IPO GMP Race: Zetwerk vs Sahajanand Medical, Bonfiglioli and Tonbo Imaging
- October 19, 2026
- Posted by: Neeraj Pandey
- Category: News
Four mainboard issues close today, 19 Oct 2026, with allotment on 21 Oct and listing on 23 Oct: Zetwerk (Rs 5,012 crore, band Rs 143 to Rs 151), Tonbo Imaging (Rs 852 crore, Rs 665 to Rs 700), Sahajanand Medical (Rs 475 crore, Rs 327 to Rs 344) and Bonfiglioli (Rs 2,534 crore, Rs 558 to Rs 586). At the Day 2 close Tonbo was 7.78x, Bonfiglioli about 0.99x, Sahajanand about 0.83x and Zetwerk 0.31x. This IPO GMP race article gives no unofficial price premiums for any of the four.
Quick Answer
The IPO GMP race between Zetwerk, Sahajanand Medical Technologies, Bonfiglioli Transmissions and Tonbo Imaging is best read through issue size, valuation and subscription and not through unofficial numbers. At the Day 2 close, Tonbo Imaging led at 7.78 times, while Bonfiglioli was about 0.99 times, Sahajanand about 0.83 times and Zetwerk 0.31 times, and all four close today at 5 PM. Valuations differ widely, with Bonfiglioli at about 46.3 times FY26 earnings, Sahajanand at 53.1 times and Zetwerk loss making with negative operating cash flow. This IPO GMP race ends with allotment on 21 October and listing on 23 October, so the final subscription numbers matter more than any early signal.
The IPO GMP race is crowded because four mainboard issues open and close on the same dates, while the Jio Platforms issue is about to draw funds. Each issue has a different structure, from a fresh issue with losses at Zetwerk to a pure offer for sale at the other three.
This guide to the IPO GMP race covers the issue terms, subscription, financials and valuation, risks and a way to compare the four without relying on unofficial numbers. It is educational and not a recommendation to apply for or avoid any of the issues.
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IPO GMP Race Issue Terms: Zetwerk, Tonbo, Sahajanand and Bonfiglioli
| Item | Zetwerk | Tonbo Imaging | Sahajanand Medical | Bonfiglioli |
|---|---|---|---|---|
| Issue size | Rs 5,012.33 crore | Rs 852.18 crore | Rs 475.48 crore | Rs 2,533.66 crore |
| Price band | Rs 143 to Rs 151 | Rs 665 to Rs 700 | Rs 327 to Rs 344 | Rs 558 to Rs 586 |
| Lot size | 99 shares | 21 shares | 43 shares | 25 shares |
| Minimum investment | Rs 14,949 | Rs 14,700 | Rs 14,792 | Rs 14,650 |
| Structure | Fresh Rs 2,830 crore plus offer for sale | 100% offer for sale | 100% offer for sale | 100% offer for sale |
| Retail quota | 10% | 35% | 35% | 35% |
| Registrar | Kfin Technologies | Kfin Technologies | MUFG Intime India | MUFG Intime India |
All four open on 15 October, close on 19 October, see allotment on 21 October and list on 23 October on BSE and NSE. One report puts the Bonfiglioli issue at about Rs 2,543 crore, but 4,32,39,042 shares at Rs 586 gives Rs 2,533.66 crore (my calculation), so I use the lower figure in this IPO GMP race comparison.
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Subscription Status in the IPO GMP Race
| Issue | Day 1 | Day 2 close | Category view at Day 2 |
|---|---|---|---|
| Tonbo Imaging | 4.01x | 7.78x | QIB 3.95x, NII 14.35x, retail 7.14x |
| Bonfiglioli | 0.48x | About 0.99x (5:04 PM) | QIB 0.16x, NII 1.71x, retail 1.16x |
| Sahajanand Medical | 0.35x | About 0.83x (5:06 PM) | QIB 1.12x, NII 0.51x, retail 0.83x |
| Zetwerk | 0.23x | 0.31x | QIB 0.37x, NII 0.17x, retail 0.37x |
This subscription status is from late on Day 2 and the QIB figures exclude anchor investors, who put in Rs 759.26 crore at Bonfiglioli and Rs 2,251.23 crore at Zetwerk. The last day usually brings the largest institutional bids, so the order can change by the close at 5 PM today. Zetwerk’s retail quota is only 10% and its QIB quota is at least 75%, so its outcome depends mostly on institutions in this IPO GMP race.
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Financials and Valuation in the IPO GMP Race
| Issue | Financial snapshot | Valuation as reported |
|---|---|---|
| Zetwerk | FY26 revenue about Rs 15,913 crore; adjusted EBITDA about Rs 421 crore (2.65%); loss per share Rs 6.69; operating cash flow negative Rs 681.53 crore | No valuation stated; borrowings Rs 5,208.07 crore at 31 August 2026 |
| Tonbo Imaging | FY26 revenue and profit lower than FY25; a loss in the June 2026 quarter; figures not stated in the page I read | Not stated |
| Sahajanand Medical | FY26 revenue about Rs 1,210 crore and profit about Rs 69 crore | 53.1x FY26 earnings; market cap close to Rs 3,500 crore |
| Bonfiglioli | FY26 revenue Rs 2,023.59 crore and profit Rs 237.87 crore | 46.3x FY26 earnings; market cap above Rs 11,000 crore |
The figures for the IPO GMP race need care. One report shows Sahajanand’s June 2026 quarter profit of Rs 15.09 crore and another calls it a loss of the same amount, so I cannot confirm the sign. The Bonfiglioli quarter profit of Rs 148.58 crore looks high against the FY26 total, so verify it in the prospectus.
Grey Market Premium and the IPO GMP Race
Grey market premium (GMP) is an unofficial, unregulated indicator for the Zetwerk, Sahajanand Medical Technologies, Bonfiglioli Transmissions and Tonbo Imaging 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 Analysts Say in the IPO GMP Race
| Issue | Reported brokerage views | Main concern |
|---|---|---|
| Bonfiglioli | Nine brokerages rate it subscribe, mostly for the long term, including Anand Rathi, SBI Securities and Ventura | Valuation leaves limited room for a large listing gain, per Swastika |
| Sahajanand Medical | Antique, Anand Rathi and BP Equities subscribe; Religare neutral; SBI Securities shows both subscribe and neutral | Premium valuation and modest absolute profit |
| Zetwerk | No brokerage rating found in the pages I read | Losses, negative cash flow and borrowings |
| Tonbo Imaging | No brokerage rating found in the pages I read | Falling FY26 revenue and profit and a quarterly loss |
Risk: A strong subscription does not protect a fully priced or loss making issue, so the IPO GMP race can end with very different listings on 23 October.
How to Compare the Issues Without Chasing the IPO GMP Race
- Compare each issue in the IPO GMP race on profit, cash flow and borrowings before looking at demand
- Check whether the money goes to the company or to selling shareholders
- Match the quota to your category, since Zetwerk’s retail share is only 10%
- Use the cut-off option instead of guessing a price inside the price band
- Keep funds free for the Jio Platforms issue that opens on 21 October if you plan to apply after the IPO GMP race closes
What to Watch Next
- Final subscription of all four issues in the IPO GMP race at the 5 PM close today
- Basis of allotment on 21 October
- Refunds and credit to demat on 22 October
- Listing on 23 October at BSE and NSE
- Any fund flow shift toward the Jio Platforms issue from 21 October
Conclusion
The IPO GMP race is really four different bets: a loss making fresh issue in Zetwerk, a defence electronics offer for sale in Tonbo, a premium priced stent maker in Sahajanand and a profitable gear maker in Bonfiglioli. Read the final subscription status and the financials, treat any unofficial indicator as noise and decide on your own risk comfort.
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
Which issues are in the IPO GMP race this week?
Ans. Zetwerk Manufacturing Business, Tonbo Imaging India, Sahajanand Medical Technologies and Bonfiglioli Transmissions, all closing on 19 October 2026 and listing on 23 October.
What are the price bands in the IPO GMP race?
Ans. Zetwerk Rs 143 to Rs 151, Tonbo Imaging Rs 665 to Rs 700, Sahajanand Medical Rs 327 to Rs 344 and Bonfiglioli Rs 558 to Rs 586.
What is the grey market premium for these IPOs?
Ans. Grey market premium (GMP) is an unofficial, unregulated indicator for the Zetwerk, Sahajanand Medical Technologies, Bonfiglioli Transmissions and Tonbo Imaging 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 issue led the subscription in the IPO GMP race at Day 2?
Ans. Tonbo Imaging at 7.78 times, followed by Bonfiglioli at about 0.99 times, Sahajanand at about 0.83 times and Zetwerk at 0.31 times.
Is Zetwerk profitable in the IPO GMP race?
Ans. No. It reported a loss per share of Rs 6.69 in FY26 and negative operating cash flow of Rs 681.53 crore, per the prospectus figures I read.
What is the valuation of Bonfiglioli and Sahajanand in the IPO GMP race?
Ans. Bonfiglioli is reported at about 46.3 times FY26 earnings and Sahajanand at 53.1 times, per brokerage reviews.
When will the IPO GMP race issues list?
Ans. All four are expected to list on BSE and NSE on 23 October 2026, with allotment on 21 October. Dates can change.
Is this article investment advice?
Ans. No. It is educational and not a recommendation to buy or sell.
