ₹151 issue price
Promoter holding
15.86% → 11.36%
diluted by 4.5 percentage points
Zetwerk is a mainboard issue raising ₹5,012 Cr, offered in a band of ₹143–₹151 per share. At the upper end that is 151 times the ₹1 face value, so ₹150 of every share subscribed is share premium rather than capital.
A retail application for Zetwerk needs one lot of 99 shares, which works out to ₹14,949 at the upper band of ₹151. That is close to the ₹15,000 ceiling SEBI expects for a single retail lot, so an investor applying at cut-off is committing nearly the full retail limit per application. Retail applications are capped at ₹2,00,000, which here is 13 lots; bidding above that moves the application into the non-institutional category, and the large-HNI bucket begins at ₹10,00,000, or about 67 lots.
For Zetwerk, bidding runs 15-19 October, allotment is finalised on 21 Oct 2026, the shares list on 23 Oct 2026. Applications that do not receive an allotment have their UPI mandate released around 2 days after the issue closes. Counting from the close of bidding, money stays blocked for roughly 4 days before listing decides what the holding is worth.
The issue is reserved 74.84% to qualified institutional buyers, 14.97% to non-institutional investors, 9.98% to retail. At 9.98%, the retail portion is on the narrower side, so retail allotment turns into a lottery quickly once the book fills. An oversubscribed retail portion is not allotted in proportion to the amount applied for: applications are reduced to single lots and drawn by lot, so several small applications from different PANs are more effective than one large one.
The issue splits into ₹2830 Cr of fresh capital (56.5%) and ₹2182 Cr as an offer for sale. The company keeps the fresh portion for the objects of the issue, while the rest is existing shareholders monetising their stake.
The most recent figures the company has filed cover 30 Jun 2026, which is a different length of period from 31 Mar 2026. Year-on-year growth is not stated here because the two periods are not comparable — read the reported numbers side by side rather than as a growth rate.
Recently listed companies in the same space trade at a median price-to-earnings ratio of about 13.2. Comparing that with the multiple implied by this issue's ₹143–₹151 band is a more useful test of pricing than looking at the grey market premium alone.
Subscription stands at 0.02x, which is below full. An issue must be subscribed at least once over to proceed at all; if it closes under that, the offer is withdrawn and all application money is refunded.
Kfin Technologies Ltd. is the registrar for this issue, which means the allotment status for Zetwerk is published on their portal from 21 Oct 2026. A PAN, application number or demat client ID is enough to look it up; the credited shares also appear in the demat account itself a day or so before listing.
A grey market premium of ₹23 on the upper band of ₹151 implies a listing gain of roughly 15.2%. The grey market is unofficial and unregulated, the premium can change daily, and it has no bearing on allotment — treat it as a sentiment reading, not a forecast.
What to watch
- The issue is only 0.02x subscribed, and an issue that fails to reach full subscription is withdrawn and the money returned.
- Promoter holding falls to 11.36% after the issue, below majority control.
The figures above are worked out from the issue's own filed numbers and are for information only. They are not investment advice — read the RHP before you apply.
| IPO Date | 15–19 October |
| Face Value | ₹1 Per Share |
| Price Range | ₹143 to ₹151 |
| Issue Size | ₹5,012 Cr |
| Lot Size | 99 Shares |
| Allotment Date | 21 Oct 2026 |
| Listing Date | 23 Oct 2026 |
| Registrar | Kfin Technologies Ltd. |
Quota Allocation
| Category | Allocation |
|---|
| Retail Investors | 9.98% |
| QIB (Qualified Institutional Buyers) | 74.84% |
| HNI (High Net Worth Individuals) | 14.97% |
Subscription Status (Category-wise)
| Investor Category | Subscription (times) |
|---|
| Non Institutional | 0.02x |
| Retail Individual | 0.06x |
| Total | 0.02x |
IPO Details
| Total Issue Size | 33,20,07,155 shares (agg. up to ₹5,012 Cr) |
| Fresh Issue | 18,74,82,119 shares (agg. up to ₹2,830 Cr) |
| Offer for Sale | 14,45,25,036 shares of ₹1 (agg. up to ₹2,182 Cr) |
| Share Holding Pre Issue | 1,50,67,72,659 shares |
| Share Holding Post Issue | 1,69,42,54,778 shares |
IPO Timetable (Tentative)
| IPO Open | Thu, Oct 15, 2026 |
| IPO Close | Mon, Oct 19, 2026 |
| Allotment | Wed, Oct 21, 2026 |
| Refund | Thu, Oct 22, 2026 |
| Credit of Shares | Thu, Oct 22, 2026 |
| Listing | Fri, Oct 23, 2026 |
Issue Reservation
| Investor Category | Shares | % of Net Issue | % of Total Issue | Max Allottees |
|---|
| QIB | 24,84,80,366 | 75.00% | 74.84% | NA |
| − Anchor Investor | 14,90,88,220 | | 44.91% | NA |
| − QIB (Ex. Anchor) | 9,93,92,146 | | 29.94% | NA |
| NII (HNI) | 4,96,96,073 | 15.00% | 14.97% | NA |
| − bNII > ₹10L | 3,31,30,716 | | 9.98% | 23,903 |
| − sNII < ₹10L | 1,65,65,358 | | 4.99% | 11,951 |
| Retail | 3,31,30,716 | 10.00% | 9.98% | 3,34,653 |
| Preferential Reservations |
| Employee | 7,00,000 | | 0.21% | NA |
| Total | 33,20,07,155 | 100.00% | 100.00% | |
IPO Lot Size
| Application | Lots | Shares | Amount |
|---|
| Retail (Min) | 1 | 99 | ₹14,949 |
| Retail (Max) | 13 | 1287 | ₹1,94,337 |
| S-HNI (Min) | 14 | 1386 | ₹2,09,286 |
| S-HNI (Max) | 66 | 6534 | ₹9,86,634 |
| B-HNI (Min) | 67 | 6633 | ₹10,01,583 |
IPO Anchor Investors
| Bid Date | Wed, Oct 14, 2026 |
| Shares Offered | 14,90,88,220 |
| Anchor Portion (₹ Cr.) | 2,251.23 |
| Anchor lock-in period end date for 50% shares (30 Days) | Fri, Nov 20, 2026 |
| Anchor lock-in period end date for remaining shares (90 Days) | Tue, Jan 19, 2027 |
Investor Category Reservations
| Category | Limit | Cut-off |
|---|
| RII | Up to ₹2 Lakhs | Yes |
| sNII | ₹2 Lakhs – ₹10 Lakhs | No |
| bNII | Above ₹10 Lakhs | No |
| Employee (EMP) | Up to ₹5 Lakhs | Yes |
| Employee + RII/NII | Up to ₹5Lakhs (EMP) + RII/NII limits | Yes (EMP/RII) |
Company Financials (Restated Consolidated)
| Period Ended | 30 Jun 2026 | 31 Mar 2026 | 30 Jun 2025 | 31 Mar 2025 | 31 Mar 2024 |
|---|
| Assets | 12,016.09 | 13,384.63 | 9,083.09 | 10,355.43 | 10,330.85 |
| Total Income | 4,195.70 | 16,100.63 | 2,702.10 | 11,492.23 | 12,523.46 |
| Profit After Tax | -732.98 | -1,606.17 | -1,368.47 | -370.71 | -917.95 |
| EBITDA | 103.16 | 421.34 | 31.11 | 322.59 | 97.03 |
| NET Worth | 4,094.13 | 4,813.72 | 3,905.13 | 4,453.76 | 4,062.46 |
| Reserves and Surplus | -771.23 | -15.96 | 3,803.94 | 4,355.22 | 4,025.00 |
| Total Borrowing | 1,942.19 | 1,936.16 | 1,707.21 | 1,746.55 | 1,232.10 |
| Amount in ₹ Crore |
Recently Listed IPOs in IT Enabled Services
| Company | Issue Type | Issue Size | Issue Price | PE Ratio | Listing Day Close | Listing Gain/Loss % | LTP |
|---|
| SRIT India Ltd. | Mainboard | ₹218.40 Cr | ₹130 | 14.25 | ₹155.09 | +19.30% | ₹126.04 |
| ArMee Infotech Ltd. | Mainboard | ₹300.00 Cr | ₹375 | 19.57 | ₹300.00 | -20.00% | ₹248.60 |
| ESDS Software Solution Ltd. | Mainboard | ₹720.00 Cr | ₹429 | 35.66 | ₹908.40 | +111.75% | ₹1,675.30 |
| Xtranet Technologies Ltd. | Mainboard | ₹166.80 Cr | ₹127 | 12.21 | ₹129.20 | +1.73% | ₹313.85 |
| Amagi Media Labs Ltd. | Mainboard | ₹1,788.62 Cr | ₹361 | -101.78 | ₹348.25 | -3.53% | ₹570.95 |
| Excelsoft Technologies Ltd. | Mainboard | ₹500.00 Cr | ₹120 | 34.62 | ₹125.97 | +4.97% | ₹85.81 |
| Dove Soft Ltd. | SME | ₹73.26 Cr | ₹111 | 9.04 | ₹104.80 | -5.59% | ₹94.50 |
| EverestIMS Technologies Ltd. | SME | ₹48.46 Cr | ₹85 | 11.02 | ₹119.70 | +40.82% | ₹105.60 |
| Bench Mark Infotech Services Ltd. | SME | ₹42.44 Cr | ₹110 | 11.7 | ₹115.50 | +5.00% | ₹161.00 |
| Prodocs Solutions Ltd. | SME | ₹27.60 Cr | ₹138 | 14.72 | ₹151.20 | +9.57% | ₹151.00 |
| Exato Technologies Ltd. | SME | ₹37.45 Cr | ₹140 | 11.19 | ₹279.30 | +99.50% | ₹680.80 |
IPO Objects of the Issue
| # | Issue Objects | Est Amt (₹ Cr.) |
|---|
| 1 | Repayment/prepayment, in part or full, of certain of or all of borrowings availed by the company | 1,300.00 |
| 2 | Funding inorganic growth through unidentified acquisitions and other strategic acquisitions | |
| 3 | General Corporate Purposes | |
| 4 | Repayment/prepayment, in part or full, of certain of or all of borrowings availed | 860.00 |
| Total | 2,160.00 |
Key Performance Indicator (KPI)
| KPI | Jun 30, 2026 | Mar 31, 2026 |
|---|
| RoNW | -1.74% | -21.11% |
| NAV | 25.85 | 31.26 |
| P/B (x) | | 4.83 |
IPO Valuation
| Valuation Metric | Pre IPO | Post IPO |
|---|
| EPS (₹) | -10.66 | -ve |
| P/E (x) | -14.17 | -ve |
| Market Cap at Offer Price | ₹22,752.27 Cr. | ₹25,583.25 Cr |
Shareholding Structure
| Category | Pre IPO | Post IPO |
|---|
| Promoter and Promoter Group | 15.86% | 11.36% |
| Public | 84.14% | 88.64% |
| Total | 100% | 100% |
Offer For Sale - Selling Shareholders
| Name | Category | No. of Shares Offered | Amount (₹ cr.) |
|---|
| Amrit Pratik Acharya | Promoter | 1,42,30,672 | 214.88 |
| Srinath Ramakkrushnan | Promoter | 1,42,30,672 | 214.88 |
| Creovate Innovation Pvt.Ltd. | Promoter | 2,29,74,820 | 346.92 |
| Peak XV Partners Investments V (Formerly known as SCI Investments V) | Corporate | 1,76,11,820 | 265.94 |
| Lightspeed Venture Partners Select IV Mauritius | Corporate | 1,35,29,722 | 204.30 |
| Kae Capital Fund II | Corporate | 1,25,70,262 | 189.81 |
| Accel India V (Mauritius) Ltd. | Corporate | 1,20,16,622 | 181.45 |
| Lightspeed India Partners II, LLC | Corporate | 1,15,97,361 | 175.12 |
| Peak XV Partners Growth Investments III (Formerly known as SCI Growth Investments III) | Corporate | 57,97,579 | 87.54 |
| Kalysta Capital Fund II (Mauritius) | Corporate | 41,90,105 | 63.27 |
| Lightspeed India Partners III, LLC | Corporate | 31,45,603 | 47.50 |
| Saifuddin Fakhruddin Qureishi | Corporate | 28,57,565 | 43.15 |
| Matthew Harris Arnold | Other | 24,42,738 | 36.89 |
| Subbiah Vellayan | Other | 4,09,182 | 6.18 |
| A. Venkatachalam | Other | 4,08,469 | 6.17 |
| Shivraj Singh Kandhari (Guardian, Bikramjit Singh Kandhari) | Other | 100 | 0.00 |
| Can Köseoğlu | Other | 2,99,402 | 4.52 |
| Andrew Richard Woglom | Other | 2,56,630 | 3.88 |
| Cem Garih Nahmiyas | Other | 86,129 | 1.30 |
| Nitin Mahajan | Other | 83,167 | 1.26 |
| Daniel Robert Bachelet | Other | 71,286 | 1.08 |
| Rahul Sharma | Other | 17,14,539 | 25.89 |
| Vishal Chaudhary | Other | 17,14,539 | 25.89 |
| Ankit Fatehpuria | Other | 22,86,052 | 34.52 |
| Total | | 14,45,25,036 | 2,182.33 |
IPO Details
| Review By | Subscribe | May Apply | Neutral | Avoid |
|---|
| Brokers | 2 | 0 | 4 | 0 |
| Members | 0 | 0 | 0 | 0 |
About Zetwerk
Incorporated in 2017, Zetwerk Manufacturing Businesses Private Limited is a technology-led global manufacturing platform. The Company operates as a managed marketplace connecting industrial and consumer enterprises with a global network of manufacturing partners for custom and large-scale production requirements. The company serves across sizes, from innovative startups to mature companies, and across industries, including utilities, renewables, consumer electronics, artificial intelligence infrastructure, aerospace, space & defence, oil & gas, and industrial automation.
The Company follows an asset-light business model and provides end-to-end solutions, including design, supplier matching, quality control, and logistics. The Company’s proprietary platform, Zetwerk OS, enables real-time tracking and transparency across the manufacturing lifecycle. Its key strengths include scalable manufacturing capacity, strong quality control systems, faster delivery timelines, and a diversified global customer base.
It operates across key sectors such as electronics, renewable energy, aerospace and defence, capital goods, and precision manufacturing. Zetwerk has a presence in over 25 countries and a network of 10,000+ suppliers and 1,100+ customers, including Fortune 500 companies. It also operates 20+ manufacturing facilities across India, the United States, and Mexico.
In Fiscal 2026, the company had 1,802 customers, comprising 1,613 customers within India and 189 customers outside India.
Unique business model enables us to serve multiple demand pools and makes them resilient across economic cycles
Building Capabilities to Serve Multiple Industry Verticals
Ability to scale in a capital-efficient manner
Zetwerk OS, their proprietary technology enables end‑to-end workflow management across the manufacturing lifecycle while driving powerful network effects across their operations
Deep relationships with customers driving higher revenue visibility and stickiness
Ability to add value-additive ecosystem services to the manufacturing platform
Experienced, cycle-tested management team backed by an experienced board of directors
Zetwerk IPO — common questions
What is Zetwerk IPO?
Zetwerk IPO is a Mainboard issue open from 15–19 October. The company is raising ₹5,012 Cr at a price band of ₹143 to ₹151 per share. One lot is 99 shares.
When does Zetwerk IPO open and close?
The issue is open 15–19 October. Bids must be placed, and any UPI mandate approved, before the cut-off on the closing day.
What is the Zetwerk IPO price band?
The price band is ₹143 to ₹151 per equity share, against a face value of ₹1. Retail investors may bid at cut-off, meaning they accept the final discovered price within this band.
What is the Zetwerk IPO lot size?
The minimum application is 99 shares, and bids must be in multiples of that lot.
What is the Zetwerk IPO issue size?
The total issue size is ₹5,012 Cr.
How is Zetwerk IPO reserved between investor categories?
The issue is reserved as retail 9.98%, QIB 74.84%, HNI 14.97%. If the retail portion is oversubscribed, allotment there is decided by a lottery on lot-sized applications rather than in proportion to the amount applied for.
When is the Zetwerk IPO allotment date?
Basis of allotment is expected to be finalised on 21 Oct 2026. You can check your status on the registrar's website (Kfin Technologies Ltd.) using your PAN.
When does Zetwerk IPO list?
Listing is expected on 23 Oct 2026, following the T+3 timeline that applies to Indian IPOs.
