Zetwerk Manufacturing Businesses IPO Day 3: Subscribed 0.39x; QIB Demand at 0.46x
Key Highlights
Zetwerk Manufacturing Businesses IPO (₹2795 crore mainboard IPO) was subscribed 0.39x on Day 3 of 3, with QIB at 0.46x.
Last updated: Mon, Oct 19, 2026, 12:00 PM IST · mainboard · & · Day 3 of 3
- Zetwerk Manufacturing Businesses IPO subscribed 0.39x overall on Day 3, up from 0.31x on Day 2
- Total bids: 7,20,28,341 shares against 18,50,66,845 shares on offer
- Category-wise: 0.46x, 0.23x, 0.41x, Employee 0.61x
- Price band: ₹143 to ₹151 per share
- The issue closes on Mon, Oct 19, 2026
The Zetwerk Manufacturing Businesses IPO reaches day 3 of 3 trading days with an overall subscription multiple of 0.39x as of Mon, Oct 19, 2026, 12:00 PM IST. The QIB (qualified institutional buyers) category is the most-bid segment at 0.46x. The total subscription multiple rose from 0.31x on day 2 to 0.39x on day 3.
Zetwerk Manufacturing Businesses IPO Status: Day 3
Day-wise subscription
| Day | Date | Total bids (shares) | Bid value at upper band (₹ crore) | Subscribed (x) |
|---|---|---|---|---|
| Day 1 | Thu, Oct 15, 2026 | 4,17,16,818 | 629.92 | 0.23x |
| Day 2 | Fri, Oct 16, 2026 | 5,75,06,130 | 868.34 | 0.31x |
| Day 3 | Mon, Oct 19, 2026 | 7,20,28,341 | 1,087.63 | 0.39x |
Category-wise subscription
| Category | Shares offered | Day 2 bids | Day 2 (x) | Day 3 bids | Day 3 (x) |
|---|---|---|---|---|---|
| QIB | 9,89,17,930 | 3,66,64,155 | 0.37x | 4,57,08,597 | 0.46x |
| NII | 5,12,69,349 | 83,66,292 | 0.16x | 1,19,25,243 | 0.23x |
| of which individual NII | — | 75,71,916 | — | 1,08,45,846 | — |
| of which corporate NII | — | 4,96,089 | — | 7,04,781 | — |
| of which other NII | — | 2,98,287 | — | 3,74,616 | — |
| Retail | 3,41,79,566 | 1,21,36,905 | 0.36x | 1,39,66,920 | 0.41x |
| Employee | 7,00,000 | 3,38,778 | 0.48x | 4,27,581 | 0.61x |
| Total | 18,50,66,845 | 5,75,06,130 | 0.31x | 7,20,28,341 | 0.39x |
Across the categories, the QIB segment leads with 0.46x subscription, followed by the retail category at 0.41x. The NII (non-institutional investors bidding above ₹2 lakh) category stands at 0.23x, while the employee portion reached 0.61x. No category has fully covered its offered quota as of the latest update.
Zetwerk Manufacturing Businesses IPO Offer Details
| Field | Value |
|---|---|
| IPO date | Thu, Oct 15, 2026 to Mon, Oct 19, 2026 |
| Listing date | To be announced |
| Face value | ₹1 per share |
| Price band | ₹143 to ₹151 per share |
| Lot size | 99 shares |
| Total issue size | 18,50,66,845 shares (₹2,795 crore) |
| Listing at | NSE & BSE |
| Lead managers | Kotak Mahindra Capital Co Ltd, Morgan Stanley India Co Pvt Ltd, Goldman Sachs (India) Securities Pvt Ltd, Avendus Capital Pvt Ltd., JM Financial Consultants Pvt Ltd, HSBC Securities and Capital Markets (India) Pvt Ltd., Pantomath Capital Advisors Pvt Ltd. |
| KFIN Technologies Ltd. |
About Zetwerk Manufacturing Businesses
Zetwerk Manufacturing Businesses Ltd. is a technology-led, asset-light manufacturing platform that enables customers to source diversified industrial and consumer products. As per the DRHP, the company operates through two segments: the Manufacturing Business, which handles design, manufacturing, and supply of custom-made goods, and the Ecosystem Business, which sources industrial raw materials. The firm fulfills orders through a network of 6,979 third-party suppliers across 26 countries and 26 of its own manufacturing facilities. It serves a diverse customer base ranging from startups to large industrial companies across sectors such as energy, renewables, consumer electronics, and aerospace.
Zetwerk Manufacturing Businesses Financial Highlights
| Metric | FY 2025-26 | FY 2024-25 | FY 2023-24 |
|---|---|---|---|
| from operations (₹ crore) | 15,913.32 | 11,331.86 | 12,364.37 |
| Total income (₹ crore) | 16,121.70 | 11,514.07 | 12,548.88 |
| Profit after tax (₹ crore) | -964.39 | -215.07 | -852.53 |
| Net worth (₹ crore) | 4,653.90 | 4,411.79 | 4,065.26 |
| Total borrowings (₹ crore) | 1,069.81 | 1,637.54 | 1,064.78 |
| (₹) | -143.39 | -32.38 | -85.88 |
Revenue from operations was ₹11,331.86 crore in FY 2024-25 and ₹15,913.32 crore in FY 2025-26. Profit after tax was ₹-215.07 crore in FY 2024-25 and ₹-964.39 crore in FY 2025-26. The debt-to-equity ratio at FY 2025-26 was 0.23x.
Objects of the Issue
| Purpose | Amount (₹ crore) |
|---|---|
| Repayment/prepayment, in part or full, of certain of or all of borrowings availed by | 1,300.00 |
| certain of our Subsidiaries, namely, (i) Sharp Tanks and Structurals Private Limited | 860.00 |
Risk Factors as per the DRHP
- The company relies on a network of 6,979 third-party suppliers for manufacturing and raw materials, which may impact its ability to fulfill customer orders if these relationships are disrupted.
- There is an absence of firm long-term purchase commitments with many customers, meaning the company cannot guarantee future revenue volumes from its existing client base.
- The company faces potential non-compliance with restrictive covenants under its financing agreements, which could lead to penalties or the acceleration of debt repayment obligations.
How to Check Zetwerk Manufacturing Businesses IPO Subscription Status
Live bidding figures are published by NSE & BSE while the issue is open. Once it closes, allotment status is published by the registrar, KFIN Technologies Ltd..
This article is for information only and is not investment advice. Subscription figures are based on exchange data as of Mon, Oct 19, 2026, 12:00 PM IST and can change. IPO investments are subject to market risks; read the offer document carefully before investing.