Bonfiglioli Transmissions IPO
- Issue price
- ₹586
- Listing price
- ₹586
- 0.00%
- Current price
- ₹641.75
- +9.51%
- Subscribed
- 46.13x
- Issue size
- ₹2,533.67 Cr
- Listed on
- 23 Oct 2026
IPO timeline
- Opens15 OctThu
- Closes19 OctMon
- Allotment21 OctWed
- Refunds22 OctThu
- Demat credit22 OctThu
- Listing23 OctFri
Issue details
- Price band
- ₹558 – ₹586 per share
- Issue size
- ₹2,533.67 Cr
- Fresh issue
- None
- Offer for sale
- ₹2,533.67 Cr
- Issue type
- Offer for sale only
- Face value
- ₹10 per share
- Lot size
- 25 shares
- Minimum investment
- ₹14,650
- Listing on
- BSE, NSE
- Exchange code
- BONFIG · 8041
Lot size and investment
| Application | Lots | Shares | Amount |
|---|---|---|---|
| Retail (Min) | 1 | 25 | ₹14,650 |
| Retail (Max) | 13 | 325 | ₹1,90,450 |
| S-HNI (Min) | 14 | 350 | ₹2,05,100 |
| B-HNI (Min) | 69 | 1,725 | ₹10,10,850 |
Reservation
- QIB
- 2,15,94,521 shares (50.00% of the Offer)
- NII
- 64,78,356 shares (15.00% of the Offer)
- Retail
- 1,51,16,165 shares (35.00% of the Offer)
- Employee
- 50,000 shares (0.12% of the Offer)
Allotment status
The allotment for this IPO is final. Check whether you received shares on the registrar's website using your PAN, application number or demat account (DP / Client ID).
Check allotment on MUFG Intime India- 1Open the registrar's allotment page and select this IPO from the list.
- 2Enter your PAN, application number or DP / Client ID.
- 3Submit to see the number of shares allotted, if any.
- Basis of allotment
- 21 Oct 2026
- Refunds initiated
- 22 Oct 2026
- Shares credited to demat
- 22 Oct 2026
- Listing
- 23 Oct 2026
Grey market premium (GMP)
- Current GMP
- ₹66
- +11.26%
- Estimated listing price
- ₹652
- Issue price ₹586
- Highest
- ₹178
- 14 Oct
- Lowest
- ₹66
- 22 Oct
GMP by day (₹ per share)
Day-wise GMP table
| Date | GMP | Premium | Est. listing |
|---|---|---|---|
| 23 Oct 2026 | ₹66 | +11.26% | ₹652 |
| 22 Oct 2026 | ₹66 | +11.26% | ₹652 |
| 21 Oct 2026 | ₹132 | +22.53% | ₹718 |
| 20 Oct 2026 | ₹137 | +23.38% | ₹723 |
| 19 Oct 2026 | ₹127 | +21.67% | ₹713 |
| 18 Oct 2026 | ₹130 | +22.18% | ₹716 |
| 17 Oct 2026 | ₹132 | +22.53% | ₹718 |
| 16 Oct 2026 | ₹129 | +22.01% | ₹715 |
| 15 Oct 2026 | ₹143 | +24.40% | ₹729 |
| 14 Oct 2026 | ₹178 | +30.38% | ₹764 |
| 13 Oct 2026 | ₹175 | +29.86% | ₹761 |
| 12 Oct 2026 | ₹155 | +26.45% | ₹741 |
| 11 Oct 2026 | ₹175 | — | ₹761 |
| 10 Oct 2026 | ₹137 | — | ₹723 |
- Subject to sauda
- ₹2,500 retail · ₹35,000 HNI
GMP is an unofficial indicator from an unregulated market. It is shown for information only and is not a prediction of the listing price or a recommendation to apply.
Subscription status
- QIB120.78x
- NII (HNI)40.4x
- Retail5.91x
- Employee7.43x
| Category | Shares offered | Shares bid for | Subscribed |
|---|---|---|---|
| Qualified Institutional Buyers (QIB) | 86,37,808 | 1,04,33,08,675 | 120.78x |
| Non-Institutional Investors (NII) | 64,78,357 | 26,17,05,075 | 40.4x |
| bNII — bids above ₹10 Lakh | 43,18,905 | 20,05,62,075 | 46.44x |
| sNII — bids ₹2 Lakh to ₹10 Lakh | 21,59,452 | 6,11,43,000 | 28.31x |
| Retail Individual Investors (RII) | 1,51,16,165 | 8,92,71,650 | 5.91x |
| Employee | 50,000 | 3,71,425 | 7.43x |
| Total | 3,02,32,330 | 1,39,46,56,825 | 46.13x |
Financials
- P/E (pre-issue)
- 37.07
- P/E (post-issue)
- 37.07
- EPS (₹)
- 15.81
- RoE
- 14.66%
- RoCE
- 20.03%
- RoNW
- 14.37%
- PAT Margin
- 13.04%
- EBITDA Margin
- 19.78%
- NAV (₹)
- 55.02
Pre-issue P/E uses the shares outstanding before the IPO; post-issue P/E includes the new shares. Calculated by Be IPO Ready at the issue price.
| Period ended | 30 Jun 2026 | 31 Dec 2025 | 31 Dec 2024 | 31 Dec 2023 |
|---|---|---|---|---|
| Assets | 1,495.82 | 1,439.46 | 1,299.08 | 1,414.72 |
| Total Income | 1,139.17 | 2,023.59 | 1,861.16 | 1,701.80 |
| Profit After Tax | 148.58 | 237.87 | 195.16 | 148.49 |
| EBITDA | 223.87 | 370.77 | 295.07 | 243.89 |
| NET Worth | 1,034.27 | 975.25 | 860.95 | 801.36 |
| Reserves and Surplus | 846.27 | 867.66 | 735.62 | 670.24 |
| Total Borrowing | 110.79 |
Peer comparison
| Company | Issue size | P/E | RoNW | PAT margin | Subscribed | Listing gain |
|---|---|---|---|---|---|---|
| Bonfiglioli Transmissions This IPO | ₹2,533.67 Cr | 37.07 | 14.37% | 13.04% | 46.13x | 0.00% |
| Dhoot Transmission Mainboard · listed 17 Aug 2026 | ₹3,066.89 Cr | 44.9 | 16.55% | 8.70% | 74.21x | +37.77% |
| Tenneco Clean Air India Mainboard · listed 19 Nov 2025 | ₹3,600 Cr | 23.83 | 46.65% | 11.31% | 58.83x | +27.20% |
| SEDEMAC Mechatronics Mainboard · listed 11 Mar 2026 | ₹1,087.45 Cr | 125.69 | 15.48% | 7.15% | 2.68x | +13.54% |
| Hero Motors Mainboard · listed 23 Sep 2026 | ₹1,000 Cr | 92.31 | 8.53% | 3.46% | 6.66x | -2.38% |
| Studds Accessories Mainboard · listed 7 Nov 2025 | ₹455.49 Cr | 28.43 | 15.49% | 11.93% | 73.25x | -3.42% |
| Adroit Industries (India) Mainboard · listed 30 Sep 2026 | ₹150.71 Cr | 22.95 | 18.94% | 13.55% | 176.85x | +75.37% |
Peers are other recent IPOs from the same industry, closest in issue size. Ratios are as disclosed at the time of each issue. This is not the listed-peer table from the offer document.
IPO objectives
How Bonfiglioli Transmissions plans to use the money raised, as stated in the offer document.
- Offer for sale by Bonfiglioli S.p.A.; the company receives no proceeds
- Achieve the benefits of listing the equity shares on the stock exchanges
About Bonfiglioli Transmissions
Bonfiglioli Transmissions Limited makes mechanical and electro-mechanical power transmission products. These are gearboxes and drive systems used inside machines. The company says it is one of India's largest technology-led providers of such products by revenue in the nine months ended 30 September 2025 (source: Frost & Sullivan report). It was incorporated in 1998 in Chennai as Bonfiglioli Deepak Private Limited and became a public company in September 2025. The company sells to three business verticals. Industry and Automation Solutions gave 41.56% of revenue from operations in 2024. The Wind Industry gave 32.16% and the Off-Highway Mobility Industry gave 23.38%. Other sales such as components gave 2.90%. In the nine months ended 30 September 2025, customers in India gave 72.94% of revenue and customers outside India gave 27.06%. The company manufactures at Thirumudivakkam and Mannur in Tamil Nadu and at Talegaon in Maharashtra. Thirumudivakkam has a machine shop and an assembly unit, and its machine shop ran at 79.53% of available hours in 2024. Mannur started making electric motors in October 2025. The company plans a new heavy-duty gearbox plant at Talegaon, on land now held by a group company, subject to MIDC approval. The company belongs to the Bonfiglioli Group of Italy, whose brand has a worldwide presence of nearly 70 years. Bonfiglioli S.p.A. holds 100.00% of the shares through itself and six nominees. As of 30 September 2025, the company had 975 personnel, of whom 590 were on-roll employees and 385 were contract labourers. The company produced 11,517 SKUs of gearboxes and gearmotors in 2024. The reporting year is the calendar year, ending 31 December. The latest period in the draft is the nine months ended 30 September 2025. The company allotted bonus shares in the ratio of 1 for every 2 held on 25 January 2026.
Strengths
- Total income rose from Rs 1,701.80 crore in 2023 to Rs 1,861.16 crore in 2024 and Rs 2,023.59 crore in 2025 (year ended 31 December).
- Profit after tax rose from Rs 148.49 crore in 2023 to Rs 195.16 crore in 2024 and Rs 237.87 crore in 2025. It was Rs 148.58 crore in the six months to 30 June 2026.
- EBITDA was Rs 370.77 crore in 2025 on total income of Rs 2,023.59 crore, and the EBITDA margin is 19.78% as per the latest figures.
- Net worth rose from Rs 801.36 crore at 31 December 2023 to Rs 975.25 crore at 31 December 2025 and Rs 1,034.27 crore at 30 June 2026.
- Total borrowing was Rs 110.79 crore at 31 December 2023, and no borrowing is shown in the later periods.
- Return on capital employed is 20.03% and the PAT margin is 13.04% as per the latest figures. Net asset value per share is Rs 55.02.
- Revenue is spread over three verticals: 41.56% from Industry and Automation, 32.16% from Wind and 23.38% from Off-Highway Mobility in 2024.
Risks
- Several figures below, such as customers, suppliers and receivables, are dated 2024 or 30 September 2025, while the financial table now runs to 30 June 2026, so they may have moved since.
- The top 10 customers gave 43.27% of revenue from customers in 2024 and 46.85% in the nine months to 30 September 2025. The largest customer alone gave 12.09% in that period.
- Transactions with related parties are large. Income from them was 18.11% of total income in 2024, and expenses with them were 25.89% of total expenses (30.35% in the nine months to 30 September 2025).
- The company depends on Bonfiglioli S.p.A. and the Bonfiglioli Group for certain operations, including royalty for intellectual property and sales to group companies.
- The top 10 suppliers gave 44.64% of raw material and component purchases in 2024, and the company has no definitive agreements with its suppliers.
- The offer is 100% offer for sale of up to 4,69,98,959 shares by Bonfiglioli S.p.A. The company receives no money from it.
- The selling shareholder's weighted average cost of acquisition is Rs 6.77 per share against a face value of Rs 10, and it holds 100.00% before the offer.
- The Wind Industry gave 32.16% of revenue in 2024, so the company is exposed to demand for wind turbines.
- Trade receivables were Rs 478.73 crore at 30 September 2025 against Rs 409.56 crore at 31 December 2024, and receivables absorbed Rs 64.58 crore of cash in the nine months.
- Capacity use is uneven. The Thirumudivakkam assembly unit ran at 56.10% of available hours in the nine months to 30 September 2025. The Talegaon expansion needs a lease transfer from a group company.
- Disputed income-tax demands pending before various forums were Rs 79.92 million at 30 September 2025.
Promoters and shareholding
Sonia Bonfiglioli, Luciano Bonfiglioli, Luisa Lusardi, BON-FI S.r.l. and Bonfiglioli S.p.A.
- Promoter holding, pre-issue
- 100.00%
- Promoter holding, post-issue
- 77%
Anchor investors
Registrar, lead managers and documents
Company contact
Plot No. AC7-AC11, SIDCO Industrial Estate, Thirumudivakkam, Kancheepuram 600 132, Tamil Nadu
+91 63858 63934
btl.secretarial@bonfiglioli.comBonfiglioli Transmissions IPO: common questions
1.When does the Bonfiglioli Transmissions IPO open and close?
The Bonfiglioli Transmissions IPO opens on 15 Oct 2026 and closes on 19 Oct 2026.
2.What is the price band of the Bonfiglioli Transmissions IPO?
The price band is ₹558 – ₹586 per share, with a lot size of 25 shares and a minimum investment of ₹14,650.
3.What is the size of the Bonfiglioli Transmissions IPO?
The issue size is ₹2,533.67 Cr (Offer for sale only).
4.What is the GMP of the Bonfiglioli Transmissions IPO?
The last reported grey market premium is ₹66 per share as of 23 Oct 2026, 08:24 AM IST. GMP is unofficial and changes frequently.
5.When is the Bonfiglioli Transmissions IPO allotment?
The basis of allotment is expected on 21 Oct 2026. Allotment status can be checked with the registrar, MUFG Intime India Private Limited.
6.When will the Bonfiglioli Transmissions IPO list?
The shares listed on 23 Oct 2026 on BSE, NSE.
7.Who is the lead manager of the Bonfiglioli Transmissions IPO?
The book running lead managers are Axis Capital, ICICI Securities, Jefferies India Private Limited, and the registrar is MUFG Intime India Private Limited.
8.What will the money raised in the Bonfiglioli Transmissions IPO be used for?
As stated in the offer document, the proceeds are for: Offer for sale by Bonfiglioli S.p.A.; the company receives no proceeds; Achieve the benefits of listing the equity shares on the stock exchanges.
9.How can my company launch an IPO like Bonfiglioli Transmissions?
Start with an IPO readiness assessment: eligibility for the Main Board, audited financials, governance, conversion to a public limited company and an indicative valuation. Be IPO Ready advises promoters through each step, from readiness to listing day.
For business owners
Your company could be the next listing
Businesses like these raise growth capital on the public markets every week. Tell us about yours and our advisors will tell you, plainly, whether an IPO is within reach and what it would take.
- Eligibility check against NSE Emerge, BSE SME and Main Board norms
- Indicative valuation and issue size for your business
- A clear timeline from readiness to listing day
Check if your business can list
Fill in the eligibility form and get an assessment of where you stand. It takes about five minutes.
Prefer to talk? Call +91 92130 20393