5 IPOs Listing on 23 Oct 2026: GMP & Expected Prices
Friday, 23 October 2026 will be one of the busiest listing days of the IPO season. Five companies — Tonbo Imaging, Bonfiglioli Transmissions, Sahajanand Medical Technologies, Zetwerk and SME issue Shellz India — debut on the BSE and NSE tomorrow after finalising allotments on 21 October. Tonbo Imaging leads the pack with a blockbuster 135.90x subscription and a grey market premium (GMP) of around ₹440, implying a ~63% listing gain.
On the same day, the ₹30,213 crore Jio Platforms IPO — India's largest ever — closes its public book, while Paras Healthcare also shuts for subscription. Here is the full GMP preview, expected listing prices and what investors should watch.
23 October Listing Day: Scorecard at a Glance
| IPO | Price Band (₹) | Issue Size | Final Subscription | GMP (22 Oct, unofficial) | Indicative Listing Price |
|---|---|---|---|---|---|
| Tonbo Imaging | 665–700 | ₹852 cr | 135.90x | ₹438–440 (~63%) | ~₹1,138–1,140 |
| Bonfiglioli Transmissions | 558–586 | ₹2,534 cr | 46.06x | ₹69–135 (~12–23%) | ~₹655–721 |
| Sahajanand Medical | 327–344 | ₹475 cr | 14.20x | ₹15–26 (~4–8%) | ~₹359–370 |
| Zetwerk | 143–151 | ₹5,012 cr | 3.06x | ₹0–5 (flat) | ~₹151–156 |
| Shellz India (SME) | 170–179 | ₹60 cr | ~50–58x | ~₹25 (+14%) | ~₹204 |
All GMP figures are unofficial grey-market indications as of 22 October evening and can change sharply before listing. They are not a guarantee of listing gains.
Tonbo Imaging: The Star Debutant
The defence-electronics OEM's ₹852 crore pure-OFS issue drew 135.90x subscription — the highest of this batch — led by QIBs at 293.56x, NIIs at 170.94x and retail at 31.07x. The GMP has cooled slightly from ₹513–515 on allotment day to around ₹438–440 on 22 October, still implying an indicative listing price of roughly ₹1,140 — about 63% above the ₹700 upper band.
At 21 shares per lot (₹14,700 invested), a 63% pop would mean roughly ₹9,200 of notional gain per allotted lot. With shares credited to demat accounts today, allotment holders will be watching the 9:15 AM open closely. Tonbo's valuation, however, is steep, and its revenues declined ~23% in FY26 — investors should expect volatility on debut.
Tonbo IPO allotment details: 135.90x subscription and status check
Bonfiglioli Transmissions: Big Issue, Moderate GMP
The ₹2,534 crore pure-OFS issue from the Italian gearbox maker closed 46.06x (QIB 120.8x, NII 40.4x, retail 5.9x). Its GMP has been volatile through the day — quoted as low as ₹69 and as high as ₹135 across trackers — implying an indicative price between ~₹655 and ~₹721 versus the ₹586 upper band. The wide range reflects thin grey-market trading; a steady open near ₹650–700 would be the base expectation.
Bonfiglioli IPO: price band, dates, GMP and review
Sahajanand Medical: Steady, Not Spectacular
The cardiac-device maker's ₹475 crore issue closed 14.20x. Its GMP of ₹15–26 implies a modest 4–8% pop to around ₹359–370 versus the ₹344 upper band. Sahajanand has been the quiet performer of the batch — institutional demand was healthy but the grey market has stayed muted, suggesting a flat-to-mild listing.
Sahajanand Medical IPO: price band, dates and GMP
Zetwerk: The ₹5,012 Crore Question Mark
The largest issue of the five in size terms closed just 3.06x, and its GMP sits at ₹0–5 — effectively flat. At ₹151 upper band, the indicative price is ₹151–156. With a fresh issue of ₹2,830 crore plus a large OFS and a FY26 reported loss, Zetwerk's debut looks set for a lukewarm start. The one to watch for any surprise institutional buying at open.
Zetwerk IPO: ₹5,000 crore size, dates and details
Shellz India (SME): Small but Punchy
The ₹60 crore BSE SME issue from the confectionery maker closed roughly 50–58x (retail ~56x). Its GMP of ~₹25 implies an indicative ₹204 versus the ₹179 upper band — about 14%. With SME listings subject to tight price bands on debut, expect circuit hits either way on thin volume.
Shellz India IPO: price band, dates, GMP and review
Also Tomorrow: Jio IPO Closes, Paras Ends Too
Tomorrow is also closing day for the Jio Platforms IPO, which closed Day 2 at 5.19–5.25x (QIB ~12.3–12.45x, NII ~5.4–5.6x, retail ~1.5x, shareholder quota ~3.8–3.9x). Combined public bids of ~₹1.23 lakh crore plus the ₹2.5 lakh crore anchor demand take total demand to roughly ₹3.73 lakh crore. The GMP held at ~₹243–246 (~22%, unofficial) on 22 October. Allotment is expected on 26 October and listing on 28 October.
Jio IPO Day 1 closed 3.22x; HD Fire ended +12% on debut
Paras Healthcare — the ₹1,450 crore hospital IPO open since 21 October — also closes tomorrow, but demand has stayed anaemic at ~0.33x, with QIBs yet to bid. Its GMP has cooled to ~₹13–15. A weak debut is widely expected if it scrapes through.
Paras Healthcare IPO: price band, dates, GMP and review
The SME pipeline continues as well — Core4 Engineers (₹55 crore, ₹88–93) opens for subscription on 23 October.
What to Watch on Listing Day
- 9:15–9:30 AM open: Tonbo's opening print will set the tone — anything above ₹1,100 confirms the grey market's read; below ₹950 would be a genuine shock.
- Volume vs. circuits: Mainboard IPOs can swing on the first day; SME Shellz will trade in tight circuits — small volumes can lock it either side.
- Profit-booking waves: Heavy QIB/NII bids (Tonbo, Bonfiglioli) mean institutional holders may book early — watch for intraday reversals.
- Jio close: The final-day bidding figure lands tomorrow evening — watch whether retail and HNI participation jumps on the last day as it often does.
- Pre-open momentum: Pre-open session (9:00–9:15 AM) discovered prices will hint at the day's direction before regular trade.
FAQs
Which IPOs are listing on 23 October 2026?
Tonbo Imaging, Bonfiglioli Transmissions, Sahajanand Medical Technologies, Zetwerk and Shellz India (SME) all list on the BSE and NSE on 23 October 2026.
What is the Tonbo Imaging IPO expected listing price?
The GMP on 22 October was around ₹438–440 over the ₹700 upper price band, implying an indicative listing price of roughly ₹1,138–1,140 — about 63%. GMP is unofficial and may change.
Which 23 October listing has the highest GMP?
Tonbo Imaging, at roughly ₹438–440 (~63%) on 22 October. Bonfiglioli follows at roughly ₹69–135, Shellz at ~₹25, Sahajanand at ₹15–26, and Zetwerk is flat.
Does Jio IPO close on 23 October?
Yes. The ₹30,213 crore Jio Platforms IPO closes on 23 October 2026, after closing Day 2 at 5.19–5.25x. Allotment is expected on 26 October and listing on 28 October.
Is GMP a reliable indicator of listing price?
GMP reflects unofficial grey-market sentiment, not an official price. It points the right way most of the time but can move sharply — investors should assess valuation and fundamentals rather than relying on GMP alone.
Conclusion
Five listings plus India's largest IPO closing make 23 October 2026 a landmark day for the primary market. Tonbo Imaging is the headline act with a potential 60%+ debut, Bonfiglioli and Shellz offer solid second-act prospects, while Sahajanand and Zetwerk look subdued. The Jio closing figure tomorrow evening will set the agenda for next week's allotment (26 Oct) and listing (28 Oct) — expect retail and HNI books to surge on the final day, as they usually do.