Kae Capital and Kalysta Bag 38.3X Returns in Zetwerk IPO

22 Oct 2026, 6:59 pm · 1h ago · 1 min read · Inc42New

Stage

IPO

Early venture capital backers Kae Capital Fund II and Kalysta Capital Fund II secured 38.3X returns on shares offloaded through manufacturing unicorn Zetwerk’s initial public offering. Selling at the upper price band of ₹151 per share against an acquisition cost of ₹3.94, Kae Capital pocketed ₹196.3 crore, while Kalysta Capital secured ₹63.3 crore. Peak XV Partners made ₹359.3 crore across two funds, scoring up to 23.9X returns, while Lightspeed also offloaded substantial shares. Zetwerk’s IPO closed with 3.06X subscription, receiving bids for 56.62 crore shares ahead of its stock market listing.