Bonfiglioli Transmissions IPO subscription status on the final day: the issue closed on 19 October 2026 at 46.12x overall, as per our tracker at 5:11 PM. Institutional buyers (QIBs) bid hardest: QIBs 120.78x, non-institutional investors 40.39x, retail 5.9x. The grey market quote stands at ₹115 (19.62%).
How the book closed
| Category | Times subscribed |
|---|---|
| QIB (institutional buyers) | 120.78x |
| NII (non-institutional), total | 40.39x |
| bNII (bids above ₹10 lakh) | 46.44x |
| sNII (bids of ₹2–10 lakh) | 28.28x |
| Retail | 5.9x |
| Employees | 7.42x |
| Total | 46.12x |
Within the non-institutional portion, bids above ₹10 lakh (bNII) came in at 46.44x and bids of ₹2 lakh to ₹10 lakh (sNII) at 28.28x. The employee quota was 7.42x. With the retail portion booked 5.9x, roughly one retail application in 6 can expect a lot, because allotment is by lottery once a portion is oversubscribed.
What our data shows
At ₹2,533.66 crore, this is the 12th largest of the 105 mainboard IPOs that closed in 2026. Our tracker shows the premium easing from ₹178 (30.38%) on 14 October to ₹143 on 15 October, about ₹130 over the weekend and ₹95 (16.21%) on 19 October. On the last 10 mainboard listings, the final GMP was off by 11 percentage points on average, overstating the gain five times and understating it five times. Of the lead managers, Axis Capital had 22 of its 28 earlier listings open above the issue price.
What the company does
Bonfiglioli Transmissions makes gearboxes and drive systems used in machines, from factory automation to wind turbines. It works from plants in Tamil Nadu and Maharashtra. Wind turbines gave 32.16% of its 2024 revenue, and the top 10 customers gave 43.27%.
The numbers behind the issue
Total income was ₹2,023.59 crore in the year to 31 December 2025, up from ₹1,861.16 crore a year earlier. Profit after tax rose from ₹195.16 crore to ₹237.87 crore. This is a pure offer for sale by Bonfiglioli S.p.A., so the company receives no money from the issue. The parent's holding drops from 100% to 77% after the sale.
The full issue details are on the Bonfiglioli IPO page. We covered the issue when it opened in our opening-day post.
Key facts
| Detail | Figure |
|---|---|
| Price band | ₹558 to ₹586 |
| Issue size | ₹2,533.66 crore, offer for sale only |
| Lot size | 25 shares |
| Minimum at upper band | ₹14,650 |
| Post-issue market value at upper band | ₹11,016.56 crore |
How the grey market moved
| Date | GMP | GMP as % of issue price |
|---|---|---|
| 14 Oct | ₹178 | 30.38% |
| 15 Oct | ₹143 | 24.40% |
| 16 Oct | ₹129 | 22.01% |
| 17 Oct | ₹132 | 22.53% |
| 18 Oct | ₹130 | 22.18% |
| 19 Oct | ₹95 | 16.21% |
GMP is an unofficial dealer quote, not an exchange price. It can change within hours and does not guarantee a listing price.
What happens next
Basis of allotment is due on 21 October 2026. Refunds and demat credit follow on 22 October, and shares list on BSE and NSE on 23 October. The registrar is MUFG Intime India. Our subscription page keeps the category figures, and the GMP page keeps the grey market history.
