Zetwerk’s initial public offering (IPO) worth ₹5,012.3 crore was fully subscribed on the third and final day of bidding, receiving bids for 19.83 crore shares against 18.51 crore shares on offer, according to BSE data. The IPO price band was set between ₹143 and ₹151 per share, valuing the company at about ₹25,583 crore at the upper end.
Qualified institutional buyers (QIBs) showed the strongest interest, oversubscribing their quota by 1.44 times with bids for 14.28 crore shares against 9.89 crore shares available. Non-institutional investors (NIIs) subscribed 73% of their quota, placing bids for 3.74 crore shares against 5.13 crore shares reserved. Retail investors subscribed 51% of their allocation, bidding for 1.71 crore shares against 3.42 crore shares. Employees oversubscribed their reserved 7 lakh shares by 1.12 times.
The IPO included a fresh issue of ₹2,830 crore and an offer for sale (OFS) of up to 14.45 crore shares worth ₹2,182.3 crore at the upper price band. Prior to the IPO, Zetwerk raised ₹2,251.2 crore from anchor investors, with domestic mutual funds such as SBI Mutual Fund and ICICI Prudential Mutual Fund contributing about 46% of the anchor book. The subscription pattern reflects strong institutional demand amid muted retail participation.
The final subscription figures confirm the IPO’s successful closure on October 13, 2026, with the company set to list on stock exchanges shortly. The allotment and listing dates are awaited, which will provide clarity on investor returns and secondary market performance.