Zetwerk's initial public offering (IPO) received an 8% subscription on its first day, with investors bidding for 1.50 crore shares against the 18.51 crore shares on offer, according to BSE data. The IPO, which opened this week, is priced between ₹143 and ₹151 per share, valuing the company at approximately ₹25,583 crore at the upper price band. The issue includes a fresh issue of ₹2,830 crore and an offer-for-sale component worth ₹2,182.3 crore.
Qualified institutional buyers (QIBs) led the subscription with bids for 75.67 lakh shares, representing 8% of their 9.89 crore share quota. Retail individual investors placed bids for 51.79 lakh shares, subscribing to 15% of their 3.42 crore quota. Non-institutional investors (NIIs) subscribed to just 4% of their 5.13 crore allocation, bidding for 21.55 lakh shares. Employees subscribed to 19% of their reserved 7 lakh shares, bidding for 1.34 lakh shares. The IPO will remain open until October 19, following a ₹2,251.2 crore anchor investor placement the previous day.
Zetwerk operates in the B2B manufacturing sector, a space witnessing growing investor interest amid India's push for industrial growth. The company's IPO is among the largest this year, with domestic mutual funds such as SBI Mutual Fund and ICICI Prudential Mutual Fund contributing nearly half of the anchor book. The subscription pattern indicates cautious investor sentiment despite strong anchor support, reflecting broader market conditions affecting large-cap IPOs in India.
The IPO's subscription data as of 14:00 IST on the first day shows a modest start, with the final subscription figures to be revealed after the issue closes on October 19. The company's valuation and anchor investor backing position it as a key listing to watch in the manufacturing sector this quarter.