IPO Listings Today: Tonbo Imaging vs Zetwerk vs Bonfiglioli vs Sahajanand, Who Won the Debut Race on NSE and BSE?
- October 23, 2026
- Posted by: Kunal Singla
- Category: News
IPO listings on 23 Oct 2026 had one clear winner: Tonbo Imaging listed at Rs 1,162 on BSE, a premium of 66% over its Rs 700 issue price. Sahajanand Medical listed at about 7% to 8% above Rs 344 and Zetwerk about 5% above Rs 151, while Bonfiglioli listed flat at Rs 586. By about 1:15 PM Tonbo was up 52.9% from issue price, Sahajanand up 8.1%, Bonfiglioli down 0.4% and Zetwerk down 11.8%.
Quick Answer
IPO listings today were led by Tonbo Imaging, which opened at Rs 1,160 on NSE and Rs 1,162 on BSE against an issue price of Rs 700, a premium of about 66%. Sahajanand Medical Technologies and Zetwerk gained modestly on listing, and Bonfiglioli Transmissions listed flat at its issue price of Rs 586. At about 1:15 PM, Tonbo was Rs 1,070.15, Sahajanand Rs 371.90, Bonfiglioli Rs 583.75 and Zetwerk Rs 133.15, which is below its issue price. These are intraday prices and they can change by the close.
IPO listings rarely come in a group of four, and the four issues together raised about Rs 8,873 crore in the 15 to 19 Oct window. Comparing these IPO listings side by side shows how differently the market treated each one, even though all four were oversubscribed.
This article on IPO listings covers the issue and listing prices, live prices, the profit or loss per lot, the subscription numbers and the lessons from the debut day. It is educational and not a recommendation to buy or sell.
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IPO Listings Today: Listing Prices Compared
| IPO listings: company | Issue price | Listing price | Listing gain (my calculation) |
|---|---|---|---|
| Tonbo Imaging | Rs 700 | Rs 1,162 on BSE; Rs 1,160 on NSE | About 66% |
| Sahajanand Medical Technologies | Rs 344 | Rs 371.15 on NSE; Rs 368.05 on BSE | About 7.9% on NSE; 7.0% on BSE |
| Zetwerk Manufacturing Businesses | Rs 151 | Rs 159.25 on NSE; Rs 159 on BSE | About 5.5% on NSE; 5.3% on BSE |
| Bonfiglioli Transmissions | Rs 586 | Rs 586 on both exchanges | Flat |
Listing prices are as reported by BusinessToday and confirmed against live exchange data on the day. The IPO listings show a wide spread, from a 66% gain to no gain at all. The gap between first and last place in these IPO listings on the listing price alone is about 66 percentage points (my calculation).
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Live Share Prices After the Debut
| IPO listings: stock (NSE, about 1:15 PM) | Last price | Vs issue price (my calculation) | Day high | Day low |
|---|---|---|---|---|
| Tonbo Imaging | Rs 1,070.15 | Up 52.9% | Rs 1,211.00 | Rs 1,050.00 |
| Sahajanand Medical | Rs 371.90 | Up 8.1% | Rs 409.95 | Rs 346.65 |
| Bonfiglioli Transmissions | Rs 583.75 | Down 0.4% | Rs 607.00 | Rs 527.40 |
| Zetwerk | Rs 133.15 | Down 11.8% | Rs 161.00 | Rs 127.40 |
In these IPO listings, Tonbo hit Rs 1,211 at the high, which is 73% above the issue price, and then gave back about 12% to the current level (my calculation). Sahajanand touched Rs 409.95, about 19% above issue, before settling near its listing price. Bonfiglioli fell as low as Rs 527.40, about 10% below issue, and recovered almost to flat, while Zetwerk made the opposite journey and slipped below its issue price.
Profit or Loss Per Lot on the Debut Day
| IPO listings: company | Lot size | Gain or loss at listing | Gain or loss at current price (my calculation) |
|---|---|---|---|
| Tonbo Imaging | 21 shares | About Rs 9,702 | About Rs 7,773 gain |
| Sahajanand Medical | 43 shares | About Rs 1,160 (NSE listing) | About Rs 1,200 gain |
| Bonfiglioli Transmissions | 25 shares | No gain or loss | About Rs 56 loss |
| Zetwerk | 99 shares | About Rs 820 | About Rs 1,767 loss |
In IPO listings, a lot is the minimum bid, so the table shows what a retail investor with one allotted lot would see. Only those who were allotted shares have these gains or losses, and many applicants in the more heavily subscribed issues got no allotment. The loss on the Zetwerk lot is the largest in rupee terms because its lot size is 99 shares.
Subscription Versus Listing: What the Numbers Show
| IPO listings: company | Issue size | Subscription | Listing result |
|---|---|---|---|
| Tonbo Imaging | Rs 852 crore | 135.90 times; bids about Rs 80,000 crore | Strong gain |
| Bonfiglioli Transmissions | Rs 2,534 crore (offer for sale) | 46.06 times; bids about Rs 81,720 crore | Flat |
| Sahajanand Medical | About Rs 475 crore | 14.20 times; bids about Rs 4,800 crore | Modest gain |
| Zetwerk | Rs 5,012 crore | 3.6 times | Small gain, then below issue price |
In these IPO listings, subscription helped but did not decide the result. Tonbo, the most oversubscribed issue, had the biggest gain, but Bonfiglioli drew about 46 times demand and still listed flat. Zetwerk was the largest of the four issues at Rs 5,012 crore and got only 3.6 times demand, which left less buying support after listing.
Issue size matters as well. A small issue such as Tonbo’s Rs 852 crore with huge demand leaves many unfilled bids chasing few shares, while a large issue spreads demand thinly. These IPO listings show that demand relative to size, price and market mood all play a part.
About the Four Companies
Tonbo Imaging is a defence and surveillance technology company known for thermal imaging and optics. Sahajanand Medical Technologies makes medical devices such as cardiac stents, Zetwerk runs a manufacturing and engineering services business, and Bonfiglioli Transmissions makes gearboxes and drives for industrial use. The business descriptions are from public information, so please read each prospectus for exact details.
These IPO listings cover four different sectors, which is why comparing the day’s moves says more about each issue’s pricing and demand than about the market as a whole.
How to Read IPO Listings as an Investor
IPO listings give three separate numbers: the issue price, the listing price and the price a few weeks later. A strong listing gain tells you how the market priced the issue on day one, while the later price tells you whether the business justifies it. Many IPO listings that open strongly fade in the following weeks, and some that open flat do well once results arrive.
When you study IPO listings, compare the valuation with listed peers, check the use of proceeds and look at whether the sale is a fresh issue or an offer for sale. Bonfiglioli’s issue was an offer for sale only, so the company received no money from it, while a fresh issue adds capital to the business.
Also keep the holding period in mind. Investors who apply for IPO listings with a short-term view face daily price swings, as Tonbo and Zetwerk showed within hours, while those with a long-term view focus on earnings, margins and cash flow over several quarters.
Grey Market Premium Note
Grey market premium (GMP) is an unofficial, unregulated indicator 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.
Lessons From the IPO Listings
- A listing gain is not guaranteed in IPO listings. Bonfiglioli, with 46 times demand, listed at the issue price.
- Opening price and closing price differ. Tonbo and Zetwerk both moved sharply from their opening levels within hours.
- Large issues need broad demand. Zetwerk’s Rs 5,012 crore size and 3.6 times subscription left it exposed after listing.
- Lot size changes rupee outcomes. A small percentage move can mean a bigger rupee loss on a large lot.
- Valuation and business quality matter after listing. The first day is only the start of the holding period.
What to Watch Next After These IPO Listings
- The closing prices on 23 Oct against the listing prices and issue prices
- Whether Zetwerk stabilises above the day low of Rs 127.40
- Whether Tonbo holds above Rs 1,050 after the gap from its high
- Bonfiglioli’s support near Rs 527.40 and resistance near Rs 607
- Volumes and the first set of quarterly results after listing
Conclusion
IPO listings on 23 Oct 2026 were won by Tonbo Imaging, up about 53% from issue price at 1:15 PM, ahead of Sahajanand at 8.1%. Bonfiglioli is flat and Zetwerk is about 12% below its issue price, which shows that subscription alone does not decide the result. Read each prospectus and decide on your own horizon.
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 IPO won the debut race on 23 Oct 2026?
Ans. Among the four IPO listings, Tonbo Imaging won, listing at Rs 1,162 on BSE and Rs 1,160 on NSE against an issue price of Rs 700, a premium of about 66%. At about 1:15 PM it traded at Rs 1,070.15, still about 52.9% above issue.
How did Sahajanand Medical Technologies list?
Ans. It listed at Rs 371.15 on NSE and Rs 368.05 on BSE against an issue price of Rs 344, a gain of about 7.9% and 7.0%. It traded at Rs 371.90 around 1:15 PM, with a day high of Rs 409.95.
How did Zetwerk list and trade?
Ans. Zetwerk listed at Rs 159.25 on NSE, about 5.5% above its Rs 151 issue price, then fell to Rs 133.15 by 1:15 PM, about 11.8% below issue. The issue was subscribed only 3.6 times.
Why did Bonfiglioli list flat despite strong subscription?
Ans. Bonfiglioli was subscribed about 46 times but listed at Rs 586, the same as its issue price. Subscription is only one factor, and pricing, issue size and market mood also affect the listing.
What was the profit per lot on listing day?
Ans. On listing, a Tonbo lot of 21 shares showed about Rs 9,702, a Sahajanand lot about Rs 1,160 and a Zetwerk lot about Rs 820, while Bonfiglioli showed none. At 1:15 PM the Zetwerk lot was a loss of about Rs 1,767 by my calculation.
How much did these four issues raise?
Ans. Together these IPO listings raised about Rs 8,873 crore. Zetwerk was the largest at Rs 5,012 crore, followed by Bonfiglioli at Rs 2,534 crore, Tonbo at Rs 852 crore and Sahajanand at about Rs 475 crore.
Should investors hold newly listed stocks?
Ans. That depends on your goal, risk profile and view of the business, and a listing day price is only the starting point. This article is educational and not advice, so read the prospectus and track results after listing.
Is this article investment advice?
Ans. No. It is educational and not a recommendation to buy or sell. Please check the figures against company filings and your own risk profile before you act on anything you read here.
