IPO GMP Today, October 18, 2026: The primary market witnessed mixed investor interest across four major initial public offerings (IPOs). Tonbo Imaging India emerged as the strongest performer in terms of subscription demand, while Zetwerk Manufacturing Business received a relatively weak response during the second day of bidding.
According to the reported subscription data for Friday, October 16, Tonbo Imaging’s public issue was subscribed 7.77 times. Meanwhile, Bonfiglioli Transmissions reached 99% subscription, Sahajanand Medical Technologies attracted 82%, and Zetwerk Manufacturing Business recorded just 31%.
All four IPOs opened for public subscription on October 15 and are scheduled to close on Monday, October 19, 2026.
Interestingly, grey market trends indicate different levels of potential listing gains, with Tonbo Imaging showing the highest reported premium.
IPO GMP Today: Four IPOs Compared
Here is a comparison of the reported grey market premiums, issue prices, estimated listing prices, and subscription figures.
| IPO Name | Issue Price | GMP | Estimated Listing Price | Potential Gain | Subscription |
|---|---|---|---|---|---|
| Tonbo Imaging | ₹700 | ₹505 | ₹1,205 | 72.14% | 7.77x |
| Bonfiglioli Transmissions | ₹586 | ₹129 | ₹715 | 22.01% | 0.99x |
| Sahajanand Medical Technologies | ₹344 | ₹22 | ₹366 | 6.40% | 0.82x |
| Zetwerk Manufacturing | ₹151 | ₹7 | ₹158 | 4.64% | 0.31x |
Note: GMP figures are unofficial grey market estimates reported for October 18, 2026. They are not guaranteed listing prices or returns.
1. Tonbo Imaging IPO GMP Today: Strongest Demand Among Four IPOs
Tonbo Imaging India attracted significant investor attention during the second day of bidding.
The public issue received bids worth 7.77 times the shares available, making it the most subscribed IPO among the four offerings.
Demand was particularly strong among non-institutional investors (NIIs), whose reserved portion was subscribed 14.35 times.
Retail investors also showed considerable interest, subscribing 7.12 times their allocated quota. Meanwhile, qualified institutional buyers (QIBs) subscribed 3.95 times their portion.
Tonbo Imaging IPO Subscription Details
| Investor Category | Subscription |
|---|---|
| Qualified Institutional Buyers | 3.95x |
| Non-Institutional Investors | 14.35x |
| Retail Investors | 7.12x |
| Total Subscription | 7.77x |
Tonbo Imaging IPO GMP and Expected Listing Price
The reported Tonbo Imaging IPO GMP stands at ₹505.
Considering the upper price band of ₹700, the grey market indicates an estimated listing price of ₹1,205 per share.
This represents a potential premium of approximately 72.14% over the issue price.
During the previous eight sessions, the reported GMP moved between ₹270 and ₹516, reflecting considerable activity in the unofficial market.
The IPO consists entirely of an offer for sale (OFS) of 1.22 crore equity shares by promoters and existing shareholders.
As there is no fresh issue component, the company will not receive proceeds from the public offering.
2. Bonfiglioli Transmissions IPO GMP Today: Premium Reaches ₹129
Bonfiglioli Transmissions recorded a subscription level of 99% by the end of the second bidding day.
Non-institutional investors subscribed 1.71 times their reserved portion, while retail participation reached 1.16 times.
However, institutional demand remained relatively subdued, with the QIB category receiving bids for only 16% of its allocated shares.
Bonfiglioli IPO Subscription Details
| Investor Category | Subscription |
|---|---|
| Qualified Institutional Buyers | 0.16x |
| Non-Institutional Investors | 1.71x |
| Retail Investors | 1.16x |
| Total Subscription | 0.99x |
Bonfiglioli IPO Expected Listing Price
The reported grey market premium for Bonfiglioli Transmissions stands at ₹129 per share.
Based on the upper IPO price of ₹586, the estimated listing price works out to ₹715.
This suggests an indicative listing premium of approximately 22.01%.
The GMP has experienced fluctuations over recent sessions, indicating changing expectations among grey market participants.
The public offering consists entirely of an OFS of up to 4.32 crore equity shares by promoter Bonfiglioli S.p.A.
Since the issue does not include fresh equity shares, the proceeds will go to the selling shareholder rather than the company.
3. Sahajanand Medical Technologies IPO GMP Today: Moderate Investor Interest
Sahajanand Medical Technologies received a comparatively moderate response during the second day of subscription.
The IPO was subscribed 82% overall.
Institutional investors showed stronger participation, with the QIB category subscribed 1.12 times. Retail investors subscribed 82% of their reserved portion, while the NII category reached 51%.
Sahajanand Medical Technologies Subscription Details
| Investor Category | Subscription |
|---|---|
| Qualified Institutional Buyers | 1.12x |
| Non-Institutional Investors | 0.51x |
| Retail Investors | 0.82x |
| Total Subscription | 0.82x |
Sahajanand Medical Technologies IPO GMP
The reported Sahajanand Medical Technologies IPO GMP is ₹22.
With an upper price band of ₹344, the estimated listing price stands at ₹366 per share.
This indicates a potential listing premium of approximately 6.40%.
Over the previous eight trading sessions, the unofficial premium reportedly fluctuated between ₹15 and ₹43.
The IPO is entirely an offer for sale of up to 1.38 crore equity shares by existing shareholders.
Consequently, the company will not receive fresh capital from the issue.
4. Zetwerk Manufacturing IPO GMP Today: Weakest Subscription Among Four Issues
Zetwerk Manufacturing Business witnessed relatively limited demand during the second day of bidding.
The public issue was subscribed only 31%, making it the least subscribed offering among the four IPOs.
The QIB portion received bids for 37% of the reserved shares, followed by retail investors at 36%. The NII category recorded 16% subscription.
Zetwerk IPO Subscription Details
| Investor Category | Subscription |
|---|---|
| Qualified Institutional Buyers | 0.37x |
| Non-Institutional Investors | 0.16x |
| Retail Investors | 0.36x |
| Total Subscription | 0.31x |
Zetwerk IPO GMP and Estimated Listing Price
The reported Zetwerk IPO GMP stands at ₹7.
Based on the upper price band of ₹151, the estimated listing price is ₹158 per share.
This translates into an indicative listing premium of approximately 4.64%.
The grey market premium reportedly fluctuated between ₹7 and ₹30 during the previous eight sessions, suggesting that unofficial market expectations have weakened.
The IPO includes a fresh issue worth ₹2,830 crore and an offer for sale of 14.45 crore equity shares.
At the upper price band of ₹151, the OFS component is valued at approximately ₹2,182 crore.
The total issue size is therefore estimated at around ₹5,012 crore.
Unlike the other three IPOs, Zetwerk’s offering includes a fresh issue component, meaning the company will receive proceeds from newly issued shares.
IPO Subscription Comparison: Which Issue Attracted the Most Investors?
The following table compares investor participation across all four public offerings as of the second day of bidding.
| IPO Name | QIB | NII | Retail | Overall |
|---|---|---|---|---|
| Tonbo Imaging | 3.95x | 14.35x | 7.12x | 7.77x |
| Bonfiglioli | 0.16x | 1.71x | 1.16x | 0.99x |
| Sahajanand Medical | 1.12x | 0.51x | 0.82x | 0.82x |
| Zetwerk | 0.37x | 0.16x | 0.36x | 0.31x |
The figures show that Tonbo Imaging attracted the strongest demand across investor categories, particularly among non-institutional and retail investors.
Meanwhile, Zetwerk recorded the lowest overall subscription, although the final bidding day could change the subscription picture.
What Is IPO GMP and Why Does It Matter?
Grey Market Premium, commonly known as GMP, refers to the unofficial premium at which IPO shares are discussed or traded before their stock exchange listing.
For example, if an IPO has an issue price of ₹700 and a reported GMP of ₹505, its indicative grey market listing price would be ₹1,205.
However, GMP is not an official stock exchange indicator. It can fluctuate significantly based on market sentiment, demand, and broader market conditions.
Investors should not rely solely on GMP when evaluating an IPO.
Company fundamentals, financial performance, valuation, business risks, and official offer documents are equally important.
When Will These Four IPOs Close?
According to the reported IPO schedule, all four public offerings opened on Thursday, October 15, 2026, and are scheduled to close on Monday, October 19, 2026.
Investors considering these offerings should review the official IPO documents and updated subscription figures before making a decision.
Conclusion
Tonbo Imaging currently leads the reported IPO GMP comparison, with an unofficial premium of ₹505 and an indicative listing gain of 72.14%.
Bonfiglioli Transmissions follows with a reported premium of ₹129, while Sahajanand Medical Technologies and Zetwerk Manufacturing show relatively modest grey market premiums.
Subscription data also highlights significant differences in investor interest, with Tonbo Imaging attracting the strongest demand and Zetwerk receiving the weakest response during the second bidding day.
However, grey market estimates do not guarantee actual listing performance. Investors should assess each company’s fundamentals and risk factors rather than making decisions based on unofficial premiums alone.
Read More:Adani Group Q2 Results This Week: 4 Major…
Disclaimer: This article is intended for educational and informational purposes only. IPO GMP figures are unofficial and subject to change. The figures reflect the supplied report dated October 18, 2026, and have not been independently verified against live market data. This content does not constitute investment advice. Consult a SEBI-registered investment adviser before making financial decisions.
