Mumbai: Shares of Zetwerk Manufacturing Business made a positive stock market debut on Friday, October 23, listing at a premium of over 5 per cent against the IPO issue price of Rs 151 per share.
The stock opened at Rs 159.25 on the National Stock Exchange (NSE), reflecting a premium of 5.46 percent. On the BSE, shares debuted at Rs 159, registering a gain of 5.30 percent.
Listing Beats Grey Market Expectations
Zetwerk's listing exceeded grey market expectations. According to InvestorGain, the company's shares commanded a grey market premium (GMP) of just Rs 1 on October 22.
This indicated a possible listing price of Rs 152, representing a modest premium of 0.66 per cent. However, the actual debut delivered stronger gains.
Grey market premiums are unofficial indicators and do not guarantee listing performance.
IPO Subscribed 3.06 Times
Zetwerk's Rs 5,012 crore IPO closed on October 19, attracting an overall subscription of 3.06 times.
Qualified Institutional Buyers (QIBs) led the demand, subscribing 4.73 times their allotted portion. Non-Institutional Investors (NIIs) subscribed 1.40 times, while retail participation remained subdued at 0.73 times.
The public issue comprised a fresh issue worth Rs 2,830 crore and an offer for sale of Rs 2,182 crore.
The IPO price band was Rs 143–151 per share. Retail investors needed a minimum investment of Rs 14,949 for one lot of 99 shares.
How Will Zetwerk Use IPO Proceeds?
The company plans to utilise Rs 2,160 crore from fresh issue proceeds towards debt repayment. Remaining funds will support acquisitions, expansion opportunities and general corporate purposes.
Zetwerk operates a technology-driven manufacturing platform connecting nearly 7,000 suppliers across 26 countries.
Revenue Rises, Losses Widen
Zetwerk reported FY26 revenue of Rs 15,913 crore, compared with Rs 11,332 crore in FY25.
However, its net loss widened to Rs 991 crore from Rs 210 crore. EBITDA margin declined to 2.1 percent from 2.5 percent.
SBI Securities recommended subscribing for the long term, citing growth potential and expected benefits from debt reduction.
