Zetwerk Manufacturing shares made a strong market debut on Friday, October 23, listing at ₹159.25 on NSE, representing a premium of over 5.5% against the IPO issue price of ₹151. The company's market capitalisation stood at ₹26,938.65 crores on the BSE following the listing. This performance came after the grey market premium (GMP) had declined from ₹23 on October 13 to ₹1 on October 23, indicating expectations of a modest listing premium. The GMP trend showed significant volatility throughout the subscription period, with the premium peaking at ₹23 on October 14 before declining to current levels.
Zetwerk's IPO closed on October 19 with an overall subscription of 3.06 times, with investors bidding for 56.6 crore shares against 18.2 crore shares on offer. The Qualified Institutional Buyers (QIBs) category led demand with 4.73 times subscription, while the Non-Institutional Investors (NIIs) segment was subscribed 1.40 times and the Retail Individual Investors (RIIs) portion received bids for 0.73 times the shares on offer. The IPO comprised a fresh issue of shares worth ₹2,830 crore and an offer for sale (OFS) of ₹2,182 crore, with a price band fixed at ₹143-151 per share. Investors could apply for a minimum of 99 equity shares, with subsequent bids in multiples of 99 shares, making the minimum investment for a single lot ₹14,949 at the upper end of the price band.
At the upper end of the price band, Zetwerk is targeting a post-issue market capitalisation of around ₹25,582 crore. The company plans to use ₹2,160 crore from the fresh issue proceeds to repay borrowings taken by the company and certain subsidiaries. According to The Economic Times, ₹1,300 crore is earmarked for one borrowing repayment/prepayment objective, while ₹860 crore is allocated towards another borrowing repayment/prepayment objective. The remaining proceeds are earmarked for potential acquisitions and other inorganic growth opportunities, as well as general corporate purposes. For FY26, Zetwerk reported revenue of ₹15,913 crore, up from ₹11,332 crore in FY25, though its net loss widened to ₹991 crore from ₹210 crore a year earlier, while EBITDA margin narrowed to 2.1% in FY26 from 2.5% in FY25. The company has delivered revenue and EBITDA CAGR of 13.4% and 292.7% respectively. The company's weighted average return on net worth over the last three financial years stood at negative 15.64%.
Ahead of the public issue, Zetwerk raised ₹2,251.23 crore from 99 anchor investors on October 14, with the company allotting 14,90,88,220 equity shares at ₹151 per share to anchor investors, including a premium of ₹150 per share. The anchor book attracted prominent global investors, including BlackRock, Goldman Sachs and Nomura. As per The Economic Times, eligible employees applying under the employee reservation portion were offered a discount of ₹14 per share. The IPO was managed by Kotak Mahindra Capital Company, Morgan Stanley India Company, Goldman Sachs (India) Securities, Avendus Capital, JM Financial, HSBC Securities & Capital Markets (India) and Pantomath Capital Advisors as book-running lead managers, with KFin Technologies appointed as the registrar. Apart from BlackRock, Goldman Sachs, and Nomura, the anchor book saw participation from global investors, including Capital Group and First Sentier Investors, along with sovereign wealth funds such as Norway's Government Pension Fund Global and Abu Dhabi Investment Authority (ADIA).
Zetwerk Manufacturing Business operates as a technology-led manufacturing platform, connecting 6,979 third-party suppliers across 26 countries and operating 26 owned manufacturing facilities across India, Spain, the USA and Germany. The company's customer base includes major names such as Siemens Gamesa, Acer India, boAt, NextPower, CG Power, NTPC Renewable Energy, L&T MHI Power Boiler, DRDO, NALCO, Indian Oil, Mortenson, Nordex Acciona and the Indian Air Force. In fiscal 2026, the company served 1,802 customers, comprising 1,613 in India and 189 overseas, supported by its scalable manufacturing capabilities, quality control systems and diversified global customer base. As per the latest company data, Zetwerk now reports a presence in more than 25 countries, a network of over 10,000 suppliers and more than 1,100 customers, including Fortune 500 companies, with operations spanning manufacturing facilities across India, the United States and Mexico. The Bengaluru-based firm follows an asset-light model and offers end-to-end solutions including design, supplier matching, quality control, and logistics through its proprietary technology platform Zetwerk OS. Since incorporation, Zetwerk has cumulatively delivered products and raw materials worth ₹74,374 crore in gross merchandise value (GMV).
