Bonfiglioli Transmissions Lists on BSE and NSE Today Following 46.05-Fold IPO Subscription

Shares of Bonfiglioli Transmissions Limited make their trading debut on the National Stock Exchange (NSE) and the Bombay Stock Exchange (BSE) on Friday, October 23, 2026, culminating a heavily subscribed initial public offering (IPO). The stock lists under the scrip code 544996 and trading symbol BONFIG.

The ₹2,533.66 crore public offering, which was open for subscription between October 15 and October 19, 2026, fixed its final issue price at ₹586 per share—the upper limit of its ₹558 to ₹586 price band. The company commands a market capitalisation of approximately ₹11,016.56 crore at the issue price.

Bumper Bidding Across Categories

The IPO experienced widespread institutional and high-net-worth demand, clocking an overall subscription of 46.05 times. Bidding momentum accelerated sharply on the final day, particularly from qualified institutional buyers.

Final Subscription Breakdown:

• Qualified Institutional Buyers (QIBs): Subscribed 120.78 times their reserved quota.
• Non-Institutional Investors (NIIs): Subscribed 40.39 times.
• Retail Individual Investors (RIIs): Subscribed 5.90 times for their allocated portion.

Ahead of public bidding on October 14, Bonfiglioli Transmissions raised ₹759.26 crore from institutional investors via its anchor book allocation at ₹586 per share. The anchor allotment drew marquee sovereign and global asset managers, including BlackRock, Goldman Sachs Asset Management, Abu Dhabi Investment Authority (ADIA), and Allianz Global Investors, alongside major domestic mutual funds like SBI Mutual Fund, HDFC Mutual Fund, ICICI Prudential Mutual Fund, and Nippon India Mutual Fund.

Offer Structure and Grey Market Cues

The IPO was executed entirely as an Offer for Sale (OFS) of 4,32,39,042 equity shares by the company's Italian promoter, Bonfiglioli S.p.A.. As a result, Bonfiglioli Transmissions will not receive any proceeds from the issue, with the entire net consideration going to the promoter selling shareholder. Post-issue, public shareholders hold a 23% stake, while the promoter group retains 77%.

In unofficial grey market trades leading up to the listing bell, the shares traded at a grey market premium (GMP) of roughly ₹130 to ₹135 per share, signalling expectations of an opening premium near 22% to 23% over the ₹586 issue price.

Business Profile and Financial Fundamentals

Bonfiglioli Transmissions is the Indian operating subsidiary of Italy’s Bonfiglioli group, which has had an industrial presence in India for more than 25 years. The company operates manufacturing facilities across Tamil Nadu and Maharashtra, producing precision-engineered gearboxes, gear motors, and drive units.

The company's product lines cater to three primary sectors:

• Industry & Automation: Gearboxes and drive systems for factory automation and manufacturing plants.
• Off-Highway Mobility: Transmissions and drive equipment for construction, agricultural, and earth-moving machinery.
• Wind Energy: Yaw and pitch drives engineered for wind turbine installations.

Financially, the company recorded total income of ₹2,023.59 crore and a profit after tax of ₹237.87 crore for the year ended December 31, 2025. For the six-month period ended June 30, 2026, total income stood at ₹1,139.17 crore with net profit touching ₹148.58 crore.

The issue was managed by book-running lead managers Axis Capital, BNP Paribas, ICICI Securities, and Jefferies India, with MUFG Intime India Private Limited acting as the registrar.

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