Bonfiglioli Transmissions IPO is due to list on the NSE and BSE on 23 October 2026. The grey market premium on our tracker is ₹77 (13.14%) against the ₹586 issue price, down from ₹132 a day earlier. The book closed at 46.13x.
What our data shows
At ₹2,533.66 crore, this is the 12th largest of 105 mainboard IPOs that have closed in 2026. Its 46.13x subscription ranks 42nd, against a median of 24.96x. The GMP is an unofficial dealer quote, and on the last 10 mainboard listings it was off by 9.39 percentage points on average. It overstated the listing gain six times and understated it four times. The drop from ₹132 to ₹77 in one day is a 42% fall in the quote, so the gap to the final number could be wide in either direction.
How the GMP moved
| Date | GMP (₹) | GMP (%) |
|---|---|---|
| 18 October | 130 | 22.18 |
| 19 October | 127 | 21.67 |
| 20 October | 137 | 23.38 |
| 21 October | 132 | 22.53 |
| 22 October | 77 | 13.14 |
The premium sat between ₹127 and ₹137 for four days before the fall. Our tracker does not record a reason for the move.
What the final book looked like
QIBs, the large institutions, bid 120.78x. Non-institutional investors bid 40.40x, with bigger bids at 46.44x and smaller ones at 28.31x. Retail bid 5.91x and employees 7.43x. That means roughly one retail application in six gets a lot, an estimate, since allotment is a lottery once a portion is oversubscribed. Our final-day subscription story has the closing figures.
Key facts before listing
- Issue price ₹586 (band ₹558–586), lot of 25 shares, so ₹14,650 for one lot.
- The issue is a pure offer for sale by Bonfiglioli S.p.A., so the company receives no proceeds. Promoter holding goes from 100% to 77%.
- At the upper band the offer document puts the price-to-earnings multiple at 37.07 on an EPS of ₹15.81, with a market cap of ₹11,016.56 crore.
- Registrar: MUFG Intime India. Allotment was due on 21 October, refunds and demat credit on 22 October.
The lead managers are Axis Capital, BNP Paribas, ICICI Securities and Jefferies India. On our records, 22 of Axis Capital's 28 earlier listings opened above the issue price, at an average gain of 16.9%.
What happens next
Shares are scheduled to list on 23 October. Track the live premium on our Bonfiglioli GMP page. This year 68 of 102 mainboard IPOs opened above the issue price, with a median listing gain of 6.92%, and the full list is on the IPO performance page.
