Six mainboard IPOs listed between 19 and 23 October 2026, and IPO listing performance was uneven. Tonbo Imaging India opened 65.71% above its issue price, while Bonfiglioli Transmissions opened flat on our data. The last grey market premium (GMP) landed within 5 percentage points of the actual opening on five of the six.
How did each IPO list?
The table compares each opening price on the NSE with the last GMP quote we recorded. GMP-implied gain is the premium as a share of the issue price. A positive miss means the stock opened higher than the grey market pointed.
| IPO | Listed | Issue price (₹) | Opened at (₹) | Gain | Last GMP (₹) | GMP-implied | Miss (points) | Subscribed |
|---|---|---|---|---|---|---|---|---|
| HD Fire Protect | 21 Oct | 271 | 335 | +23.62% | 71 | +26.20% | -2.58 | 132.21x |
| Fusion CX | 22 Oct | 289 | 305 | +5.54% | 13.5 | +4.67% | +0.87 | 4.45x |
| Tonbo Imaging India | 23 Oct | 700 | 1,160 | +65.71% | 450 | +64.29% | +1.42 | 135.9x |
| Bonfiglioli Transmissions | 23 Oct | 586 | 586 | 0% | 66 | +11.26% | -11.26 | 46.13x |
| Sahajanand Medical Technologies | 23 Oct | 344 | 371.15 | +7.89% | 17 | +4.94% | +2.95 | 14.2x |
| Zetwerk Manufacturing Business | 23 Oct | 151 | 159.25 | +5.46% | 1 | +0.66% | +4.80 | 3.06x |
The GMP is an unofficial dealer quote, not an exchange price. The Bonfiglioli opening price is the figure in our database at the time of writing and is being re-checked against the exchange.
Where the grey market was close, and where it was not
The tightest call was Fusion CX, off by 0.87 points. Tonbo Imaging was off by 1.42 points, even at a 450 rupee premium. Sahajanand and Zetwerk both opened higher than their quotes, by 2.95 and 4.80 points.
Bonfiglioli was the outlier. Its GMP stood at ₹132 on 21 October, halved to ₹66 by 22 October, and our data shows an opening at the issue price of ₹586. That is a gap of 11.26 points, the widest of the week.
What our data shows
Tonbo Imaging's +65.71% open ranks fifth among 106 mainboard listings in 2026. Its 135.9x subscription is the tenth highest of 107 mainboard IPOs that have closed this year, against a median of 20.1x. Across 2026, 71 of 106 mainboard IPOs opened above the issue price, with a median listing gain of 6.92%. On the last 10 mainboard listings, the final GMP was off by 7.4 points on average, overstating the gain five times and understating it five times.
Does subscription predict the opening?
Mostly, this week. The two issues subscribed above 130x (HD Fire Protect and Tonbo Imaging) opened 23.62% and 65.71% higher. The two below 5x (Fusion CX and Zetwerk) opened 5.54% and 5.46% higher. Bonfiglioli, at 46.13x, did not follow the pattern on our data.
What happens next
Compare each stock's opening with its current price on the IPO performance page. Quotes for upcoming issues are on the live GMP page, and the Tonbo Imaging numbers are on its IPO page. Next week brings M.K.Sons Fine Jewels, opening 28 October, and Bombay Coated and Special Steels, opening 29 October.
