IPO Subscription Today (16 Oct): Fusion CX & Ravita Engineering Close
It is a busy Friday on Dalal Street's primary market. Two IPOs — Fusion CX and Ravita Engineering Services — enter their final day of bidding today, 16 October 2026, while five more issues are on Day 2 of subscription. Tonbo Imaging is the standout performer of the morning session, touching nearly 5x subscription with a grey market premium of around 71%. Here is the complete midday picture.
IPOs closing today
Fusion CX IPO — final day (closes 16 Oct)
The ₹702 crore Fusion CX IPO (₹500 crore fresh issue + ₹202 crore OFS) closes bidding today. The issue carried forward a Day-2 close of 1.16x overall — retail led at 3.92x, NII at 1.53x, while QIB participation stood at just 0.05x. Read our Fusion CX IPO deep-dive: price band, dates, GMP & review for the full breakdown.
| Category | Subscription (Day-2 close) |
|---|---|
| Qualified Institutional Buyers (QIB) | 0.05x |
| Non-Institutional Investors (NII) | 1.53x |
| Retail Individual Investors | 3.92x |
| Total | 1.16x |
Key details: price band ₹275–289, lot size 51 shares (₹14,739 minimum), ₹315.9 crore anchor book. Basis of allotment is expected on 19 October, with listing on BSE and NSE on 22 October. Unofficial grey market premium: around ₹22 (~7.6%), subject to change.
Ravita Engineering Services IPO — final day (closes 16 Oct)
The ₹116.05 crore NSE SME IPO closed its second day at roughly 1.7x overall — QIB 1.33x, NII around 2.6–2.8x and retail near 1.5x. Our Ravita Engineering IPO deep-dive covers the HVAC business, price band and review.
| Category | Subscription (Day-2 close) |
|---|---|
| Qualified Institutional Buyers (QIB) | 1.33x |
| Non-Institutional Investors (NII) | ~2.6–2.8x |
| Retail Individual Investors | ~1.5x |
| Total | ~1.7x |
Key details: price band ₹105–112, lot of 1,200 shares (minimum application ₹2,68,800). Allotment on 19 October, listing on NSE SME on 22 October. Unofficial GMP: a few rupees, suggesting a flat-to-marginal listing expectation.
Day-2 IPOs — midday demand
Tonbo Imaging — near 5x by mid-morning
The defence-tech issue was booked fully within hours on Day 1 and kept charging on Friday morning: about 4.96x overall by 11 AM, with retail around 4.2x, NIIs around 8x, QIBs 3.93x and employees at 8.6x. Day-1 closed near 4.0x (NII 5.95x led). Full details in our Tonbo Imaging IPO article: price band ₹665–700, dates & GMP. The unofficial GMP held at ₹500 (~71% premium), implying a potential listing near ₹1,200 — market-reported and not guaranteed. The ₹852.18 crore issue is a pure offer for sale and closes 19 October.
Bonfiglioli Transmissions — Day 2 after 0.48x Day 1
The ₹2,533.66 crore pure OFS (4.32 crore shares) saw 0.48x on Day 1, with retail at 0.57x doing the early heavy lifting. Price band ₹558–586, lot of 25 shares (minimum ₹14,650). Unofficial GMP slipped to around ₹140 (~24%) from ~30% earlier. Closes 19 October. See our Bonfiglioli Transmissions IPO deep-dive.
Zetwerk — Day 2 after 0.23x Day 1
The ₹5,012.33 crore manufacturing-marketplace IPO closed Day 1 at 0.23x — QIB 0.30x, retail 0.23x, NII 0.09x — with Day-2 figures updating through the session. Unofficial GMP around ₹15 (~10%). Price band ₹143–151, lot of 99 shares. Full issue details in our Zetwerk IPO article: ₹143–151 band, dates & GMP.
Sahajanand Medical — Day 2 at ~0.43x
The ₹475.48 crore cardiac-devices OFS stood at about 0.43x in the morning session (retail 0.54x, QIB 0.37x) after a 0.34x Day 1. Unofficial GMP around ₹43–45 (~12.5%). Price band ₹327–344, lot of 43 shares. Our Sahajanand Medical IPO deep-dive has the financials and review.
Shellz India (SME) — Day 2 after 0.76x Day 1
The ₹59.97 crore BSE SME issue closed Day 1 at 0.76x — NII 2.03x, retail 0.65x, QIB yet to bid. Unofficial GMP at ₹0. Price band ₹170–179, 800-share lot. See our Shellz India IPO article.
HD Fire Protect allotment today
HD Fire Protect finalises its basis of allotment today, 16 October, after closing at a blockbuster 131.73x (QIB 256.65x, NII 203.21x, retail 30.55x) on final-day subscription details here. The stock lists on 21 October. Unofficial GMP is holding around ₹82–91 (~30–34%).
IPO GMP snapshot (unofficial, 16 Oct)
All figures below are market-reported grey market premiums and are not official or guaranteed — they change frequently before listing.
| IPO | GMP (₹) | Approx. premium | Status |
|---|---|---|---|
| Tonbo Imaging | ~500 | ~71% | Day 2 |
| HD Fire Protect | ~82–91 | ~30–34% | Allotment today |
| Bonfiglioli Transmissions | ~140 | ~24% | Day 2 |
| Sahajanand Medical | ~43–45 | ~12.5% | Day 2 |
| Zetwerk | ~15 | ~10% | Day 2 |
| Fusion CX | ~22 | ~7.6% | Closes today |
| Ravita Engineering | ~2–7 | ~2–6% | Closes today |
| Shellz India | 0 | — | Day 2 |
Key dates ahead
| Date | Event |
|---|---|
| 16 Oct 2026 | HD Fire Protect allotment; Fusion CX & Ravita Engineering close |
| 19 Oct 2026 | Tonbo, Bonfiglioli, Zetwerk, Sahajanand & Shellz close; Fusion CX & Ravita allotment |
| 21 Oct 2026 | HD Fire Protect listing; Jio Platforms & Paras Healthcare open; 5 allotments |
| 22 Oct 2026 | Fusion CX & Ravita Engineering list |
| 23 Oct 2026 | Tonbo, Bonfiglioli, Zetwerk, Sahajanand & Shellz list (tentative) |
FAQs
Which IPOs are open today, 16 October 2026?
Seven IPOs are live: Fusion CX and Ravita Engineering (both close today), plus Tonbo Imaging, Bonfiglioli Transmissions, Zetwerk, Sahajanand Medical Technologies and Shellz India (all on Day 2).
What is the Fusion CX IPO subscription status today?
Fusion CX carried forward a Day-2 close of 1.16x overall (retail 3.92x, NII 1.53x, QIB 0.05x). Final-day figures will be available after bidding ends today.
What is the Tonbo Imaging IPO GMP today?
The unofficial grey market premium is around ₹500 (~71% over the ₹700 upper price band), but this is market-reported and not a guaranteed listing price.
When is the HD Fire Protect IPO allotment?
The basis of allotment is finalised today, 16 October 2026. The issue was subscribed 131.73x and lists on 21 October.
When do the five Day-2 IPOs close?
Tonbo Imaging, Bonfiglioli, Zetwerk, Sahajanand Medical and Shellz India all close on 19 October 2026 (Monday), with tentative listings on 23 October.
Conclusion
Friday's midday scorecard: Tonbo Imaging remains the clear demand leader at ~5x on Day 2 with a ~71% GMP, HD Fire Protect heads into allotment after a 131.73x oversubscription, and Fusion CX plus Ravita Engineering wrap up bidding today with modest but positive subscription. The coming week is loaded — five closes on Monday, the Jio Platforms and Paras Healthcare opens on 21 October, and six listings by 23 October. Always verify subscription figures on the BSE/NSE websites and treat GMP as sentiment, not a promise.