Zetwerk IPO Closes at 3.06x on Final Day — Startup Funding India, October 2026

B2B manufacturing platform Zetwerk's ₹5,012.3 crore IPO closed on October 19, 2026 with 3.06x subscription — a finish that turned the day's slow start into a modest win for startup funding in India. BSE data at 19:00 IST showed bids for 56.62 crore shares against 18.50 crore shares on offer, according to Inc42.

Institutional demand carried the IPO

Qualified institutional buyers were the engine of the sale, subscribing 4.73x of their allocation with bids for 46.82 crore shares against 9.89 crore earmarked for them. Non-institutional investors bid 1.40x, while the employee portion was subscribed 1.59x. Retail demand was the soft spot: the retail portion was subscribed only 73%, with bids for 2.50 crore shares against an allocation of 3.41 crore.

The issue, priced in a ₹143–151 band implying a valuation of around ₹25,583 crore (~$2.7 billion) at the upper end, comprises a ₹2,830 crore fresh issue and an offer-for-sale of up to 14.45 crore shares worth ₹2,182.3 crore. Ahead of the issue, Zetwerk raised ₹2,251.2 crore from anchor investors, with domestic mutual funds including SBI Mutual Fund and ICICI Prudential Mutual Fund taking around 46% of the anchor book alongside Goldman Sachs, BlackRock and ADIA.

The response was modest beside last year's startup IPOs — Meesho drew 81.76x, Lenskart 28.26x and Groww 17.6x. Grey-market premium was last quoted around ₹3–4, implying a listing near ₹154. Allotment is expected this week with the listing slated for October 23. Cofounder and CEO Amrit Acharya has said the company is investing in owned manufacturing because there is not enough capacity in the country to service the kind of volumes that we are seeing — it now operates 26 owned facilities and works with nearly 7,000 suppliers.