Zetwerk shares dip below IPO price in India market debut
Zetwerk shares fell below the IPO price on their Indian debut, valuing the company at $2.7 billion, Reuters reports. Investors cited losses.
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what happened
Shares of Zetwerk, an Indian manufacturing company backed by Peak XV Partners and Accel India, opened 5.5% above their issue price on Friday but later slid beneath it. Reuters reported that at 10:23 a.m. IST the stock changed hands at 147.4 rupees against the 151-rupee offer price, giving the company a market value of 251.7 billion rupees, or about $2.65 billion.
Investors were wary of the absence of profits and the company's heavy dependence on outside suppliers. Analysts at SMC Global Securities said last week that the firm's flexible platform and large order book were positives, but flagged its continuing losses. Revenue for the April to June period reached 41.18 billion rupees, while the loss came to 641.29 million rupees. The offer was covered 3.06 times, with qualified institutional buyers bidding for 4.73 times their reserved portion and retail buyers only 0.73 times.
why it matters
The listing lands in a busy Indian primary market, where 246 companies have raised $13.54 billion so far in 2026, according to LSEG data. Bidding for the record-sized IPO of Mukesh Ambani's Jio Platforms is also underway. A weak debut by Zetwerk could temper sentiment toward other new share sales in India.
market impact
Indian IPO market: a weak debut may cool appetite for new share offerings
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sources
- India's Zetwerk slips below IPO price in debut, valued at $2.7 billion — Reuters, 23 October 2026 at 04:59 UTC
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