After a quiet spell, the primary market is set for a busy week, with six mainboard initial public offerings (IPOs) scheduled to open for subscription. The companies are collectively looking to raise more than ₹10,000 crore. In the first nine months of 2026, 96 companies raised a total of ₹1.13 lakh crore through the IPO route.
The lineup includes Zetwerk Manufacturing Business, Tonbo Imaging India, Bonfiglioli Transmissions, Fusion CX, HD Fire Protect and Sahajanand Medical Technologies.
Zetwerk Manufacturing Businesses IPO
Technology-led global manufacturing platform Zetwerk Manufacturing Businesses is among the largest issuers in the lineup, looking to raise around ₹5,000 crore, including a fresh issue of ₹2,830 crore.
The IPO will open on October 15 and close on October 19. The allotment is expected to be finalised on October 21, with listing tentatively scheduled for October 23 on the BSE and NSE.
Incorporated in 2017, the company connects industrial and consumer enterprises with a global network of manufacturing partners for customised and large-scale production. It serves clients ranging from innovative startups to established companies across utilities, renewables, consumer electronics, artificial intelligence infrastructure, aerospace, space and defence, oil and gas, and industrial automation.
The company proposes to use the IPO proceeds to repay or prepay borrowings, fund inorganic growth through acquisitions and meet general corporate purposes.
Bonfiglioli Transmissions IPO
Bonfiglioli Transmissions plans to raise around ₹2,500 crore through an offer for sale (OFS) by its Italy-based parent, Bonfiglioli S.p.A. The IPO will not include a fresh issue, meaning the company will not receive any proceeds from the offering.
The company provides mechanical and electromechanical power transmission and industrial drive solutions, including high-precision gearboxes and drive systems used across industries.
The IPO is scheduled to open on October 15 and close on October 19.
Tonbo Imaging India IPO
Tonbo Imaging India plans to raise around ₹850 crore through an entirely OFS of up to 1.22 crore equity shares. The IPO will open on October 15 and close on October 19.
Founded in 2012 and headquartered in Bengaluru, Tonbo Imaging is a defence electronics original equipment manufacturer specialising in electro-optical and infrared imaging systems, AI-based seekers and thermal weapon sights. It supplies advanced imaging technologies to military and government agencies. The company is described as India’s largest manufacturer and exporter of thermal imaging systems for military and government users, accounting for 94% of the country’s thermal imaging exports by volume.
Fusion CX IPO
Fusion CX, a customer experience and AI data infrastructure services provider, has fixed a price band of ₹275–289 per share for its ₹702-crore IPO. At the upper end of the price band, the company is valued at around ₹4,172 crore.
The IPO opened on October 14 and will close on October 16, with listing expected on the BSE and NSE on October 22. The issue comprises a fresh issue of ₹500 crore and an OFS of ₹202 crore.
The company plans to use ₹275.70 crore from the fresh issue proceeds to repay or prepay borrowings. Another ₹61.15 crore will be invested in its step-down subsidiaries, Omind Technologies Inc. and Omind Technologies Private Limited, to upgrade its IT tools, Arya and MindVoice. The remaining proceeds will be used for acquisitions, strategic initiatives and general corporate purposes.
HD Fire Protect IPO
HD Fire Protect, a manufacturer and supplier of fire protection equipment and systems, is launching its ₹712.31-crore IPO on October 13. The issue will close on October 15, with a price band of ₹258–271 per share.
The IPO is entirely an OFS of 2.63 crore shares. The company will not receive any proceeds from the offering, with the funds going to the selling shareholders.
Incorporated in April 1997, the Maharashtra-based company manufactures water-, foam- and gas-based fire suppression equipment. Its portfolio includes sprinklers, alarm valves, deluge systems, foam equipment, monitors, nozzles, custom-engineered systems and gas suppression systems.
Sahajanand Medical Technologies IPO
Sahajanand Medical Technologies is looking to raise around ₹1,500 crore through an OFS of 2.76 crore shares. The IPO will open on October 15 and close on October 19. The allotment is expected to be finalised on October 21, with listing tentatively scheduled for October 23 on the BSE and NSE.
Founded in 2001 by Dhirajlal Kotadia, the medical device company focuses on the research, development, manufacture and marketing of vascular and structural heart intervention devices. Its portfolio includes Class III and Class C/D medical devices. The company says its Infinnium drug-eluting stent was the first globally to receive CE certification for a drug-eluting stent using a biodegradable polymer.
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