Zetwerk IPO subscribed 31% after two days, QIBs at 37%
Zetwerk’s ₹5,012.3 crore initial public offering was subscribed 31% by the end of its second day, Inc42 reported on 16 October 2026. Qualified institutional buyers had taken up 37% of their reserved portion, according to the same report.
The company had priced the IPO at the top of its ₹143-151 band, targeting a ₹25,583 crore valuation. Anchor investors had committed ₹2,251.2 crore at ₹151 per share earlier in the week.
Zetwerk operates a marketplace that connects small manufacturers with large industrial buyers. Peer Tonbo Imaging, which went public the same week, saw its ₹852 crore IPO oversubscribed 1.47 times on day one, with demand appearing to come from non-institutional investors.
The remaining bidding period will indicate how the offering progresses. The outcome could offer insight into investor interest in similar business models.
Sources: inc42.com
“The muted subscription levels may reflect broader investor sentiment toward large-scale B2B manufacturing listings.”
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