The Bonfiglioli India IPO could be ₹2,500 crore or more, according to a BusinessLine report on 9 October 2026. The entire issue would be a stake sale by its Italian parent, so the company itself would receive no money.
The report says the offer could value the gearbox maker at over $1 billion. That size is an industry estimate, not a figure from the company's filing.
What is known about the issue
| Item | Detail |
|---|---|
| Structure | 100% offer for sale, no fresh issue |
| Seller | Bonfiglioli S.p.A., the Italian parent |
| Shares offered (DRHP) | 4,69,98,959 equity shares |
| Reported size | ₹2,500 crore or more (industry estimate) |
| Quota (DRHP) | QIB 50%, NII 15%, retail 35% |
| Lead managers | Axis Capital, ICICI Securities, Jefferies India, BNP Paribas |
The company filed its DRHP, the draft prospectus filed with SEBI before an IPO, in February 2026. 5paisa reported on 15 June 2026 that SEBI had cleared its IPO plan along with three other companies. A SEBI approval is valid for 12 months, so the company has time to choose its launch date. No dates or price band have been announced.
What the company does and how it earns
Bonfiglioli makes gearboxes and drive systems for wind turbines, construction machines and industrial equipment. BusinessLine reports that the India arm brings in about 31% of the group's EBITDA on 17.6% of its revenue.
- Industrial automation is the largest business, at roughly 40% of revenue.
- It had an estimated 68.3% share of India's wind-turbine drive market in 2024.
- Exports are about 28% of business, and heavy-duty drives are 4.3% of revenue.
- It serves about 1,200 customers through 44 dealers.
The numbers in the report
Indian revenue rose 10.5% to ₹1,864.08 crore in 2024. Profit from continuing operations grew 29.4% to ₹191.12 crore, and EBITDA rose 20% to ₹293.06 crore. For the nine months ended September 2025, revenue was ₹1,460.17 crore with an EBITDA margin of 17.36%. The company has no debt and holds net cash of ₹162.83 crore.
Managing Director Kennady V Kaippally told BusinessLine the business has reached a stage where it can "stand on our own". The Italian parent keeps the main technology and trademarks, which the Indian arm licenses against royalty payments.
What our data shows
At about ₹2,500 crore, this would be the ninth largest of the 30 IPO filings and plans we have tracked this year. Another 55 companies have filed draft papers so far in October. Because it is a pure sale, the money goes to the seller and not into the business. Our OFS page tracks live and upcoming offers for sale.
What happens next
The company must file its RHP, the final offer document, with the price band and dates before opening. We will update this page when that happens. Companies with pending launches are listed on our upcoming mainboard IPO page. The size and valuation here come from one report and have not been confirmed by the company's filing. Read the BusinessLine report for the full interview.
