Last Updated on October 16, 2026 9:41 pm by INDIAN AWAAZ
Three IPOs Remain Below Full Subscription as Investors Show Selective Interest
By A R DAS / AMN
Investor response to five ongoing and recently closed initial public offerings (IPOs) remained mixed on Friday, with Tonbo Imaging India attracting the strongest demand, followed by Fusion CX. In contrast, Zetwerk Manufacturing Business, Sahajanand Medical Technologies and Bonfiglioli Transmissions remained below full subscription, according to stock exchange data available at 4:42 pm IST.
Tonbo Imaging India’s IPO was subscribed 7.72 times, while Fusion CX received bids for 4.44 times the shares on offer. Zetwerk was subscribed 0.31 times, Sahajanand Medical Technologies 0.76 times and Bonfiglioli Transmissions 0.97 times.
Tonbo Imaging leads
Tonbo Imaging India received bids for 6.58 crore shares against 85.26 lakh shares on offer, taking subscription to 7.72 times. The IPO opened on October 15 and will close on October 19. The price band is Rs 665-700 per share, with a minimum application of 21 shares and multiples thereof.
Fusion CX received bids for 6.23 crore shares against 1.40 crore shares on offer, translating into subscription of 4.44 times. Its IPO, priced at Rs 275-289 per share, opened on October 14 and closed on October 16. The minimum application was 51 shares and multiples thereof.
Zetwerk, Sahajanand below full subscription
Zetwerk Manufacturing Business received bids for 5.72 crore shares against 18.51 crore shares on offer, representing subscription of 0.31 times. Its IPO opened on October 15 and will close on October 19. The price band is Rs 143-151 per share, with a minimum application of 99 shares and multiples thereof.
Sahajanand Medical Technologies received bids for 74.10 lakh shares against 97.50 lakh shares on offer, taking subscription to 0.76 times. Its issue, priced at Rs 327-344 per share, will close on October 19. The minimum application is 43 shares and multiples thereof.
Bonfiglioli Transmissions was subscribed 0.97 times, with bids for 2.94 crore shares against 3.03 crore shares on offer. Its IPO opened on October 15 and will close on October 19. The price band is Rs 558-586 per share, and the minimum application is 25 shares and multiples thereof.
Subscription snapshot
| Company | Subscription | Price band | Closing date |
|---|---|---|---|
| Tonbo Imaging India | 7.72 times | Rs 665-700 | Oct 19 |
| Fusion CX | 4.44 times | Rs 275-289 | Oct 16 |
| Bonfiglioli Transmissions | 0.97 times | Rs 558-586 | Oct 19 |
| Sahajanand Medical Technologies | 0.76 times | Rs 327-344 | Oct 19 |
| Zetwerk Manufacturing Business | 0.31 times | Rs 143-151 | Oct 19 |
Subscription figures are based on exchange data available at 4:42 pm IST on October 16, 2026. Figures for issues still open may change before closing.
The divergent response indicates selective investor interest in the primary market. However, subscription levels alone do not determine an IPO’s valuation or likely listing performance. Investors should assess company financials, business prospects, pricing and disclosed risks before applying.
Disclaimer: This report is for information only and is not investment advice or a recommendation to apply for any IPO. Investors should verify official disclosures and review the offer documents before making investment decisions.