Zetwerk IPO fully subscribed on Day 3: Check GMP and key details

The Zetwerk IPO has been fully subscribed on its final day of bidding, with Qualified Institutional Buyers (QIBs) and the Employees segment leading participation. As of 6:00 PM (IST), the offer received bids for more than 25.39 crore shares against its ask of 18.50 crore shares.

Its share price band is fixed at Rs 143 to Rs 151. Eligible employees are offered a discount of Rs 14 to the issue price

As per various trackers, Zetwerk IPO GMP (grey market premium) has been trending downward and was last reported at Rs 3 or 2%, suggesting a likely listing price of Rs 154 and a profit of Rs 297 per lot. However, investors must know that GMP is an unofficial metric to determine the listing price and fluctuates based on market mood and sentiment.

The company had raised Rs 2,251 crore through its anchor book.

Of the total float, the manufacturing firm aims to raise Rs 2,830 crore via issuance of 18.75 crore shares, while the balance amount of Rs 2,182 crore will be raised through the offer for sale route as investors will offload 14.45 crore shares of Rs 1 each.

Kotak Mahindra Capital Co., Morgan Stanley India Co.Pvt, Goldman Sachs (India) Securities Pvt., Avendus Capital Pvt., JM Financial, HSBC Securities & Capital Markets (India) Pvt., and Pantomath Capital Advisors Pvt. are the merchant bankers for the Zetwerk IPO, while KFin Technologies is acting as its registrar.

Zetwerk proposes to deploy fresh proceeds towards repayment of debt and funding its growth ventures. Equity worth Rs 1,300 crore will be utilised towards repayment/prepayment of outstanding borrowings availed by the company. Then, Rs 860 crore is expected to be deployed for paying off the debt availed by Zetwerk’s subsidiaries, namely Sharp Tanks and Structural, Terra91 International, and Smile Electronics, amongst others.

The remaining capital will be deployed towards funding the company’s inorganic growth through unidentified acquisitions and other strategic acquisitions, and general corporate purposes, Zetwerk said in its red herring prospectus.

To apply for the Zetwerk IPO, investors can bid for a minimum of 99 shares comprising one lot, translating to an investment of Rs 14,949. The upper cap for retail applicants is fixed at 13 lots, while small high-net-worth individuals need to apply for a minimum of 14 lots and a maximum of 66 lots.

As for big HNIs, 67 lots, equating to 6,534 shares, and an investment of Rs 9,86,634, serve as the lower cap, while the sky is the ceiling.

Religare Broking gave a ‘Neutral’ rating for the Zetwerk IPO, stating concerns over the company’s inability to translate higher revenues into net profits. “The persistence of losses in the June 2026 quarter further underscores the challenge of achieving sustainable profitability,” the brokerage said in a report.

The IPO, which opened for bidding on October 15 and closes on October 19, is expected to complete its share allotment process by October 21. Bidders are likely to be credited with shares in their demat accounts and receive the requisite refunds by October 22.

Zetwerk is expected to list on the BSE and NSE on October 23.