India, Oct. 15 -- Update | October 10, 19:03

B2B manufacturing company Zetwerk's IPO received muted response on day one as it was subscribed just 23%. The issue received bids for 4.17 Cr shares against 18.51 Cr shares on offer.

The offer saw the highest subscription from qualified institutional buyers (QIBs) who placed 2.96 Cr shares against their quota of 9.89 Cr shares, or 30% subscription.

Retail individual investors bid for 74.32 Lakh shares out of the 3.42 Cr shares reserved for them, translating to a 22% subscription of their quota.

Non-institutional investors (NIIs) placed bids for 44.08 Lakh shares, or just 9% of their quota of 5.13 Cr shares.

Meanwhile, Zetwerk's employees placed bids for 1.84 Lakh shares or subscribed to 26...