Zetwerk IPO Day 2 Subscription October 16 2026: Day 1 Booked 0.22x, What to Watch

The Zetwerk IPO Day 2 subscription October 16 picture begins from a pretty slow start. When the first day of bidding wrapped up on Thursday, October 15, 2026, the ₹5,012.33 crore offer had been subscribed just 0.22 times. Bids came in for 4,15,90,692 shares against 18,50,66,845 on offer, going by NSE’s consolidated category-wise bid data (NSE and BSE together), last updated at 4:57 pm IST. Not one category was fully covered on Day 1. Day 2 bidding starts at 10:00 am IST on Friday, October 16, so there are no Day 2 figures yet. Below, we go through the Day 1 book category by category, look at who picked up the ₹2,251 crore anchor book, set Zetwerk against the three other mainboard IPOs that opened alongside it, run the lot-cost numbers, and list what to track on Day 2 along with the closing, allotment and listing dates.

Zetwerk IPO Day 2 subscription October 16: the book after Day 1

A quick note on how to read the table. Each multiple is the shares bid for in a category divided by the shares set aside for it. The anchor portion, allotted on October 14, is left out. NSE says the reserved share counts on its issue page are worked out at the bottom of the price band (₹143), so treat them as indicative until the final price is fixed. Every figure here is from NSE’s consolidated data as of 4:57 pm IST on October 15.

Other trackers saw much the same thing, with small differences in timing. Moneycontrol had the issue at 22 percent by 5:00 pm on NSE data, with the same 4,15,90,692 shares bid, retail at 22 percent and NIIs at 8 percent. The Economic Times showed 0.23 times on exchange data at 5 pm: QIBs 0.30 times, NIIs 0.09 times, retail 0.22 times and employees 0.26 times. Chittorgarh, which merges the NSE and BSE feeds, also had 0.23 times, on bids for 4.18 crore shares against 18.29 crore. That’s rounding and snapshot timing, not a different story. We stick with the NSE consolidated numbers all the way through.

Some screens show a lower number, around 0.14 times. That’s NSE’s own bidding platform on its own. NSE’s issue page has 2,52,61,335 shares bid through NSE alone against the same 18,50,66,845 shares, which gives 0.14 times. The consolidated 0.22 times adds in the bids that came through BSE.

Put a rupee value on it and Day 1 bids add up to about ₹628 crore at the ₹151 top of the band, by our calculation (4,15,90,692 shares × ₹151). The non-anchor shares on offer would be worth about ₹2,795 crore at that price, again our calculation on NSE’s indicative share count. So roughly 14.35 crore more shares need bids before the non-anchor book is fully covered.

Day 1 bidders: FIIs out front, mutual funds testing the water

NSE’s data also breaks bids down inside each portion. Honestly, that tells you more about the quality of demand than the headline multiple.

• QIB portion: foreign institutional investors bid for 2,41,21,746 shares, about 81% of the 2,96,90,892 QIB shares bid (our calculation). Domestic mutual funds put in for 55,35,090 shares, about 19%. Banks, financial institutions and insurers hadn’t bid for a single share by 4:57 pm, and other QIBs had bid for 34,056.
• NII portion: individuals other than retail investors did most of the bidding: 26,90,622 of the 28,89,909 shares bid in the above-₹10-lakh bucket, and 13,89,564 of the 14,37,282 shares in the ₹2–10 lakh bucket. Corporate NIIs barely showed up, at 59,697 and 11,682 shares.
• Retail portion: 65,34,198 of the 73,88,865 retail shares, about 88%, were bid at the cut-off price instead of a specific price (our calculation). A cut-off bidder agrees to pay whatever final price is set within the band.
• Price: NSE’s combined demand graph shows 4,15,66,239 of the 4,16,13,363 shares in that dataset bid at ₹151, cut-off bids included. That’s about 99.9% (our calculation). Practically nobody is bidding below the top of the band.

By share count, QIBs were about 71% of everything bid on Day 1, retail about 18% and NIIs about 10% (our calculation from the table above). Put simply, the 0.22 times headline will move mostly on how quickly institutions fill a QIB book of nearly 9.9 crore shares.

Day 1 was a foreign-institution book: FIIs supplied about four of every five QIB shares bid, while domestic funds had committed only a fraction of what they took in the anchor round a day earlier.

Who took the anchor book

Before the public window opened, Zetwerk placed 14,90,88,220 shares with anchor investors at ₹151 each and raised ₹2,251.23 crore, as per the company’s anchor allocation letter to NSE and BSE dated October 14. The letter has 99 allocations. What stands out:

• 22 domestic mutual funds, bidding through 61 schemes, got 6,80,12,406 shares, or 45.62% of the anchor book.
• Seven life insurers and pension funds got 1,10,10,346 shares, or 7.39%.
• Foreign portfolio investors received 6,70,85,370 shares in all, about 45.0% of the anchor book, going by our sum of the letter’s FPI rows.
• The biggest single allocation was 1,90,72,548 shares (12.79%) to SMALLCAP World Fund Inc, worth about ₹288 crore at ₹151 (our calculation).
• The letter says 40% of the anchor portion was kept aside for domestic mutual funds (33.33%) and life insurers and pension funds (6.67%), as the offer terms require.

Here’s the odd bit. Domestic mutual funds took about 6.8 crore shares in the anchor round, yet by the end of Day 1 they had bid for only about 55 lakh shares in the open QIB book. There are still two bidding days left in that book, though, so Day 1 is an early read and not the final word.

Zetwerk next to the three other IPOs that opened on October 15

NSE’s list of current issues shows Zetwerk was one of four mainboard IPOs to open on October 15, which we covered in our round-up of the four mainboard IPOs. At the same 4:57 pm timestamp, NSE’s consolidated data shows the four got off to very different starts:

Zetwerk posted the weakest overall Day 1 multiple of the lot. It is also much the biggest issue, with 18.51 crore non-anchor shares on offer against 85.26 lakh for Tonbo. The rupee gap is just as stark. Tonbo’s Day 1 bids for 3,40,36,590 shares were worth about ₹2,383 crore at its ₹700 upper band, while Zetwerk’s came to about ₹628 crore at ₹151 (both our calculations from NSE data).

Friday, October 16: the signals we’ll be tracking

• Domestic institutions in the QIB book. Banks, insurers and other financial institutions had bid for zero shares by the end of Day 1, and mutual funds for 55.35 lakh. If these sub-categories pick up, NSE’s QIB line is where it shows first.
• Does the NII book wake up? At 0.08 times, both NII buckets were the softest part of the Day 1 book. NII bids can’t be placed at cut-off, so every one of them is a commitment to a price.
• Retail pace. Retail got to 0.22 times on Day 1. While the book is undersubscribed, nobody is competing for allotment yet. That matters if you’re thinking about a small application (see the lot maths below).
• The 1x mark. On our calculation from NSE’s 4:57 pm figures, roughly 14.35 crore more shares need bids across categories for the non-anchor offer to be fully covered.
• Grey market premium. GMP is unofficial and unregulated. DostIpo’s IPO news desk showed an unofficial GMP of ₹20, or about 13%, on October 16. Moneycontrol, citing InvestorGain, reported a grey market premium of nearly 15% on the morning of October 15. These numbers swing around a lot and don’t predict where the stock lists.

After Day 2 comes the final bidding day, Monday, October 19, which is the closing date in the RHP. NSE’s security parameters put the QIB and NII cut-off at 4:00 pm on October 19, and UPI mandates have to be confirmed by 5:00 pm that day. On every bidding day, the window runs from 10:00 am to 5:00 pm.

If demand stays short

One slow day doesn’t settle anything. Still, the red herring prospectus (RHP) spells out what happens if the book stays thin, and two rules matter here:

• Minimum subscription. If the company doesn’t get minimum subscription of 90% of the fresh issue by the closing date (or fails the minimum allotment rule under the Securities Contracts (Regulation) Rules), it has to refund the whole subscription amount. If the offer is undersubscribed but clears that bar, allotment goes first towards 90% of the fresh issue.
• Spill-over. A shortfall in any category other than the QIB portion can be filled with spill-over from other categories, in consultation with the lead managers and the designated stock exchange.

The fresh issue is up to ₹2,830 crore (₹28,300 million, per NSE), so 90% of it comes to about ₹2,547 crore on our maths. The selling shareholders’ offer for sale of up to 14,45,25,036 shares comes after that in the allotment order.

For an undersubscribed issue, Day 2 and the final day matter far more than Day 1: the real test is whether the open QIB book fills, because QIB shortfalls cannot be covered by spill-over from other categories.

Lot cost, allotment odds and listing scenarios (our calculation)

Everything in this section is our own arithmetic, using the price band (₹143–151), the 99-share bid lot, the ₹2 lakh retail limit and the ₹14 employee discount from NSE’s issue page. It’s illustration, not advice.

Allotment math. The RHP says no retail bidder will be allotted less than the minimum bid lot, subject to shares being available, and any shares left over are allotted proportionately. The retail portion of 3,41,79,566 shares covers about 3.45 lakh one-lot allotments (3,41,79,566 ÷ 99). Day 1 retail bids for 73,88,865 shares work out to about 74,635 lots. As long as the retail book stays below 1x, there are more shares than bids, so every valid retail bid could be filled in full. The odds only drop below 100% if retail demand goes past 1x by the close on October 19.

Listing math. Purely as a what-if: if the stock listed at ₹171 (the ₹151 issue price plus the ₹20 unofficial GMP mentioned above), one lot would be worth ₹16,929, a paper gain of ₹1,980 before costs. If it listed at ₹136, about 10% under the issue price, the same lot would be worth ₹13,464, a loss of ₹1,485. Neither is a forecast. Listing prices come down to demand on the day.

The calendar from here: close, allotment, refunds and listing

This is the indicative timetable from the RHP. Other than the closing date, any of these can shift.

Moneycontrol also has October 21 for allotment and October 23 for listing. KFin Technologies is the registrar, so once the basis of allotment is final, you’ll be able to check status on the registrar’s website and on the exchanges.

The issue in brief

For the full terms, objects of the issue, financials and risks, see our Zetwerk IPO issue-details post. The basics, from NSE’s issue page and Moneycontrol:

• Offer: a fresh issue of up to ₹28,300 million (₹2,830 crore) plus an offer for sale of up to 14,45,25,036 shares, totalling ₹5,012.33 crore at the upper band (Moneycontrol). Face value is ₹1 a share.
• Price band and lot: ₹143 to ₹151 per share; 99 shares and multiples of 99.
• Reservations: up to 7,00,000 shares for eligible employees, who get ₹14 off per share.
• Use of fresh proceeds: Moneycontrol reports ₹2,160 crore to repay debt of the company and some subsidiaries, with the rest going to inorganic growth, including acquisitions not yet identified, and general corporate purposes.
• Financials: Moneycontrol reports a net loss of ₹732.9 crore for April–June 2026 on revenue of ₹4,117.9 crore, up 55.4% year on year.
• Lead managers and registrar: Kotak Mahindra Capital, Morgan Stanley India, Goldman Sachs (India) Securities, Avendus Capital, JM Financial, HSBC Securities and Capital Markets (India) and Pantomath Capital Advisors; KFin Technologies is the registrar (NSE).

New to bidding, cut-off prices and investor categories? Our guide to IPO investing in India takes you through each step. For the wider market mood heading into Day 2, there’s Stock Market Today India.

Disclaimer: This article is for information and education only. It is not investment advice or a recommendation to subscribe to, buy or sell any security. IPO investments carry risk, including the risk of listing below the issue price. Grey market premiums are unofficial and can change or disappear before listing. Subscription data changes during the bidding period; check the latest figures on NSE or BSE and read the RHP, or consult a SEBI-registered adviser, before you invest.