₹8,874 Crore IPO Rush: 4 Issues Open Today, but 68% Won’t Go to Companies

Four mainboard IPOs worth ₹8,873.80 crore open on October 15, but just ₹2,830 crore is fresh capital for companies. Compare Zetwerk’s losses, Tonbo’s cash-flow risks, Bonfiglioli’s profitability and Sahajanand’s valuation.

October 15, 2026

India’s IPO market has a ₹8,874 crore question today: how much of that money will actually reach the companies going public?

Four mainboard IPOs—Zetwerk Manufacturing Businesses, Bonfiglioli Transmissions, Tonbo Imaging India and Sahajanand Medical Technologies—open for subscription on Thursday, October 15, with a combined offer value of approximately ₹8,873.80 crore at the upper price bands.

But ₹6,043.80 crore, or 68.1% of the total, is an Offer for Sale (OFS). Only ₹2,830 crore represents fresh equity, and all of it comes from Zetwerk.

Bonfiglioli, Tonbo Imaging and Sahajanand Medical Technologies are entirely OFS issues. Their companies will not receive the proceeds from those share sales.

The distinction matters because a large IPO does not necessarily mean a large injection of capital into the business. It becomes more significant when investors compare the companies themselves: Zetwerk has delivered rapid revenue growth but continues to report losses, Tonbo combines high EBITDA margins with a lengthy working-capital cycle, Bonfiglioli has an established profit record, and Sahajanand’s earnings recovery comes with a valuation to assess.

With two more mainboard IPOs also open or closing today and Jio Platforms scheduled to launch next week, investors face a crowded primary-market calendar. Whether the competing offers affect subscription demand remains uncertain.

Need to Know: Four New IPOs Opening Today

• Combined offer value: ₹8,873.80 crore at the upper price bands.
• Fresh equity: ₹2,830 crore, entirely from Zetwerk.
• OFS component: ₹6,043.80 crore, or approximately 68.1%.
• Largest issue: Zetwerk, with an offer value of ₹5,012.33 crore.
• Other active mainboard IPOs: HD Fire Protect closes today, while Fusion CX remains open until October 16.
• Next major IPO: Jio Platforms is scheduled to open on October 21.

IPO Today: Price Bands, Lot Sizes and Issue Values

Minimum investment is calculated at the upper price band for one lot and excludes applicable charges. Issue values are approximate offer values.

All four IPOs are scheduled to close on October 19, with tentative listings on October 23.

The financial profiles below highlight why investors should look beyond issue size and unofficial grey-market premiums when comparing the four offers.

1. Zetwerk IPO: Revenue Rises 40%, but Losses Remain the Bigger Test

Zetwerk is the largest of the four new IPOs, combining a ₹2,830 crore fresh issue with an OFS worth approximately ₹2,182.33 crore.

Its FY26 revenue from operations increased to ₹15,913.32 crore from ₹11,331.86 crore in FY25, a rise of approximately 40.4%.

However, higher revenue has not yet translated into reported profitability.

Zetwerk’s Red Herring Prospectus (RHP) reports adjusted EBITDA of ₹421.34 crore, but its prospectus-defined EBITDA was negative ₹353.53 crore. These are different measures and should not be treated as interchangeable.

Where will Zetwerk use its fresh IPO money?

Debt repayment and prepayment account for a substantial portion of the proposed use of proceeds.

The company plans to allocate ₹1,300 crore towards its own borrowings and another ₹860 crore towards borrowings of specified subsidiaries. The combined ₹2,160 crore represents approximately 76.3% of the fresh issue.

Lower borrowings could improve financial flexibility. The unresolved question is whether debt reduction, operational improvements and revenue growth can produce sustainable profits and stronger cash generation.

What to watch: Reported losses, the difference between adjusted and prospectus-defined EBITDA, debt reduction and the conversion of revenue growth into cash.

Primary document: Zetwerk Manufacturing Businesses RHP — SEBI.

2. Bonfiglioli Transmissions IPO: Profitable Business, but No Fresh Capital

Bonfiglioli Transmissions is offering shares at ₹558–586, with a minimum one-lot application of ₹14,650 at the upper price band.

Its entire ₹2,533.81 crore IPO is an OFS by promoter Bonfiglioli S.p.A. The company will not receive the proceeds from the share sale.

Its reported financial profile is different from Zetwerk’s.

For the calendar year ending December 2025, Bonfiglioli reported revenue from operations of ₹2,013.53 crore and profit after tax of ₹237.87 crore. EBITDA excluding other income was ₹370.77 crore, with a margin of 18.41%.

For the six months ended June 2026, revenue reached ₹1,131.87 crore, and profit after tax stood at ₹148.58 crore. The company reported no borrowings at December 2025 and June 2026.

One comparison caveat matters: Bonfiglioli reports on a December year-end, whereas the other companies principally use a March year-end.

Its RHP also discloses dependence on the wider Bonfiglioli group for branding and intellectual property, including a royalty arrangement equivalent to 6% of specified product sales.

The OFS structure does not automatically make the IPO unattractive. It does, however, mean investors are assessing an established business and the valuation being offered rather than new equity funding for expansion or debt repayment.

What to watch: Valuation against earnings, industrial demand, margin sustainability, royalty arrangements and dependence on the parent group.

3. Tonbo Imaging IPO: 28.9% EBITDA Margin, but a 517-Day Working-Capital Cycle

Tonbo Imaging India’s IPO is entirely an OFS, with an offer value of approximately ₹852.18 crore. Its price band is ₹665–700, and one lot costs ₹14,700 at the upper band.

Tonbo develops specialised electro-optical, infrared imaging and electronic systems for defence and security applications.

Its FY26 EBITDA margin of 28.85% looks strong, but revenue and cash-flow figures introduce a more complicated picture.

Revenue declined 22.69% from ₹469.08 crore in FY25, while profit after tax fell from ₹72.76 crore.

The company has attributed part of the revenue weakness to delays in international-order execution and the deferral of certain expected orders into FY27.

Its confirmed order book stood at approximately ₹314.24 crore on June 30, 2026, compared with ₹279.02 crore at March-end. That provides a measure of future business visibility, but orders still need to be executed and converted into recognised revenue and cash.

Why cash conversion could matter more than margins

Tonbo’s working-capital days increased from 152 in FY24 to 280 in FY25 and 517 in FY26. The company also reported negative operating cash flow of approximately ₹136.12 crore in FY25 and ₹63.22 crore in FY26.

A lengthy working-capital cycle can leave substantial funds tied up in inventory, receivables and project execution before customer payments arrive.

Customer concentration adds another risk. Tonbo’s top 10 customers accounted for 77.83% of FY26 revenue.

The defence-technology opportunity may attract interest, but high reported margins alone do not establish the strength of cash generation. Delayed orders and slow collections could continue to pressure the business even if demand eventually improves.

What to watch: Order execution, collection of customer payments, working-capital days, customer concentration and whether profits translate into positive operating cash flow.

Primary document: Tonbo Imaging India RHP — SEBI.

4. Sahajanand Medical IPO: Profit Jumps, but Does the Valuation Leave Enough Room?

Sahajanand Medical Technologies is offering shares at ₹327–344, with a minimum one-lot application of ₹14,792 at the upper price band.

The ₹475.48 crore issue is entirely an OFS. The company will not receive the proceeds from the share sale.

Its FY26 financial performance shows a substantial improvement in profitability.

Revenue increased from ₹1,024.88 crore in FY25. Restated profit after tax rose from ₹25.15 crore to ₹69.08 crore, following a loss of ₹7.35 crore in FY24.

At the upper price band, the implied market capitalisation is approximately ₹3,496.65 crore. Compared with FY26 restated profit, this implies a simple market-cap-to-profit ratio of approximately 50.6 times.

This is an indicative calculation, not a definitive valuation recommendation. Its relevance depends on the earnings base, share-count assumptions and future growth.

The company’s prospects depend partly on its ability to expand its cardiovascular-device portfolio and international presence. However, product competition, regulation, working-capital requirements and borrowings remain relevant risks.

What to watch: The durability of profit growth, cash generation, regulatory developments and whether future earnings support the valuation implied by the offer price.

Primary document: Sahajanand Medical Technologies RHP — SEBI.

6 IPOs Open Today: HD Fire Protect Closes, Fusion CX Still Available

The four new launches are not the only mainboard issues available to investors on October 15.

At their stated upper-band offer values, the six issues represent approximately ₹10,288 crore.

HD Fire Protect is scheduled to close on October 15, while Fusion CX remains open through October 16. Fusion CX’s approximately ₹702 crore issue includes ₹500 crore of fresh equity and ₹202 crore of OFS.

Investors tracking either issue should check the latest exchange subscription figures instead of relying on earlier snapshots.

For live issue information, see the IPO – Latest & Upcoming IPOs List 2026 | Check Live BSE NSE IPOs

Jio Platforms IPO Next Week: Could the Crowded Calendar Matter?

Jio Platforms is scheduled to open its IPO for public subscription on October 21, with bidding expected to close on October 23. Anchor investor bidding is scheduled for October 19.

The announced price band is ₹1,065–₹1,119 per share, with a minimum lot of 12 shares. The proposed fresh issue comprises 27 crore shares, representing a potential fundraise of approximately ₹30,213 crore at the upper price band. Reuters’ October 14 report provides further context on the offer.

The upcoming issue adds another major event to an already crowded calendar.

Investors allocating capital to the current IPOs will soon be assessing a much larger offering. However, it is too early to conclude that Jio will divert demand from the current issues. It could intensify competition for funds, draw additional attention to the primary market, or have different effects on individual IPOs.

The outcome will depend on valuations, market sentiment, available funds and company-specific expectations.

Readers can track upcoming dates and offer details through the NiftyTrader October 2026 IPO calendar.

Fresh Issue vs OFS: The ₹8,874 Crore Figure Needs Context

The four IPOs opening on October 15 have the following offer composition:

A fresh issue creates new shares, with proceeds going to the issuing company before applicable expenses. An OFS involves existing shareholders selling their shares, with the proceeds going to those sellers.

Neither structure automatically makes an IPO attractive or unattractive. A fresh issue can fund debt repayment or growth, while an OFS can provide existing investors with an exit. The important questions are why the offer is taking place, how the company performs financially and what valuation investors are being asked to pay.

Grey-market premiums are unofficial, can change quickly and do not guarantee listing gains. Subscription figures and market sentiment can also change throughout an offer period. Neither should replace a review of the RHP, financial statements and business risks.

Read Next: Jio IPO RHP: ₹30,049 Crore Profit, but Return on Capital Falls

Frequently Asked Questions

Which IPOs open on October 15, 2026?

Zetwerk Manufacturing Businesses, Bonfiglioli Transmissions, Tonbo Imaging India and Sahajanand Medical Technologies are scheduled to open their mainboard IPOs on October 15.

How much fresh capital will the four IPOs raise?

Approximately ₹2,830 crore, all from Zetwerk. Bonfiglioli, Tonbo Imaging and Sahajanand Medical Technologies are entirely OFS issues.

Which is the largest IPO opening today?

Zetwerk is the largest, with an offer value of approximately ₹5,012.33 crore at the upper price band.

What is the minimum investment for the four new IPOs?

At the upper price bands, one lot costs ₹14,949 for Zetwerk, ₹14,650 for Bonfiglioli, ₹14,700 for Tonbo Imaging and ₹14,792 for Sahajanand Medical Technologies. Applicable charges are excluded.

When does the Jio Platforms IPO open?

The announced subscription window is October 21–23, 2026, with a price band of ₹1,065–₹1,119 per share.

Does a high IPO GMP guarantee listing gains?

No. GMP is unofficial and does not guarantee the listing price or future returns. Investors should assess the offer documents, valuation, financial performance and risks.

The central question in this IPO rush is not simply which issue is largest or which has the highest unofficial premium. It is whether each business offers a reasonable balance of earnings quality, cash generation, valuation and risk. With Jio Platforms approaching next week, that distinction may become even more relevant as investors decide how to allocate their capital.

Disclaimer: This article is for informational and educational purposes only and does not constitute investment advice or a recommendation to subscribe to any IPO. IPO investments involve market, liquidity, business and valuation risks. Investors should review the relevant offer documents and consider their financial circumstances before making an investment decision.