Bonfiglioli Transmissions Completes Rs 2,533 Crore IPO with Shardul Amarchand Mangaldas as Legal Counsel
Leading Indian law firm Shardul Amarchand Mangaldas & Co. (SAM) acted as legal counsel to Bonfiglioli Transmissions Limited and its Italian promoter, Bonfiglioli S.p.A., on the Indian law aspects of the company's ₹2,533.66 crore (approximately $268.27 million) initial public offering (IPO).
The equity shares of Bonfiglioli Transmissions debuted on both the BSE and the National Stock Exchange (NSE) on October 23, 2026. The public issue was executed entirely through an offer for sale (OFS) of up to 43,239,042 equity shares by promoter Bonfiglioli S.p.A., meaning the company itself received no proceeds from the capital raise.
Strong Primary Market Appetite
The issue, which carried a price band of ₹558 to ₹586 per share, witnessed broad-based institutional and non-institutional participation. Overall, the IPO was subscribed more than 46 times.
Institutional appetite was particularly pronounced, with the Qualified Institutional Buyer (QIB) segment oversubscribed by over 120 times.
The book-running lead managers to the issue were:
- Axis Capital Limited
- BNP Paribas
- ICICI Securities Limited
- Jefferies India Private Limited
MUFG Intime India Private Limited served as the registrar for the offering.
The SAM legal team handling the transaction was led by partners Nikhil Naredi, Karun Prakash, and Trishita Dasgupta. The team also included senior associate Harini Jambunathan, associates Anaya Jain and Gouri Mahabalshetti, with principal associate Ritika Khare.
Operations and Market Positioning
Incorporated in 1998 and headquartered in Kancheepuram, Tamil Nadu, Bonfiglioli Transmissions is an engineering and manufacturing player specializing in mechanical and electro-mechanical power transmission systems. Its product lines comprise precision-engineered industrial drive solutions, speed reducers, gear motors, and gearboxes.
The company caters to three primary industrial verticals:
- Industry & Automation Solutions: Powering industrial automation equipment, packaging, material handling, and robotics.
- Off-Highway Mobility: Supplying drive and travel systems to construction, mining, and agricultural heavy machinery.
- Wind Energy: Manufacturing yaw and pitch drive gearboxes for wind turbines and renewable energy installations.
Globally, the Bonfiglioli Group maintains a footprint spanning nearly 70 years, while its Indian operating subsidiary has built out domestic manufacturing and assembly operations over the past 25 years.
Financial Profile and MNC Trend
For the fiscal year ended March 31, 2025 (FY25), Bonfiglioli Transmissions recorded revenue from operations of ₹1,864 crore, marking a 10.5% expansion from ₹1,687.50 crore logged in FY24. Operating earnings before interest, tax, depreciation, and amortisation (EBITDA) reached ₹293 crore, rising 20% compared to ₹244.11 crore in FY24. Net profit for FY25 surged to ₹191.12 crore from ₹147.69 crore a year earlier. In the nine-month period ended September 30, 2025, the company posted revenues of ₹1,460.17 crore alongside a profit after tax of ₹165.10 crore.
The listing adds to a widening cohort of multinational corporations (MNCs) seeking to monetize holdings and unlock value through the public listing of their Indian subsidiaries. Strong domestic liquidity, deep retail engagement, and high institutional demand continue to position India’s primary markets as a premier venue for global engineering and industrial conglomerates looking to establish dedicated localized capital structures.
