Money & RulesBreakout Explainer
Bonfiglioli Transmissions Limited IPO GMP today: ₹130 (unofficial) on the last day, 0.99x after Day 2, and the QIB gap to watch
Bonfiglioli Transmissions' ₹2,534 crore IPO closes today. Retail and HNI books were already full after Day 2, but the institutional quota was only 16% covered and the grey-market premium has slid from ₹178 to about ₹130. Here's what's official, what isn't, and what one lot costs. Shellz India's SME issue also closes today.
TL;DRThe short version
- GMP is unofficial and falling: about ₹130 a share on 18 Oct (IPOwiz), or ~22% over the ₹586 top of the band. WeeStox's daily log has it at ₹178 on 14 Oct, so the premium has dropped by about a quarter during bidding.
- After Day 2 (16 Oct, NSE data via PTI): 0.99x overall. Retail 1.16x, non-institutional 1.71x, but QIBs only 0.16x, even after ₹759.26 crore from anchors including BlackRock, Goldman Sachs Asset Management and ADIA. Today's QIB number is the one to watch.
- Terms: ₹558–586, lot 25 shares (₹14,650), retail max 13 lots (₹1,90,450). It's 100% offer for sale by the Italian parent, so the company gets nothing. Allotment 21 Oct, listing 23 Oct (tentative). Shellz India (SME, ₹170–179, minimum ₹2,86,400) also closes today.
- Bid in your broker or bank app and approve the UPI mandate before the 5 PM cut-off today. On 21 Oct, check allotment on the registrar's site (MUFG Intime): in.mpms.mufg.com › public issuesRead the RHP before you bid. GMP is an unregulated grey-market quote. This is not investment advice.
Key facts
- Issue
- ₹2,533.66 crore, entirely an offer for sale of 4,32,39,042 shares by promoter Bonfiglioli S.p.A. (no fresh issue)
- Price band, lot
- ₹558–586; 25 shares = ₹14,650 at the top; retail max 13 lots (325 shares, ₹1,90,450)
- Dates
- Bids 15–19 Oct; allotment Wed 21 Oct; refunds and demat credit Thu 22 Oct; listing Fri 23 Oct on NSE and BSE (tentative)
- Quota
- QIB 50% of net offer (60% of it went to anchors), NII 15%, retail 35%; 50,000 shares for employees at a ₹29 discount (Chittorgarh)
- Anchors
- ₹759.26 crore on 14 Oct, including BlackRock, Goldman Sachs Asset Management and Abu Dhabi Investment Authority (PTI)
- Day 2 subscription
- 0.99x overall: retail 1.16x, NII 1.71x, QIB 0.16x (bids for 3,00,27,100 shares vs 3,02,82,330 on offer, NSE via PTI, 16 Oct)
- Valuation
- Market cap ₹11,016.56 crore at ₹586; P/E about 46x on CY2025 EPS of ₹12.65 (Chittorgarh)
- GMP
- About ₹130 on 18 Oct (IPOwiz); ₹178 on 14 Oct (WeeStox log). Unofficial
- Registrar, lead managers
- MUFG Intime India; Axis Capital, BNP Paribas, ICICI Securities, Jefferies
Short answer: the Bonfiglioli Transmissions Limited IPO GMP today is about ₹130 a share, the figure IPOwiz showed on 18 October. That's roughly 22% over the ₹586 upper band. It's an unofficial grey-market quote, and it has fallen from about ₹178 on 14 October. What's official: the ₹2,534 crore issue closes today, was 0.99 times subscribed after Day 2, and one lot of 25 shares costs ₹14,650. Retail and HNI demand was already there. Whether institutions turn up today decides how the book finishes.
Figures as of about 9:00 AM IST, Monday 19 October 2026. Day 3 bidding opens when the market does, and we haven't seen final-day subscription numbers yet.
What one lot costs
| Application | Lots | Shares | Amount at ₹586 |
|---|---|---|---|
| Retail minimum | 1 | 25 | ₹14,650 |
| Retail maximum | 13 | 325 | ₹1,90,450 |
| Small HNI minimum | 14 | 350 | ₹2,05,100 |
| Big HNI minimum | 69 | 1,725 | ₹10,10,850 |
Lot table per Chittorgarh. Retail investors can bid at the cut-off price. Work out your cost and a listing-price scenario in our IPOs this week calculator, which now includes Bonfiglioli and Shellz India.
The subscription picture after Day 2
| Category | Shares on offer | Subscribed (Day 2, 16 Oct) |
|---|---|---|
| Retail | 1,51,16,165 | 1.16x |
| Non-institutional (HNI) | 64,78,356 | 1.71x |
| QIB (excluding anchors) | 86,37,808 | 0.16x |
| Employees | 50,000 | 2.1x |
| Total | 3,02,82,330 | 0.99x |
Overall and category figures from NSE data reported by PTI on 16 Oct. Share counts and the employee figure from IPO trackers (IPO Cracker, Chittorgarh). Bidding ran Thursday and Friday, paused for the weekend, and today is Day 3.
Three things stand out:
- Institutions haven't shown up yet. The QIB book was only 16% covered after two days, even though big names took ₹759.26 crore of anchor shares on 14 October. QIBs often bid on the last day, but if they don't today, the overall number will finish modestly.
- Retail allotment odds are decent. There are 6,04,646 retail lots on offer (Chittorgarh's "max allottees"). At 1.16x by shares, most retail applicants should get at least one lot if demand stays near this level. A late retail rush today would make allotment a lottery for one lot each.
- The grey market cooled while bids came in. WeeStox's daily log runs ₹155 (12 Oct), ₹175–178 (13–14 Oct), ₹143 (15 Oct) and about ₹129–132 (16–18 Oct). That's a drop of about a quarter from the peak, even as retail filled its quota.
01
Myth A ₹130 GMP means the shares will list at ₹716.
Fact GMP is an unregulated grey-market quote, not an exchange price. Bonfiglioli's fell from about ₹178 (14 Oct) to ₹130 (18 Oct) during bidding alone.
02
Myth The IPO money goes into Bonfiglioli's Indian business.
Fact It's a 100% offer for sale. All proceeds go to the Italian parent, Bonfiglioli S.p.A., whose stake falls from 100% to 77%.
03
Myth 0.99x after Day 2 means the issue is failing.
Fact Retail (1.16x) and non-institutional (1.71x) were already oversubscribed. The shortfall is in the QIB quota (0.16x), and institutions often bid late. Watch today's final figures.
What you're buying
Bonfiglioli Transmissions is the Indian arm of Italy's Bonfiglioli group. It makes gearboxes, gear motors, electric motors and drives for factory automation, off-highway vehicles and wind turbines, at two plants in Tamil Nadu (Thirumudivakkam and Mannur) and one in Talegaon, Maharashtra. Its financial year ends in December, not March. Restated figures via Chittorgarh:
| Period | Total income | Profit after tax |
|---|---|---|
| CY2023 | ₹1,701.80 cr | ₹148.49 cr |
| CY2024 | ₹1,861.16 cr | ₹195.16 cr |
| CY2025 | ₹2,023.59 cr | ₹237.87 cr |
| Jan–Jun 2026 (6 months) | ₹1,139.17 cr | ₹148.58 cr |
So profit grew about 22% in CY2025 on income growth of about 9%, and the first half of 2026 is running ahead of that pace. At ₹586, the market cap is ₹11,016.56 crore, about 46 times CY2025 earnings, or about 37 times annualised 2026 earnings (Chittorgarh). Twelve brokers tracked by Chittorgarh say "subscribe". Remember the structure, though: this is a 100% offer for sale. The Italian parent sells 23% of its holding and keeps 77%. The Indian company raises nothing, so your money funds no new plant.
Shellz India SME IPO: also closing today
The other issue searchers are checking this morning is Shellz India, a Delhi confectionery maker (Hugs and Tosca brands) on the BSE SME platform:
- Terms: ₹170–179 a share, lot of 800 shares. Individual investors must bid for at least 2 lots (1,600 shares), or ₹2,86,400, and SME issues have no cut-off price option. Issue size ₹59.97 crore, all fresh. ₹22 crore goes to repaying debt and ₹23 crore to working capital.
- Demand after Day 2 (16 Oct): 1.05x overall. NII 2.90x, retail 0.85x, QIB 0x (IPO Cracker).
- GMP (unofficial): ₹35 at 5:57 PM IST on 18 Oct, up from ₹23 earlier that day (IPO Cracker).
- Dates: allotment 21 Oct, listing 23 Oct (tentative). Registrar: Bigshare Services.
SME listings trade thinly, and IPO Cracker's own tracking finds grey-market premiums called the listing direction right less often for SME issues than mainboard ones. Read the debt load (debt to equity of about 1.7, per IPO Cracker) in the prospectus before you put ₹2.86 lakh in.
Key dates (tentative)
- Mon 19 Oct: bids close; UPI mandates must be approved by 5 PM
- Wed 21 Oct: basis of allotment; check status at MUFG Intime (Bonfiglioli) or Bigshare (Shellz)
- Thu 22 Oct: refunds and credit of shares to demat
- Fri 23 Oct: listing (Bonfiglioli on NSE and BSE; Shellz on BSE SME)
Tonbo Imaging and Zetwerk also close today, and Jio Platforms opens on 21 October. See our Zetwerk IPO explainer and Jio Platforms IPO guide.
This page explains public information. It isn't a recommendation to bid. Read the red herring prospectus on SEBI, NSE or BSE before you apply.
Trend Monitor
Searches for Bonfiglioli's grey-market premium surged on closing morning. "bonfiglioli transmissions limited ipo gmp today" rose +47,650% in rising queries for "ipo gmp" over the past four hours (Google Trends India, ~9:00 AM IST, 19 Oct), alongside "shellz india ipo gmp" (+82,500%). Over the past week, "bonfiglioli transmissions ltd ipo gmp today" was up +37,200%.
- bonfiglioli transmissions limited ipo gmp today+47,650% (pytrends related to 'ipo gmp', now 4-H, geo=IN, ~9:00 AM IST 19 Oct)
- shellz india ipo gmp+82,500% (same set)
- jio platforms ipo gmp today+56,900% (same set)
- bonfiglioli transmissions ltd ipo gmp today+37,200% (now 7-d, 19 Oct morning scan)
Google Trends, India, rising queries, 30 days