The fresh issue of 2.83 billion rupees drew a 3.06× subscription, with QIBs leading at 4.73× and retail at 0.73×, leaving a total of 56.6 million shares bid for 18.5 million offered.
Opening on the NSE at ₹159.25, Zetwerk shares were 5.46% above the ₹151 issue price, while the BSE listed at ₹159, 5.30% higher. The grey‑market premium hovered around ₹152, a mere 0.66% above the upper band.
Zetwerk plans to use ₹2.16 billion of fresh issue proceeds to retire borrowings, with the remainder earmarked for acquisitions and general corporate purposes. The company’s FY26 revenue rose to ₹15,913 million from ₹11,332 million, yet net loss widened to ₹991 million from ₹210 million.
EBITDA margin slipped to 2.1% in FY26 versus 2.5% in FY25, reflecting the working‑capital intensity and supplier‑dependent model highlighted in the prospectus. Despite these headwinds, SBI Securities issued a “Subscribe for Long Term” rating, citing scalable operations and potential earnings uplift.
Analysts expect the first quarterly report to show a reduction in debt‑related costs, potentially improving margins. Investors will also monitor how the company leverages its 26 owned plants and 7,000 suppliers to capture new market share in energy and precision products.