Zetwerk Manufacturing IPO
Zetwerk Manufacturing IPO is a mainboard IPO raising ₹5,012 Cr at ₹143 – ₹151 a share. It listed on 23 Oct 2026 at ₹159, +5.5% against its issue price of ₹151, and trades at ₹144 today (−4.8% since issue). It was subscribed 3.06× in total.
3.1 times more demand than shares on offer
populated partly populated we hold nothing here — the tab says why
Where your money goes
Only the fresh issue reaches the company. The offer for sale is existing shareholders selling their own stock — that money goes to them, not the business.
A red herring prospectus is filed before the price is fixed, so it states share counts rather than rupee amounts. derived: shares x cut-off price Rs151. Checked: exchange issue size Rs5012 Cr vs derived Rs5012.3 Cr (0.0% apart).
What the fresh money funds
The stated uses of the net proceeds, from the prospectus’s Objects of the Issue table. Only the fresh issue funds these — the offer-for-sale money goes to the selling shareholders above.
As stated in the prospectus. “General corporate purposes” is the part with no committed use; SEBI caps it at 25% of the issue.
The price they’re asking
From the prospectus’s own “Basis for Issue Price” — the issuer’s earnings multiple against the peers it chose to compare itself with.
The issuer names no comparable listed companies: “Section C 'Industry peer group P/E ratio' states: 'There are no listed companies in India or globally which operate in a similar business model as ours.' Section F 'Comparison of accounting ratios with listed industry peers' reiterates: 'Accordingly, there are no listed companies in India or globally which operate in a similar business model as ours.'”
not meaningful: latest EPS is zero or negative. Peer figures are as printed in the prospectus — they date from its filing, not today. A multiple is one lens, not a verdict.
Terms of the issue
The mechanics of what is being sold. Held for every issue we track.
Not here yet
The anchor-investor allocation — which institutions were allotted shares before bidding opened — is still to be read out of its document.