MUMBAI: The Rs 5,012.3 crore IPO of Zetwerk Manufacturing Business closed on Monday, October 19 at about 3.1 times overall subscription, with institutional investors bidding about 4.7 times and retail investors bidding for less than their full quota.^[4][5] The issue had been subscribed only 0.31 times at the end of Day 2, so almost all of the demand arrived on the closing day.^[6] Two days later, the Rs 28,755 crore to Rs 30,213 crore IPO of Jio Platforms opens for bidding, with its price band of Rs 1,065 to Rs 1,119 confirmed in a Reliance Industries exchange filing.^[13][12]

Zetwerk IPO: A Last-Day Surge Lifts Demand to 3.1 Times

Source: HDFC Sky, IPO Guru and Univest trackers.^[4][5][6] Day 3 figures were reported around 5 PM and may differ from final exchange data.

Overall demand rose about tenfold between the end of Day 2 and the close, on Depth Grid's calculation from the reported 0.31x and 3.10x.^[4][6] Institutions drove that jump. A mid-afternoon tracker showed qualified institutional buyers at 2 times on 19.79 crore shares bid against 9.89 crore offered. The quota appears to exclude the anchor allocation.^[7] Zetwerk had raised Rs 2,251 crore from anchor investors before the issue opened.^[11]

Retail investors were the weak spot. They bid for between 0.73 times and 0.77 times of their quota, so the retail portion was not fully subscribed.^[4][5] Non-institutional investors came in at about 1.4 times.^[5] ICICI Securities gave the issue a subscribe rating, describing Zetwerk as a technology-led manufacturing platform and a proxy for domestic manufacturing growth, according to Goodreturns.^[9]

The Grey Market Faded Throughout the Offer

Source: IPO Guru and IIFL grey market trackers.^[5][8] Grey market premiums are unofficial and unverified.

The premium fell steadily while subscription lagged, then institutional demand arrived late. That sequence shows that grey market quotes follow sentiment and can move away from final subscription, so they are a weak guide to listing day. Depth Grid reports these figures for context only.

Zetwerk Allotment and Listing Schedule

Allotment is expected on Wednesday, October 21, because Tuesday, October 20 is a market holiday for Dussehra.^[10] Applicants can check status on the NSE website under the equity IPO bid details section or on the registrar's portal with a PAN or application number.^[10] Shares are expected to list on the NSE and BSE on October 23.^[10]

Jio Platforms IPO: Terms Confirmed

Source: Reliance Industries filing as reported by Devdiscourse, Upstox and Angel One.^{[12][13][14][15]} Minimum bid amounts are Depth Grid calculations from the reported lot size.

Reliance Industries said in its filing that Jio Platforms filed its red herring prospectus with the Registrar of Companies, Gujarat, on October 14.^[13] Reliance Industries holds about 66.4% of Jio Platforms.^[12] The implied valuation is not the amount being raised.^[16] Earlier Bloomberg-based reports had described the band as unconfirmed. The company filing now settles that point.^[13]

One tracker lists an unofficial grey market premium of Rs 249 for Jio, which is about 22% of the upper band on Depth Grid's calculation.^[17] Zetwerk's premium fell by more than 85% from its peak before the issue closed, so any grey market figure for Jio should be treated with caution.

What Two Large Issues in One Week Mean

Zetwerk's close shows that institutions will bid late and heavily for a large issue even when early demand is slow. The soft retail response, below one times, shows that individual investors were more selective. Jio will test that group again with a Rs 13,428 minimum bid.

Jio's issue is about six times the size of Zetwerk's at the cap, on Depth Grid's calculation. Its subscription will show how much institutional and retail capital remains after Zetwerk. Our report on Q3 global venture funding and our comparison of startup funding in India, the USA and Europe give wider context on private capital, while the explainer on sovereign wealth funds in startup investment covers one class of large investor active in anchor books. Our Wall Street weekly wrap gives the global market backdrop.

Four items to watch are the final exchange subscription data for Zetwerk, its listing on October 23, the size and mix of Jio's anchor book and Jio's category-wise subscription on October 21. The SEBI observation letters and the red herring prospectuses remain the final word on terms.

Common Questions and Direct Answers

How much was the Zetwerk IPO subscribed on the final day?

The Zetwerk IPO closed on October 19, 2026 at about 3.1 times overall by around 5 PM, according to trackers that reported 3.10x and 3.06x. Qualified institutional buyers bid about 4.7 times, non-institutional investors about 1.4 times and retail investors between 0.73 times and 0.77 times. Final figures come from the exchanges after bidding closes.

Why was the retail portion of the Zetwerk IPO undersubscribed?

Retail investors bid for only about three-quarters of their quota while institutions bid heavily on the last day. Depth Grid cannot say why from the data, but the grey market premium fell from Rs 30 on October 11 to about Rs 3 to Rs 4 on October 19, which suggests weaker expectations of a listing gain. Grey market figures are unofficial and unverified.

What is the Jio Platforms IPO price band and opening date?

The Jio Platforms IPO opens on October 21 and closes on October 23, 2026, with a price band of Rs 1,065 to Rs 1,119 per share, according to a Reliance Industries exchange filing. It is a fresh issue of up to 27 crore shares worth Rs 28,755 crore to Rs 30,213 crore. Anchor bidding was scheduled for October 19.

What is the minimum investment in the Jio Platforms IPO?

Reports give the lot size as 12 shares. At the upper price band of Rs 1,119 that is a minimum bid of Rs 13,428. At the lower band of Rs 1,065 it is Rs 12,780, on Depth Grid's calculation. A portion of the issue is reserved for eligible Reliance Industries shareholders. Check the red herring prospectus for category limits.

When are the Zetwerk IPO allotment and listing dates?

Allotment is expected on Wednesday, October 21, 2026, because October 20 is a market holiday for Dussehra. Shares are expected to be credited to demat accounts on October 22 and to list on the NSE and BSE on October 23. Applicants can check status on the NSE website or on the registrar's portal using their PAN or application number.

Primary Sources and Regulatory Filings

1. Securities and Exchange Board of India: offer documents and observation letters
2. National Stock Exchange of India: bid details and IPO announcements
3. BSE: IPO bidding data and corporate announcements
4. HDFC Sky: Zetwerk IPO subscription status on the final day
5. IPO Guru: Zetwerk IPO closes 3.06 times subscribed and GMP trend
6. Univest: Zetwerk IPO subscription on Day 1 and Day 2
7. BeIPOReady: Zetwerk IPO category-wise subscription and shares offered
8. IIFL: Zetwerk IPO grey market premium falls to Rs 4
9. Goodreturns: Zetwerk IPO closing day, Day 2 subscription and ICICI Securities rating
10. Upstox: Zetwerk IPO allotment date and how to check status
11. Entrackr: weekly funding report including Zetwerk's anchor book
12. Upstox: Jio Platforms IPO opens October 21, RHP and use of proceeds
13. Devdiscourse: Jio Platforms fixes IPO price band, RIL regulatory filing
14. Angel One: Jio Platforms RHP, price band and issue size
15. IPO Watch: Jio Platforms IPO dates, allotment and listing
16. INDmoney: Jio files RHP, timeline and implied valuation
17. Ipoji: Jio Platforms IPO grey market premium tracker

By Mahesh | Depth Grid News Desk | depthgrid.in