Two IPOs closed with very different demand, according to a StartupTalky roundup of 19 October 2026.
Zetwerk
The ₹5,012.3 crore issue was subscribed 1.07 times on its final day. Qualified institutional buyers subscribed 1.44 times, while retail investors subscribed 51%, meaning the retail portion was not fully taken up. The price band was ₹143 to ₹151, which implies a valuation of about ₹25,583 crore at the upper end. The issue has a fresh component of ₹2,830 crore and an offer for sale of up to 14.45 crore shares. Founded in 2018, Zetwerk has raised over $900 million, and its net loss narrowed 46.4% to ₹733 crore.
Tonbo Imaging
The ₹852.1 crore issue was subscribed 40.82 times as of 13:23 IST on its third day. It is entirely an offer for sale, priced at ₹665 to ₹700 a share, and listing is expected on 23 October. Tonbo makes defence imaging and sensor systems. Its FY26 revenue fell 22.7% to ₹362.6 crore, and net profit fell to ₹50.8 crore.
What the report does not say
It gives no category-wise split for Tonbo's subscription, no grey-market price for either issue and no reasons for the demand gap.
Key numbers
- Tonbo Imaging: 40.82× (Subscribed by day three)
- Zetwerk overall: 1.07× (₹5,012.3 crore issue)
- Zetwerk QIBs: 1.44× (Institutional portion)
- Zetwerk retail: 51% (Not fully subscribed)
What boards and CFOs should note
Three points stand out. First, a large issue and a small one drew very different demand on the same days, with the ₹852 crore issue far more oversubscribed than the ₹5,012 crore one. Second, Zetwerk's institutional portion was taken up even though the retail portion was not. Third, Jio Platforms' issue, which opens on 21 October, is much larger than either, so issuers planning listings will watch how demand holds.
This is information, not a recommendation to subscribe.
Source: StartupTalky, 19 October 2026. This is a summary of a news report, published as general information. It is not legal, tax or investment advice.
This article is journalism and commentary. It is not a recommendation to buy or sell any security, and it is not professional advice. Read the full disclaimer.
