A consolidated view of market events, assembled from diverse sources.
Tonbo Imaging leads grey market premiums at ₹500 per share (71.43% potential gain), followed by Jio Platforms at ₹218 (19.48% potential gain) ahead of its October 21-23 IPO opening. Other notable performers include HD Fire Protect at ₹90 premium and Fusion CX at ₹88 premium, while Zetwerk Manufacturing shows more modest expectations at ₹22 premium.
The IPO market has experienced recent delays with companies like Oura and Holtec Nuclear postponing offerings, but 2026 is still on track to surpass 2025's deal count with record-breaking proceeds. Despite temporary market softening, JPMorgan's CFO reports a very strong pipeline, with companies choosing to delay rather than cancel IPOs due to favorable long-term prospects.
Tonbo Imaging's ₹852.18 crore IPO opened on October 15, 2026, with strong investor response at 1.47x subscription within hours, driven by the company's dominant 65% market share in thermal weapon sights and significant growth opportunities in high power microwave systems. The defence technology company, which owns India's largest thermal imaging systems manufacturing facility, expects substantial growth from thermal weapon sights (potential increase from 30,000 to 300,000 units) and missile seeker systems adoption in 2028-29.
Paras Healthcare, a Haryana-based healthcare services provider operating eight hospitals across North India, has filed its red herring prospectus for a ₹1,450-crore IPO with a price band of ₹660-693 per share, opening for subscription on October 21 and closing on October 23. The company plans to use proceeds from the fresh issue of ₹500 crore to repay debt and expand capacity to 3,011 beds by March 2028.
Paramotor Digital Technology, a Mumbai-based fintech company operating digital gifting, spend management, and rewards platforms, has filed its IPO papers with SEBI to raise ₹1,000 crore through fresh issue and offer-for-sale. The company demonstrated strong financial performance with revenue growing from ₹3.31 crore in FY24 to ₹603.1 crore in FY26, while achieving significant user growth from 18,248 users in FY24 to 1.58 million in FY26.
Sebi has proposed significant reforms to India's SME IPO framework, raising the minimum profitability requirement from ₹1 crore to ₹3 crore annually and replacing paid-up capital eligibility with market capitalisation thresholds of up to ₹1,000 crore. The changes also include simplified application requirements with reduced minimum investment from ₹2 lakh to ₹1 lakh, enhanced trading flexibility with one-share lots, and streamlined migration pathways to the mainboard.
Tamil Nadu-based Eswari Global Metal Industries has received SEBI approval to proceed with its ₹500 crore IPO, which includes a fresh issue and offer-for-sale component. The company plans to use proceeds primarily for debt repayment (₹250 crore) and expansion of its Gujarat manufacturing facility (₹150 crore), while the proposed SEBI framework would allow greater flexibility in fund utilization for SME IPOs.
Zetwerk Manufacturing Business opened its ₹5,012.33 crore IPO on October 15, 2026, receiving 0.03% subscription on day one despite raising ₹2,251 crore from 99 anchor investors at ₹151 per share. The company, which operates 26 manufacturing facilities globally and serves clients like Siemens Gamesa and NTPC, reported 40.4% revenue growth to ₹15,913 crore in FY26 while maintaining focus on improving cash flows and debt reduction.
Bonfiglioli Transmissions opened its ₹2,533.6-crore IPO today with 15% subscription by 11:45 am, commanding a strong grey market premium of 31% and listing at an expected ₹764. The company demonstrated robust financial performance with 29.2% profit growth and 17.9% revenue increase in H1 FY26, while maintaining a debt-free balance sheet and strong market positions across industrial automation, wind energy, and off-highway mobility segments.
HD Fire Protect Limited's mainboard IPO opens October 13–15, 2026, at a price band of ₹258–₹271 per share, targeting a total issue size of ₹712.31 Crore. The issue is a pure Offer for Sale by promoters, meaning no fresh capital accrues to the company. HD Fire Protect is the exclusive Indian manufacturer of a UL Listed pre-action fire suppression system, exporting to 90+ countries with strong FY26 return ratios — ROE of 30.18% and ROCE of 40.21%. However, trade receivables surged ~62% against 13% revenue growth, raising earnings quality concerns. The IPO is priced at ~49.72x PE on FY26 earnings. Day 1 subscription stood at 4.65x overall, with grey market premium indicating a potential 31–34% listing gain.