Bonfiglioli Transmissions IPO: Listing Price, Listing Gains vs GMP and Review

Listing update, 23 October 2026: Bonfiglioli Transmissions shares listed on 23 October 2026 at ₹586 on both NSE and BSE, exactly the issue price, so allottees saw no listing gain at the open. That came despite a 46.05x subscription and a grey market premium of about ₹133 to ₹143 quoted on 16 October. We will add the day-1 close after the market shuts.

Bonfiglioli Transmissions makes the gearboxes and gear motors that turn electric motors into usable motion, in factory conveyors, construction and farm machinery, and wind turbines. It is the Indian subsidiary of Bonfiglioli S.p.A. of Italy, and its ₹2,533.66 crore IPO, priced at ₹558 to ₹586 a share, was open from 15 to 19 October 2026 and closed 46.05 times subscribed.

Bonfiglioli Transmissions IPO listing price and listing gains

A flat debut after a QIB book of about 121 times and a mid-October GMP above 20% shows how far grey market quotes can sit from the discovered price. GMP is unofficial and thinly traded, and it was never a forecast. The issue was entirely an offer for sale, so none of the ₹2,533.66 crore went to the company. The day-1 close will be added after 3:30 pm IST.

How to Check Bonfiglioli Transmissions IPO Allotment Status Online

The basis of allotment was finalised on Wednesday, 21 October 2026. The registrar usually uploads results in the evening; if Bonfiglioli Transmissions is not in the dropdown yet, the file is not live. You only need your PAN or application number.

• Registrar (MUFG Intime India, formerly Link Intime): MUFG Intime public issues status
• BSE: BSE IPO application status
• NSE: NSE verify IPO bids

Check on MUFG Intime with PAN

1. Open the MUFG Intime public issues page and select Bonfiglioli Transmissions Limited from the company list.
2. Choose PAN (or Application No. / DP-Client ID / Account No. with IFSC).
3. Enter your PAN and click Search. The page shows shares applied for and shares allotted.

Check on BSE

1. Select Issue Type Equity and Issue Name Bonfiglioli Transmissions Limited.
2. Enter your application number or PAN, tick the captcha and click Search.

Check on NSE

1. Sign in on the NSE bid-verification page (a one-time sign-up with your PAN is needed).
2. Choose Equity, select the Bonfiglioli Transmissions symbol, enter your PAN and application number, and submit.

What next: if allotted, shares should reach your demat account on 22 October 2026; if not, your UPI block or ASBA amount is released from 22 October. Grey market premium figures are unofficial and are not an indicator of the listing price.

The business is solid: revenue of ₹2,013.53 crore and profit of ₹237.87 crore in calendar 2025, an EBITDA margin that has climbed to nearly 20%, and return on capital above 30%. But the issue is entirely an offer for sale by the Italian parent, and at the upper band the stock is priced at about 46 times 2025 earnings. Grey market trackers quoted a premium of about ₹135, or 23%, during bidding (unofficial).

Final subscription and allotment update

The Bonfiglioli Transmissions IPO closed on 19 October 2026 with the issue subscribed 46.05 times overall, according to the final day 3 exchange figures reported by HDFC Sky and IPO Watch. The retail portion was bid 5.90 times, so allotment for small investors was decided by a lottery of one minimum lot each, and most retail applicants will not get shares. Allotment was finalised on 21 October 2026 and the shares are scheduled to list on 23 October 2026. Use the allotment status steps above to check your application.

How the subscription built up

Bonfiglioli ended day 1 at 0.48 times, with employees the only group above 1x. By mid-afternoon on day 2, trackers showed the book at about 0.57 times, with small NIIs past their quota and retail at about two-thirds. QIBs had barely bid at that stage, which is common for a large issue that runs over a weekend. They came in on the final day, Monday 19 October, and finished at 120.78 times their quota.

Institutions had already shown their hand in the anchor round. On 14 October the company raised ₹759.26 crore from anchor investors at ₹586, about 30% of the issue, which gives the QIB portion a strong base.

Bonfiglioli Transmissions IPO at a glance

The parent is selling about 23% of the Indian company, so the IPO is an exit and listing event rather than a fundraise. Bonfiglioli Transmissions receives no money. The Indian unit stays majority-owned and controlled by the Italian group, which has operated in India for more than 25 years.

What Bonfiglioli Transmissions actually does

Bonfiglioli Transmissions designs and makes mechanical and electro-mechanical power transmission products: precision gear motors, gearboxes and complete drive systems. The parent group, Bonfiglioli S.p.A., has been in the business for nearly 70 years and runs 18 production sites and seven R&D centres worldwide, with sales in about 80 countries.

The Indian company has three factories, at Thirumudivakkam and Mannur in Tamil Nadu and Talegaon in Maharashtra. An industry report quoted in the offer documents describes it as India’s largest maker, by revenue, of gearboxes below 15 kNm and drives for the industrial automation, off-highway and wind sectors.

In the six months to June 2026, industry and automation solutions brought in 42.5% of revenue, off-highway mobility (construction, mining and agricultural machinery) 28.3%, and wind energy 27.4%. A group company, Bonfiglioli Riduttori, supplied about 15% of its raw material purchases in 2025, a related-party link worth watching.

The numbers behind the business

Bonfiglioli Transmissions reports on a calendar year, like its parent. These are the restated figures from the offer documents, in ₹ crore.

What these numbers tell us, in plain language:

• Growth is picking up. Revenue rose about 8.6% in 2025, and the first half of 2026, at ₹1,131.87 crore, is running well ahead of half of last year’s total.
• Margins are expanding. EBITDA margin went from 15.9% in 2024 to 18.4% in 2025 and 19.8% in the first half of 2026, as the mix shifted and costs were absorbed over higher volumes.
• High returns on capital. ROCE above 30% in both full years is strong for a capital goods maker and reflects the brand, the parent’s technology and a leading position in its niches.
• Rich on book value. At ₹586 the stock trades at about 10.7 times its June 2026 book value of ₹55.02 a share, so investors are paying for future earnings, not assets.

Bonfiglioli Transmissions IPO GMP

The grey market was positive from the start of bidding. Trackers quoted about ₹133 to ₹143 on 16 October, about 23% over the ₹586 upper band. We have not confirmed a post-close figure from two trackers, so we do not quote one. GMP is unofficial and is not a forecast of the listing price.

Bonfiglioli Transmissions IPO listing date and valuation

The shares are scheduled to list on BSE and NSE on Friday, 23 October 2026, after the basis of allotment on 21 October and demat credits on 22 October. We do not forecast listing prices. On valuation, listed peers in gears and power transmission, including Elecon, Shanthi Gears, Schaeffler India and Timken India, trade at roughly 26 to 65 times earnings, so 46 times sits within the range the market already pays for the sector.

The risk is that much of the good news is already in the price. QIB demand of 120.78 times shows strong institutional interest, but at about 46 times earnings the valuation leaves less room if growth slows.

What to weigh: the business case

The parent is selling, not the business raising money

Every rupee goes to Bonfiglioli S.p.A. That is not a red flag in itself, since multinationals often list Indian units so that local investors can own a stake, but it means the IPO does not fund any expansion. Investors should check the RHP for royalty and technology fee payments to the parent, which can affect margins.

Wind and capex cycles

More than a quarter of revenue comes from wind energy, where demand depends on turbine orders, and much of the rest is tied to factory and construction spending. A slowdown in either would hit volumes, though the spread across three segments helps.

Quality at a full price

A leading market position, global technology and rising margins justify a premium valuation. At about 46 times earnings and nearly 11 times book, the question is how much of that premium is already in the price.

Strengths and risks

Strengths

• Part of a global group with nearly 70 years in power transmission
• Leading Indian maker of gearboxes below 15 kNm for its key sectors
• EBITDA margin up from 15.9% to 19.8% in two years
• ROCE above 30% in 2024 and 2025
• Three plants and a spread across automation, off-highway and wind
• ₹759.26 crore anchor book

Risks

• Entirely an offer for sale by the parent
• About 46 times 2025 earnings and 10.7 times book
• Exposure to wind energy and capex cycles
• Related-party purchases from group companies
• Royalty and technology dependence on the parent
• Retail demand was modest at 5.90x; most of the book came from QIBs on the last day

Your chances of getting an allotment

• Retail investors get at least 35% of the net offer, roughly 1.5 crore shares or about 6 lakh lots of 25 shares.
• Every successful retail applicant gets one lot of 25 shares.
• Retail finished at 5.90 times, so lots are drawn at random by computerised lottery and most valid applicants will not get one.
• Eligible employees can also bid in the employee portion. Separate PANs in a family improve a household’s chances; extra lots on one PAN do not.

What to watch from here

• Refunds and demat credits on 22 October
• How the shares trade against the ₹586 issue price after listing
• Allotment on 21 October through MUFG Intime India
• Listing on BSE and NSE on 23 October
• After listing: wind orders, margins and any change in royalty payments to the parent

Bonfiglioli Transmissions IPO: frequently asked questions

Sources: MUFG Intime India (registrar) allotment page, BSE public issues, NSE IPO page, SEBI public issue filings (RHP), HDFC Sky, price band and seller, Arihant, RHP financials, Chittorgarh subscription page. Subscription data are from the exchanges; financials are from the company’s offer documents.

Disclaimer: This article is for information and education only and is not investment advice. GMP is unofficial and data may differ between sources. Read the RHP and consult a SEBI-registered adviser before investing. Final subscription data as of the 19 October 2026 close; GMP as of 16 October 2026.