Peak XV Partners and Accel India-backed Zetwerk Manufacturing Businesses fell in its market debut on Friday, as investors worried about the lack of profits and the firm's reliance on third-party suppliers.
Zetwerk manufactures industrial and consumer goods, and counts wind turbine maker Siemens Gamesa, Acer India, NTPC Renewable Energy and the Indian Air Force among its clients.
The firm's stock was trading at 147.4 rupees at 10:23 a.m. IST, valuing the company at 251.7 billion rupees ($2.65 billion). Earlier in the session, the shares listed at a 5.5% premium to their issue price of 151 rupees.
"Zetwerk's unique hybrid platform, multi-industry resilience, and large order book support long-term growth potential... However, it is still loss-making (and) relies heavily on third-party suppliers," analysts at SMC Global Securities said in a note last week.
The listing comes at a busy time in the Indian primary market, with as many as 246 firms raising $13.54 billion so far in 2026, LSEG data showed.
Bidding for the country's largest-ever IPO from Billionaire Mukesh Ambani's Jio Platforms is also underway.
Zetwerk's revenue from operations stood at 41.18 billion rupees for the April-June quarter, with a loss of 641.29 million rupees.
The IPO was subscribed 3.06 times, led by qualified institutional buyers who bid for 4.73 times the shares reserved for them. Non-institutional investors subscribed 1.4 times their share, while retail investors bid for 0.73 times their allotted portion.
Ahead of the public issue, Zetwerk raised 22.51 billion rupees from anchor investors, including Capital Group, BlackRock and Goldman Sachs.
