IPO GMP: Bonfiglioli vs Tonbo vs Sahajanand Medical vs Zetwerk, Dates, Price Band, Issue Size, Lot Size and Key Details of Four IPOs Opening 15 October With Rs 8,873 Crore in Total

IPO GMP: four IPOs open 15 Oct, close 19 Oct; anchor 14 Oct; allotment 21 Oct; listing 23 Oct. Bonfiglioli Rs 558-586 (Rs 2,534 cr), Tonbo Rs 665-700 (Rs 852 cr), Sahajanand Rs 327-344 (Rs 475 cr), Zetwerk Rs 143-151 (Rs 5,012 cr). Only Zetwerk GMP found: Rs 30.

IPO GMP, or grey market premium, is the first thing many investors check, but it changes by the hour and is not recognised by SEBI or the exchanges. This week is busy because four issues open together, which splits investor attention and money.

This guide compares the four IPOs side by side: dates, price band, issue size, lot size, structure, financials, and the IPO GMP where available, plus what to check before you apply.

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IPO GMP and Dates: Four IPOs, One Calendar

Event	Date	Note
Anchor bidding	14 October	One day, before the issues open
IPO opens	15 October	All four IPOs
IPO closes	19 October	All four IPOs
Allotment	About 21 October	Basis of allotment
Listing	23 October	BSE and NSE

A combined issue size of about Rs 8,873 crore (my calculation) comes at a time when the Jio Platforms IPO is also targeted for the week of 19 October, so liquidity could be stretched.

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IPO GMP Comparison: Price Band, Issue Size and Lot Size

IPO	Price band (Rs)	Issue size	Structure	Lot size and minimum
Bonfiglioli Transmissions	558 to 586	Rs 2,533.6 crore	Entirely OFS of 4.32 crore shares by Bonfiglioli SPA	25 shares, Rs 14,650
Tonbo Imaging India	665 to 700	Up to Rs 852 crore	Entirely OFS of 1.2 crore shares	21 shares, Rs 14,700 (my calculation)
Sahajanand Medical Technologies	327 to 344	Rs 475.5 crore	Entirely OFS of 1.38 crore shares	43 shares, Rs 14,792
Zetwerk	143 to 151	Rs 5,012 crore	Fresh Rs 2,830 crore plus OFS of 14.45 crore shares	99 shares, Rs 14,949

Three of the four IPOs are pure offers for sale, which means the company receives no money. Zetwerk is the only one raising fresh capital, which it plans to use for debt repayment, acquisitions and general corporate purposes.

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IPO GMP Data: What I Could Find

IPO	GMP found	Note
Zetwerk	Rs 30 (about 19.9%)	Undated page; implied listing price about Rs 181 (my calculation)
Bonfiglioli Transmissions	Not confirmed	Data pages did not load
Tonbo Imaging India	Not confirmed	One page showed a figure with no usable price band, so I did not use it
Sahajanand Medical Technologies	Not confirmed	No GMP in the sources opened

IPO GMP, the grey market premium, is an informal, unregulated number that moves with demand and sentiment, so check a live source on the day you apply. A high IPO GMP is not a guarantee of listing gains.

Financial Snapshot Behind the IPO GMP of the Four IPOs

IPO	Latest financials	Valuation or size (reported)	Rough P/E (my calculation)
Bonfiglioli Transmissions	Six months to June 2026: profit Rs 148.6 crore (+29.2%), revenue Rs 1,131.9 crore (+17.9%)	Rs 11,016 crore at the upper band	About 37x on annualised profit
Tonbo Imaging India	FY26: profit Rs 50.9 crore (-30%), revenue Rs 362.6 crore (-22.7%); Q1 FY27 loss Rs 17.7 crore	Rs 4,010 crore	About 79x on FY26 profit
Sahajanand Medical Technologies	FY26: profit Rs 69.1 crore (+174.65%), revenue Rs 1,210.5 crore (+18.1%)	About Rs 3,500 crore	About 51x on FY26 profit
Zetwerk	FY26: total income Rs 16,100.63 crore, loss Rs 1,606.17 crore; June 2026 quarter loss Rs 732.98 crore	Not stated in the sources	Not meaningful, loss-making

The P/E figures are rough estimates from reported numbers and are not company disclosures. They show that Bonfiglioli is the only one of the four with growing profit and a mid-range multiple, while Tonbo and Zetwerk need extra caution.

The Four IPOs in Brief Before You Check IPO GMP

1. Bonfiglioli Transmissions: a maker of gear motors, gearboxes and drive systems for industrial automation, off-highway mobility and wind. Lead managers are Axis Capital, BNP Paribas, ICICI Securities and Jefferies.
2. Tonbo Imaging India: a Bengaluru defence electronics maker of thermal imaging cores, weapon sights and missile seekers. Lead managers are JM Financial and IIFL Capital.
3. Sahajanand Medical Technologies: a Gujarat cardiovascular device maker of coronary stents, balloons and structural heart devices. Lead managers include Motilal Oswal, Avendus, HSBC and Nuvama.
4. Zetwerk: a manufacturing and ecosystem business founded in 2018 with 26 manufacturing facilities in India, the US, Germany and Spain. Registrar is KFin Technologies.

How to Use IPO GMP and Key Details Before You Apply

1. Treat IPO GMP as a mood indicator, not a forecast.
2. Check profit trend and valuation first, since a loss-making business needs a stronger reason to buy.
3. Note the issue structure: an offer for sale gives the company no money.
4. Check the lot size and your budget, as one retail lot costs about Rs 14,650 to Rs 14,950.
5. Do not apply to all four IPOs just because they open together.

Risks Across the Four IPOs

Crowded calendar: Four issues and the Jio Platforms IPO in the same fortnight can split demand and weaken listings.

Losses: Zetwerk and Tonbo’s latest quarter both show losses, so listing gains rest on sentiment.

Offer for sale: Three IPOs bring no fresh money to the company, and existing investors are selling.

GMP errors: IPO GMP numbers differ across sites and can be stale.

Market weakness: The Sensex and Nifty 50 have been under pressure, which can hit listings.

What to Watch Next

1. Anchor investor allotments on 14 October.
2. Daily subscription numbers from 15 to 19 October.
3. Updated IPO GMP on each day of the issue.
4. Allotment status on about 21 October and listing on 23 October.
5. The Jio Platforms IPO dates in the week of 19 October and their effect on IPO GMP.

Conclusion

Four IPOs, Bonfiglioli, Tonbo, Sahajanand Medical and Zetwerk, open on 15 October and close on 19 October, and the only IPO GMP I could confirm was Rs 30 for Zetwerk. Compare financials and valuation, not just the IPO GMP. Consult a SEBI-registered advisor before making any decision.

Frequently Asked Questions

When do the four IPOs open and close?

Ans. They open on 15 October and close on 19 October, with anchor bidding on 14 October, allotment around 21 October and listing on 23 October.

What are the price bands?

Ans. Bonfiglioli Rs 558 to Rs 586, Tonbo Imaging Rs 665 to Rs 700, Sahajanand Medical Rs 327 to Rs 344 and Zetwerk Rs 143 to Rs 151.

What are the issue sizes?

Ans. Bonfiglioli Rs 2,533.6 crore, Tonbo up to Rs 852 crore, Sahajanand Medical Rs 475.5 crore and Zetwerk Rs 5,012 crore.

What is the Zetwerk IPO GMP?

Ans. A data page showed Rs 30 or about 19.9%, which implies a listing near Rs 181 on the upper band (my calculation). The page was undated.

What is the lot size of each IPO?

Ans. Bonfiglioli 25 shares, Tonbo 21 shares, Sahajanand Medical 43 shares and Zetwerk 99 shares.

Which IPOs have fresh issues?

Ans. Only Zetwerk, with a fresh issue of Rs 2,830 crore. The other three are entirely offers for sale.

Is the IPO GMP reliable?

Ans. No. It is an informal, unregulated indicator that changes quickly and is not recognised by SEBI or the exchanges.

Should I apply based on the IPO GMP?

Ans. This article does not constitute investment advice. IPOs carry risk. Consult a SEBI-registered financial advisor.