IPO GMP: Zetwerk vs HD Fire Protect vs Fusion CX vs Bonfiglioli vs Tonbo? Compare Grey Market Premium Interest, Price Band, Lot Size, Valuation and Risks
- October 13, 2026
- Posted by: Kunal Singla
- Category: News
IPO GMP check, 13 Oct 2026: six IPOs open between 13 and 15 October and list between 21 and 23 October. Zetwerk, HD Fire Protect, Fusion CX, Bonfiglioli Transmissions, Tonbo Imaging and Sahajanand Medical Technologies compared on price band, lot size, issue structure and valuation.
Quick Answer
IPO GMP chatter this week is strongest for Tonbo Imaging and weakest for Fusion CX, with HD Fire Protect and Bonfiglioli in between, but grey market premium is an unofficial indicator and no figures are given here. Six IPOs open between 13 and 15 October 2026 and list between 21 and 23 October, and the minimum retail bid for each is near Rs 14,650 to Rs 14,949. Among the issuers with data, HD Fire Protect has the highest return on equity at 30.17%, Fusion CX has the lowest P/E at 21.62 times, Bonfiglioli is the largest pure offer for sale at Rs 2,533.66 crore, and Zetwerk is the only large issuer reporting a loss. Use IPO GMP only as sentiment, and compare price band, valuation, issue structure and your own horizon before applying.
IPO GMP is the grey market premium, the unofficial talk among dealers about where an IPO share may list. The headline asks which of Zetwerk, HD Fire Protect, Fusion CX, Bonfiglioli and Tonbo wins on IPO GMP, and this guide answers it by comparing the facts that you can check.
Six IPOs are open or opening between 13 and 15 October 2026. The sixth issue, Sahajanand Medical Technologies, is included because it opens on the same day as Zetwerk, Tonbo and Bonfiglioli.
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IPO GMP Check: Six IPOs Opening 13 to 15 October 2026
| IPO | Opens to closes | Price band (Rs) | Lot size | Minimum investment (Rs) | Listing |
|---|---|---|---|---|---|
| HD Fire Protect | 13 to 15 Oct | 258 to 271 | 55 shares | 14,905 | 21 Oct |
| Fusion CX | 14 to 16 Oct | 275 to 289 | 51 shares | 14,739 | 22 Oct |
| Zetwerk Manufacturing Business | 15 to 19 Oct | 143 to 151 | 99 shares | 14,949 | 23 Oct |
| Bonfiglioli Transmissions | 15 to 19 Oct | 558 to 586 | 25 shares | 14,650 | 23 Oct |
| Tonbo Imaging India | 15 to 19 Oct | 665 to 700 | 21 shares | 14,700 | 23 Oct |
| Sahajanand Medical Technologies | 15 to 19 Oct | 327 to 344 | 43 shares | 14,792 | 23 Oct |
Minimum investment is one lot at the upper end of the price band, and dates are tentative until confirmed by the exchanges.
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IPO GMP Interest Versus Fundamentals: Who Leads
On IPO GMP, reports of grey market interest are highest for Tonbo Imaging, followed by HD Fire Protect and Bonfiglioli, while Fusion CX is at the lower end. This is only an ordering, and the sources I checked disagree on levels, so I do not quote any figure.
Grey market premium (GMP) is an unofficial, unregulated indicator for these IPOs that is not endorsed by SEBI, NSE, or BSE. Investors looking for indicative GMP data can go through other relevant sources, though such figures should never be the sole basis for an investment decision.
The IPO GMP ordering says something about demand, but it says nothing about price paid for earnings. The sections below compare issue structure, financials and valuation, which are the numbers that last after listing.
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Issue Size and Structure of the Six IPOs
| IPO | Issue size | Structure |
|---|---|---|
| Zetwerk | Rs 5,012 crore | Fresh issue of Rs 2,830 crore plus an offer for sale of up to 14.45 crore shares |
| Bonfiglioli | Rs 2,533.66 crore | 100% offer for sale by the Italian parent, 4.32 crore shares |
| Tonbo Imaging | Rs 852.18 crore | 100% offer for sale of 1.2174 crore shares |
| HD Fire Protect | Rs 712.31 crore | 100% offer for sale by promoters |
| Fusion CX | Rs 702 crore | Fresh issue of Rs 500 crore plus an offer for sale of Rs 202 crore |
| SMT | Rs 475.48 crore | 100% offer for sale |
Only Zetwerk and Fusion CX raise new money for the company. For Tonbo, one site describes a fresh issue, but 1.2174 crore shares at Rs 700 equals Rs 852.18 crore, which matches the full issue size, so I treat it as a pure offer for sale (my calculation).
Financials Behind the IPO GMP: What the Numbers Show
| IPO | Latest financials (Rs crore) | Returns and margins |
|---|---|---|
| HD Fire Protect | FY26 revenue from operations 489.28; profit after tax 116.79 | EBITDA margin 30.75%; return on equity 30.17%; no debt |
| Fusion CX | FY26 revenue 1,851.83; profit after tax 169.84, up from 74.31 | Profit margin 9.17%; return on capital employed 19.84%; debt to equity 0.51 |
| Bonfiglioli | December 2025 period: total income 2,023.59; profit after tax 237.87 | EBITDA margin 18.37%; return on equity 13.24% |
| Zetwerk | FY26 revenue 15,913.32; adjusted EBITDA 421.34; Q1 FY27 revenue 4,117.88, up 55.42% | Consolidated loss of about 1,606 in FY26, including an exceptional charge |
| Tonbo Imaging | Not found in the sources I checked | Defence electronics maker with thermal imaging and fire control products |
| SMT | Not found in the sources I checked | Reports about 25% share of drug-eluting stent volumes in India in FY26 |
Fusion CX more than doubled profit in FY26, from Rs 74.31 crore to Rs 169.84 crore, a rise of about 129% (my calculation). Behind the IPO GMP talk, HD Fire Protect has the best returns on equity, but its profit grew only 6.4% in FY26.
Valuation Snapshot Next to the IPO GMP Ranking
| IPO | Valuation point | Note |
|---|---|---|
| Fusion CX | Pre-IPO P/E 21.62 times | Lowest P/E among issuers with data |
| HD Fire Protect | About 40.7 times FY26 profit; market cap about Rs 4,748.73 crore | Price to book about 12.6 times |
| Bonfiglioli | Pre-IPO P/E 46.32 times; market cap about Rs 11,017 crore | Parent sells 4.32 crore shares |
| Zetwerk | Not possible on earnings | Loss-making |
| Tonbo and SMT | Not found | Check the red herring prospectus |
The IPO GMP ranking and the valuation ranking point in different directions. Fusion CX has the lowest premium interest but also the lowest P/E, while Bonfiglioli asks 46.32 times earnings with a lower return on equity than HD Fire Protect.
How to Read IPO GMP Before You Apply
- Treat IPO GMP as sentiment and not as a forecast of the listing price.
- Check when any IPO GMP figure was updated, since sources differ by time of day.
- Look at the structure: a 100% offer for sale means the company receives no money.
- Compare valuation with growth and with returns on equity.
- Compare the lot size and cost of one lot with the risk of getting no allotment.
Risks of Relying on IPO GMP
Unofficial: IPO GMP is set by dealers and is not regulated or published by any exchange.
Fast changes: Grey market interest can fade before listing if subscription or markets weaken.
Data gaps: I did not find Tonbo’s or SMT’s financials, so their IPO GMP interest cannot be tested against earnings here.
Loss-making issuer: Zetwerk reported a large loss in FY26, so its listing depends more on sentiment than on profit.
Source differences: Sources show different IPO GMP levels for the same IPO on the same day, so levels are not quoted.
What to Watch Next
- HD Fire Protect subscription on 15 October, allotment on 16 October and listing on 21 October.
- Fusion CX allotment on 19 October and listing on 22 October.
- Subscription numbers for the four issues that open on 15 October.
- Allotment on 21 October and listing on 23 October for Zetwerk, Tonbo, Bonfiglioli and SMT.
- Any change in IPO GMP interest as subscription data arrives.
Conclusion
IPO GMP interest is highest for Tonbo Imaging and lowest for Fusion CX, but the better test is price band, valuation and issue structure. HD Fire Protect leads on returns, Fusion CX on P/E, and Zetwerk carries the most risk because of its losses. Review the red herring prospectus and your own risk profile, and consult a SEBI-registered advisor before making any decision.
Disclaimer: Data and figures in this article are sourced from publicly available information. These may or may not be accurate. Please verify all data with the official NSE (nseindia.com) and BSE (bseindia.com) websites before making any investment decision. Investments in securities are subject to market risk. This content is for educational purposes only and is not investment advice by Univest (SEBI RA INH000013776).
Frequently Asked Questions
What is IPO GMP?
Ans. IPO GMP stands for grey market premium. Grey market premium (GMP) is an unofficial, unregulated indicator for these IPOs that is not endorsed by SEBI, NSE, or BSE. Investors looking for indicative GMP data can go through other relevant sources, though such figures should never be the sole basis for an investment decision.
Which IPO is attracting the most grey market interest this week?
Ans. Reports point to Tonbo Imaging first, followed by HD Fire Protect and Bonfiglioli, with Fusion CX at the lower end. No figures are quoted because levels differ by source and change quickly. Grey market premium (GMP) is an unofficial, unregulated indicator for these IPOs that is not endorsed by SEBI, NSE, or BSE. Investors looking for indicative GMP data can go through other relevant sources, though such figures should never be the sole basis for an investment decision.
What are the price bands of these IPOs?
Ans. Tonbo Rs 665 to Rs 700, HD Fire Protect Rs 258 to Rs 271, Bonfiglioli Rs 558 to Rs 586, Zetwerk Rs 143 to Rs 151, Fusion CX Rs 275 to Rs 289 and SMT Rs 327 to Rs 344.
When do these IPOs open and list?
Ans. HD Fire Protect opens on 13 October and lists on 21 October, Fusion CX opens on 14 October and lists on 22 October, and the other four open on 15 October and list on 23 October.
Which IPO has the best financials?
Ans. Among those with data, HD Fire Protect has a return on equity of 30.17% and Fusion CX grew profit about 129% in FY26. Zetwerk reported a consolidated loss, and Tonbo and SMT financials were not found.
Which of these IPOs raises fresh money for the company?
Ans. Zetwerk and Fusion CX have a fresh issue. The others are a 100% offer for sale.
Does a high IPO GMP guarantee listing gains?
Ans. No. IPO GMP is an unofficial indicator and can change quickly, so it is not a guarantee of the listing price.
Should I apply based on IPO GMP?
Ans. This article does not constitute investment advice. Consult a SEBI-registered financial advisor.
