Overview: five IPOs go quiet today, five close on Monday
Saturday, October 17 brings a pause in bidding — the stock markets are closed, so no IPO is open for subscription today. But this is a pivotal weekend for the primary market: five IPOs close for bidding on Monday, October 19, and their final subscription numbers will be decided on the closing day. This article rounds up the latest published subscription figures for all five closing issues, the final numbers for the two IPOs that closed yesterday (Fusion CX and Ravita Engineering), and the key allotment and listing dates to mark on your calendar.
All subscription figures below are from the latest available exchange-published data (Friday, October 16 close of day). Grey market premiums (GMP) are unofficial, market-reported numbers that change through the day and are not guarantees of listing performance.
Closed on October 16: final subscription numbers
Fusion CX: closed at 4.68x
The ₹702 crore mainboard IPO of Fusion CX closed on Friday with an overall subscription of 4.68 times, up sharply from just 1.16x at the end of Day 2. The jump came from a classic closing-day surge in institutional bidding: QIB demand rose from 0.05x on Day 2 to 4.21x at close. Retail investors subscribed 5.99x — the strongest category — while HNIs bid 4.73x. Grey market chatter pegs the premium at a muted ~3.5% (unofficial), reflecting a lukewarm reception overall. Allotment is scheduled for October 19, with a tentative listing on October 22.
Ravita Engineering: closed at 7.11x
The ₹116.05 crore NSE SME IPO of Ravita Engineering finished much stronger, closing at 7.11 times. QIBs led the final-day charge at 13.21x (up from 1.33x on Day 2), HNIs bid 7.42x, and retail investors subscribed 3.50x. The company — an HVAC/EPIC engineering services provider with a ₹491 crore order book — allots on October 19 and is expected to list around October 22. GMP is quoted at a thin ₹2 over the ₹112 upper band (unofficial).
Five IPOs closing on Monday, October 19
Bidding resumes on Monday for five issues, and all five close the same day. Here is where each stood at the last published checkpoint (Friday, October 16 close of day):
| IPO | Total subscription | QIB | NII | Retail | GMP (unofficial) |
|---|---|---|---|---|---|
| Tonbo Imaging | 7.78x | 3.95x | 14.35x | 7.14x | ₹500 (+71%) |
| Bonfiglioli Transmissions | 0.99x | 0.16x | 1.71x | 1.16x | ₹160 (+27%) |
| Sahajanand Medical | 0.83x | 1.12x | 0.51x | 0.83x | ₹35–40 |
| Zetwerk | 0.31x | 0.37x | 0.17x | 0.37x | ₹7 |
| Shellz India | 0.89x | 0.00x | 2.18x | 0.85x | ₹0 |
GMP figures are unofficial and market-reported; they can change quickly and do not guarantee listing performance.
Tonbo Imaging leads the pack
Defence-tech player Tonbo Imaging is the clear crowd favourite. The ₹852.18 crore pure-OFS issue (₹665–700 band, 21-share lot) closed Day 2 at 7.78x, with NII demand at a blazing 14.35x and the employee quota at 13.14x. The ₹500 GMP implies a potential listing price near ₹1,200 — a ~71% pop over the ₹700 upper band. Watch for heavy final-day QIB bidding on Monday; the issue allots on October 20 and lists tentatively on October 23.
Four underdogs head into the final day
Bonfiglioli Transmissions (₹2,000+ crore OFS) is nearly fully subscribed at 0.99x but with QIBs at just 0.16x — Monday's institutional bids will decide its fate. Sahajanand Medical (₹475.48 crore OFS) is at 0.83x with QIBs the only fully-subscribed category (1.12x). Zetwerk's ₹5,012 crore IPO — one of the year's biggest — is languishing at 0.31x across all categories, and Shellz India's ₹59.97 crore SME issue is at 0.89x with QIBs yet to bid. All four will need a strong final-day response to close comfortably above 1x.
Key dates: what happens next
| Date | Event |
|---|---|
| Mon, Oct 19 | 5 IPOs close: Tonbo Imaging, Bonfiglioli, Zetwerk, Sahajanand Medical, Shellz India (bidding till 5 PM) |
| Mon, Oct 19 | Allotment: Fusion CX, Ravita Engineering; refunds/credits: HD Fire Protect (131.73x) |
| Tue, Oct 20 | Allotment (tentative): the 5 closing IPOs |
| Wed, Oct 21 | Jio Platforms (₹30,213 cr) & Paras Healthcare open; HD Fire Protect lists |
| Thu, Oct 22 | Fusion CX & Ravita Engineering list (tentative) |
| Fri, Oct 23 | Tonbo, Zetwerk, Bonfiglioli, Sahajanand, Shellz list (tentative) |
What to watch on Monday
- Final-day QIB bids: the two mainboard closes that are still below 1x (Zetwerk, Sahajanand) and the barely-subscribed Bonfiglioli will all depend on institutional demand on Monday, since QIBs typically bid on the last day.
- Tonbo's record: already 7.78x, it could cross 10x if NII momentum continues — the year's strongest SME-style mainboard debut so far in terms of GMP.
- Allotment action: Fusion CX and Ravita Engineering allotment bases get finalised Monday — retail applicants in the oversubscribed retail portions of Ravita (3.50x) will go through a lottery.
- Jio week: with Jio Platforms' ₹30,213 crore IPO opening October 21 and HD Fire Protect listing the same day, next week is the biggest primary-market week of the year so far.
FAQs
Which IPOs are closing on October 19, 2026?
Five IPOs close on Monday, October 19: Tonbo Imaging, Bonfiglioli Transmissions, Zetwerk, Sahajanand Medical (all mainboard) and Shellz India (BSE SME). Bidding closes at 5 PM.
What is Tonbo Imaging's subscription status before the close?
At the last published checkpoint (October 16 close of day), Tonbo Imaging was subscribed 7.78x overall — QIB 3.95x, NII 14.35x, retail 7.14x, employee 13.14x. The grey market premium is quoted around ₹500 (unofficial, subject to change).
What was the final subscription of the Fusion CX IPO?
Fusion CX closed on October 16 subscribed 4.68x overall — retail 5.99x, NII 4.73x, QIB 4.21x. Allotment is on October 19 and listing is tentatively on October 22.
What was the final subscription of the Ravita Engineering IPO?
Ravita Engineering closed on October 16 subscribed 7.11x — QIB 13.21x, NII 7.42x, retail 3.50x. Allotment is on October 19 and the NSE SME listing is tentatively on October 22.
When will the 5 closing IPOs be allotted and listed?
Allotment for the five IPOs closing October 19 is tentatively on October 20, with listings expected around October 23, subject to exchange confirmation.
Conclusion
It is a quiet Saturday for bidding, but Monday will be anything but: five IPOs close, two more allots, and HD Fire Protect shareholders get their refunds. Tonbo Imaging is the undisputed star of this round at 7.78x with a ₹500 GMP, while Zetwerk, Sahajanand, Bonfiglioli and Shellz need a strong final-day push — especially from QIBs. Check IPOlist.in on Monday evening for the final-day closing numbers, and watch our GMP tracker for the weekend premiums.
Related reads on IPOlist.in:
- Fusion CX IPO: Price Band, Dates, GMP & Review
- Ravita Engineering IPO: Price Band, Dates, GMP & Review
- Tonbo Imaging IPO: Price Band, Dates & GMP
- Zetwerk IPO: Price Band ₹143–151, Dates & GMP
- Bonfiglioli Transmissions IPO: Dates, GMP & Review
- Sahajanand Medical IPO: Price Band, Dates & GMP
- Shellz India IPO: Price Band, Dates & GMP
- Jio Platforms IPO: Price Band, Lot Size, Dates & GMP