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Zetwerk IPO Subscribed 27% On Day 2 So Far, QIB & Retail Portions Booked 32% Each

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Zetwerk IPO Subscribed 27% On Day 2 So Far, QIB & Retail Portions Booked 32% Each

B2B manufacturing company Zetwerk’s ₹5,012.3 Cr IPO was subscribed 27% on the second day of bidding today. Investors placed bids for 4.95 Cr shares against 18.51 Cr shares on offer as of 14:39 IST, according to BSE data.

Non-institutional investors (NIIs) bid for 67.85 Lakh shares against 5.13 Cr shares reserved for them, subscribing to 13% of their quota. Within the NII category, the portions for bids above ₹2 Lakh and up to ₹10 Lakh, and those above ₹10 Lakh, were each subscribed 13%.

Qualified institutional buyers (QIBs) subscribed to 32% of their allocation, placing bids for 3.13 Cr shares against 9.89 Cr shares on offer.

The retail portion was also subscribed 32%, with bids for 1.11 Cr shares against an allocation of 3.42 Cr shares.

Meanwhile, employees bid for 2.95 Lakh shares against 7 Lakh shares reserved for them, subscribing to 42% of their quota.

Zetwerk’s IPO opened yesterday and closes on October 19. The company has set a price band of ₹143-₹151 per share, implying a valuation of around ₹25,583 Cr (about $2.7 Bn) at the upper end.

The IPO comprises a fresh issue of ₹2,830 Cr and an OFS of up to 14.45 Cr shares, worth ₹2,182.3 Cr at the upper end.

Ahead of the issue, Zetwerk raised ₹2,251.2 Cr from anchor investors. Domestic mutual funds, including SBI Mutual Fund and ICICI Prudential Mutual Fund, accounted for around 46% of the anchor book. Global institutional investors, including Goldman Sachs, BlackRock, and ADIA, also participated.

Founded in 2018, Zetwerk operates a full-stack manufacturing platform serving businesses across industrial and consumer goods categories.


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