Zetwerk Manufacturing Businesses Limited’s initial public offering (IPO) closed Monday, Oct. 19, with bids exceeding three times the offered shares, led by institutional demand while retail applications remained below their allocation.
At 7:30 a.m. ET, Zerodha’s closing-day snapshot showed bids for 3.06 times the shares on offer, including 4.73 times the institutional allocation and 0.73 times the retail portion. HDFC Sky reported an overall subscription rate of 3.10 times in a 7:34 a.m. ET snapshot, with institutional bids at 4.71 times and retail bids at 0.77 times.
Zetwerk’s price-band advertisement set a range of ₹143 to ₹151 per share and a maximum offer size of ₹5,012.33 crore at the top of the range. The sale combines a ₹2,830 crore fresh issue with an offer for sale of up to 144,525,036 existing shares.
The company’s abridged prospectus allocates ₹2,160 crore of fresh-issue proceeds to borrowings: ₹1,300 crore for Zetwerk and ₹860 crore for specified subsidiaries. Proceeds from the existing shares will go to selling shareholders. The prospectus also reports fiscal 2026 operating revenue of ₹15,913.32 crore and a restated loss of ₹1,606.17 crore for the year ended March 31.
Separately, The Economic Times reported that Flipkart-backed super.money spent ₹341 crore on business promotion in fiscal 2026, more than its reported ₹292.4 crore in operating revenue. Citing filings with India’s Ministry of Corporate Affairs, the newspaper said marketplace services contributed ₹247.8 crore and operating revenue was more than triple the prior year’s level. It reported a net loss of ₹263.8 crore, up 78%.
Zetwerk’s offer timetable calls for finalization of the basis of allotment on or about Wednesday, Oct. 21, with shares due to be credited on or about Thursday, Oct. 22. Trading on BSE Limited and National Stock Exchange of India Limited is scheduled to begin on or about Friday, Oct. 23.
