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What is the story about?
Four mainboard IPOs, Zetwerk Manufacturing Business, Bonfiglioli Transmissions, Tonbo Imaging India, and Sahajanand Medical Technologies will be open for subscription from Thursday, October 15, vying for investor attention to raise a total of ₹9,000 crore cumulatively.
While the Zetwerk Manufacturing Business IPO is a combination of a fresh issue of shares and an Offer For Sale (OFS) component, the other three issues are a complete OFS, meaning neither company will receive any proceeds as existing shareholders will be selling their shares in the IPO.
Here are details about each IPO opening today:
At the upper end of the price band, Zetwerk Manufacturing Business intends to raise over ₹5,000 crore. The issue is a combination of a fresh issue of shares worth ₹2,830 crore and an Offer For Sale (OFS) worth ₹2,182 crore. Each share currently carries a face value of ₹1.
Price band for the IPO has been fixed between ₹143 to ₹151 per share. Each lot will comprise of 99 shares and at the upper end of the price band, retail investors will need to make a minimum investment of ₹14,949 to avail one lot, and then bid in multiples of 99 shares thereafter.
Zetwerk is aiming for a post-issue market capitalization of ₹25,582 crore at the upper end of the price band.
Zetwerk Manufacturing Business is a technology-led manufacturing platform, which combines a global supplier network with owned manufacturing facilities to provide end-to-end solutions across energy, precision products and capital goods.
Some of its notable customers include Siemens Gamesa, Acer India, NextPower, CG Power, NTPC Renewable Energy, DRDO, NALCO, Indian Oil, Indian Air Force, among others. The company has an end-to-end manufacturing platform which connects nearly 7,000 third-party suppliers across 26 countries, with 26 owned manufacturing facilities across four countries.
Extensive dependence on third-party suppliers, lack of fixed, long-term purchase commitments with many customers, working capital intensive nature of the business, and end-market demand dependence are some of the key risks factors highlighted by the company in its prospectus.
For financial year 2026, the company reported revenue of ₹15,913 crore from ₹11,332 crore last year. Net loss though, widened to ₹991 crore from a loss of ₹210 crore in financial year 2025. EBITDA margin narrowed to 2.1% from 2.5% in financial year 2025.
Considering the scalable platform of the company, improving operating performance and potential improvement in its earnings following the repayment of debt, SBI Securities has recommended a "Subscribe for long-term" rating on the IPO.
The ₹2,534 crore IPO of Bonfiglioli Transmission Ltd. is a complete Offer For Sale (OFS), meaning the company will not receive any proceeds from the same.
Price band of the IPO has been fixed between ₹558 - ₹586 per share. One lot will comprise of 25 shares, meaning, at the upper end of the price band, retail investors have to make a minimum investment of ₹14,650 to avail one lot and then bid in multiples of 25 shares thereafter.
At the upper end of the price band, the company is aiming for a post-issue market capitalization of ₹11,017 crore. 35% of the IPO is reserved for retail shareholders.
Bonfiglioli Transmission is a technology-led manufacturer of precision engineered mechanical and electromechanical power transmission solutions, gear boxes, gear motors and drive systems.
It operates under three key business verticals, industry and automation solutions, off-highway mobility, and wind energy applications. It is the largest manufacturer of gearboxes and drive systems in India across the three segments it operates by revenue.
Depending on a limited number of suppliers for key raw materials and components, largest supplier being a related party, raw material inflation risk, risks to disruption in manufacturing, brand and reputation risk, as well as depending on its parent entity with a 6% royalty of annual sales of specified products are highlighted as the key risks for the company.
SBI Securities has a "subscribe" rating on the IPO given the company's diversified business model, strong return profile, established distribution network, and favourable industry tailwinds across automation, off-highway, and wind energy segments.
Tonbo Imaging India will also not receive any proceeds from the ₹852 crore IPO that opens for subscription today and closes on Monday, October 19.
Price band for the IPO has been fixed between ₹665 to ₹700 apiece and each share carries a face value of ₹2.
One lot will comprise of 21 shares and retail investors will have to make a minimum investment of ₹14,700 to avail one lot, and then bid in multiples of 21 shares thereafter.
At the upper end of the price band, the company is aiming for a post-issue market capitalization of ₹4,010 crore.
Tonbo Imaging is a defence electronics company which specializes in advanced electro-optical, infrared imaging and electronic systems for defence and security applications. Its product portfolio is divided into tactical systems, platform systems and directed energy systems.
The company also follows an asset-light model, retains core R&D, product design and IP development with itself, while outsourcing the manufacturing process to contract manufacturers like Kaynes Technologies and Avalon Technologies. R&D accounted for 8.2% of the total expenses in FY26.
Dependence on government procurement cycles, customer concentration risk, with the top 10 customers accounting for 77.8% of the topline in financial year 2026, dependence on key suppliers, limited global suppliers for critical components, and dependence on exports and overseas markets are some of the key risk factors highlighted for the company.
According to SBI Securities, the company has reported negative operating cash flows over the last two years due to high inventory and working capital levels. Yet, they have a "Subscribe for Long Term" recommendation to this IPO, based on the company's strong technological moat, favourable industry tailwinds, growing defence opportunities in India.
The last among the four IPOs that open for subscription on Thursday is also a complete Offer For Sale (OFS).
Price band for the Sahajanand Medical Technologies IPO, which is worth ₹475 crore, has been fixed between ₹327 to ₹344 per share.
One lot will comprise of 43 shares and retail investors will have to make an investment of ₹14,792 to avail one lot, and then bid in multiples of 43 shares thereafter.
At the upper end of the price band, the company is aiming for a post-issue market capitalization of ₹3,497 crore.
Sahajanand Medical Technologies is a medical devices firm which is involved in the development of Class III and Class C/D medical devices, emphasizing on Vascular Intervention, and Structural Heart. Its product portfolio includes products such as coronary intervention products, TAVI and Occluders and other products including its own brand of renal stents, peripheral DCBs and trading products.
Risks involving raw materials, technological risk in a highly competitive medical devices, regulatory risk, are some of the important risk factors highlighted for the company.
SBI Securities noted that after a net loss of ₹12.8 crore in financial year 2024, the company turned positive in financial year 2025 and increased to ₹65.3 crore in financial year 2026.
At the upper end of the price band, the issue is priced at a financial year 2026 price-to-earnings multiple of 53.6 times, and therefore, SBI Securities has a "neutral" rating on the IPO as it would like to track the performance of the company for a few more quarters after its listing.
According to rates in the grey market, reports suggest that Zetwerk shares are trading at a premium of ₹23, while those of Tonbo Imaging are trading at a premium of ₹500 over its issue price. The GMP for Sahajanand is at ₹42, while that of Bonfigioli Transmission is at a premium of ₹178 per share. It must be noted that the GMP rates are speculative in nature and the actual listing price may differ from that of the GMP levels.
While the Zetwerk Manufacturing Business IPO is a combination of a fresh issue of shares and an Offer For Sale (OFS) component, the other three issues are a complete OFS, meaning neither company will receive any proceeds as existing shareholders will be selling their shares in the IPO.
Here are details about each IPO opening today:
Zetwerk Manufacturing Business: Lot Size, Business, & More
At the upper end of the price band, Zetwerk Manufacturing Business intends to raise over ₹5,000 crore. The issue is a combination of a fresh issue of shares worth ₹2,830 crore and an Offer For Sale (OFS) worth ₹2,182 crore. Each share currently carries a face value of ₹1.
Price band for the IPO has been fixed between ₹143 to ₹151 per share. Each lot will comprise of 99 shares and at the upper end of the price band, retail investors will need to make a minimum investment of ₹14,949 to avail one lot, and then bid in multiples of 99 shares thereafter.
Zetwerk is aiming for a post-issue market capitalization of ₹25,582 crore at the upper end of the price band.
Zetwerk Manufacturing Business is a technology-led manufacturing platform, which combines a global supplier network with owned manufacturing facilities to provide end-to-end solutions across energy, precision products and capital goods.
Some of its notable customers include Siemens Gamesa, Acer India, NextPower, CG Power, NTPC Renewable Energy, DRDO, NALCO, Indian Oil, Indian Air Force, among others. The company has an end-to-end manufacturing platform which connects nearly 7,000 third-party suppliers across 26 countries, with 26 owned manufacturing facilities across four countries.
Extensive dependence on third-party suppliers, lack of fixed, long-term purchase commitments with many customers, working capital intensive nature of the business, and end-market demand dependence are some of the key risks factors highlighted by the company in its prospectus.
For financial year 2026, the company reported revenue of ₹15,913 crore from ₹11,332 crore last year. Net loss though, widened to ₹991 crore from a loss of ₹210 crore in financial year 2025. EBITDA margin narrowed to 2.1% from 2.5% in financial year 2025.
Considering the scalable platform of the company, improving operating performance and potential improvement in its earnings following the repayment of debt, SBI Securities has recommended a "Subscribe for long-term" rating on the IPO.
Bonfiglioli Transmission IPO: Should You Bid?
The ₹2,534 crore IPO of Bonfiglioli Transmission Ltd. is a complete Offer For Sale (OFS), meaning the company will not receive any proceeds from the same.
Price band of the IPO has been fixed between ₹558 - ₹586 per share. One lot will comprise of 25 shares, meaning, at the upper end of the price band, retail investors have to make a minimum investment of ₹14,650 to avail one lot and then bid in multiples of 25 shares thereafter.
At the upper end of the price band, the company is aiming for a post-issue market capitalization of ₹11,017 crore. 35% of the IPO is reserved for retail shareholders.
Bonfiglioli Transmission is a technology-led manufacturer of precision engineered mechanical and electromechanical power transmission solutions, gear boxes, gear motors and drive systems.
It operates under three key business verticals, industry and automation solutions, off-highway mobility, and wind energy applications. It is the largest manufacturer of gearboxes and drive systems in India across the three segments it operates by revenue.
Depending on a limited number of suppliers for key raw materials and components, largest supplier being a related party, raw material inflation risk, risks to disruption in manufacturing, brand and reputation risk, as well as depending on its parent entity with a 6% royalty of annual sales of specified products are highlighted as the key risks for the company.
SBI Securities has a "subscribe" rating on the IPO given the company's diversified business model, strong return profile, established distribution network, and favourable industry tailwinds across automation, off-highway, and wind energy segments.
Tonbo Imaging India IPO: Another Complete Offer For Sale
Tonbo Imaging India will also not receive any proceeds from the ₹852 crore IPO that opens for subscription today and closes on Monday, October 19.
Price band for the IPO has been fixed between ₹665 to ₹700 apiece and each share carries a face value of ₹2.
One lot will comprise of 21 shares and retail investors will have to make a minimum investment of ₹14,700 to avail one lot, and then bid in multiples of 21 shares thereafter.
At the upper end of the price band, the company is aiming for a post-issue market capitalization of ₹4,010 crore.
Tonbo Imaging is a defence electronics company which specializes in advanced electro-optical, infrared imaging and electronic systems for defence and security applications. Its product portfolio is divided into tactical systems, platform systems and directed energy systems.
The company also follows an asset-light model, retains core R&D, product design and IP development with itself, while outsourcing the manufacturing process to contract manufacturers like Kaynes Technologies and Avalon Technologies. R&D accounted for 8.2% of the total expenses in FY26.
Dependence on government procurement cycles, customer concentration risk, with the top 10 customers accounting for 77.8% of the topline in financial year 2026, dependence on key suppliers, limited global suppliers for critical components, and dependence on exports and overseas markets are some of the key risk factors highlighted for the company.
According to SBI Securities, the company has reported negative operating cash flows over the last two years due to high inventory and working capital levels. Yet, they have a "Subscribe for Long Term" recommendation to this IPO, based on the company's strong technological moat, favourable industry tailwinds, growing defence opportunities in India.
Sahajanand Medical Technologies: Medical Devices Firm Heads To The Bourses
The last among the four IPOs that open for subscription on Thursday is also a complete Offer For Sale (OFS).
Price band for the Sahajanand Medical Technologies IPO, which is worth ₹475 crore, has been fixed between ₹327 to ₹344 per share.
One lot will comprise of 43 shares and retail investors will have to make an investment of ₹14,792 to avail one lot, and then bid in multiples of 43 shares thereafter.
At the upper end of the price band, the company is aiming for a post-issue market capitalization of ₹3,497 crore.
Sahajanand Medical Technologies is a medical devices firm which is involved in the development of Class III and Class C/D medical devices, emphasizing on Vascular Intervention, and Structural Heart. Its product portfolio includes products such as coronary intervention products, TAVI and Occluders and other products including its own brand of renal stents, peripheral DCBs and trading products.
Risks involving raw materials, technological risk in a highly competitive medical devices, regulatory risk, are some of the important risk factors highlighted for the company.
SBI Securities noted that after a net loss of ₹12.8 crore in financial year 2024, the company turned positive in financial year 2025 and increased to ₹65.3 crore in financial year 2026.
At the upper end of the price band, the issue is priced at a financial year 2026 price-to-earnings multiple of 53.6 times, and therefore, SBI Securities has a "neutral" rating on the IPO as it would like to track the performance of the company for a few more quarters after its listing.
According to rates in the grey market, reports suggest that Zetwerk shares are trading at a premium of ₹23, while those of Tonbo Imaging are trading at a premium of ₹500 over its issue price. The GMP for Sahajanand is at ₹42, while that of Bonfigioli Transmission is at a premium of ₹178 per share. It must be noted that the GMP rates are speculative in nature and the actual listing price may differ from that of the GMP levels.
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