Four companies—Bonfiglioli Transmissions, Zetwerk, Tonbo Imaging, and Sahajanand Medical Technologies—are set to reveal their IPO price bands on October 12, 2026. This activity signals a revival in the primary market, though investors remain cautious due to secondary market volatility.
The Indian primary market is preparing for a busy Monday as four companies finalize their initial public offering (IPO) price bands on October 12, 2026. The list of companies planning to set their price terms includes Bonfiglioli Transmissions, Zetwerk Manufacturing Business, Tonbo Imaging, and Sahajanand Medical Technologies. Among these, Zetwerk Manufacturing Business stands out with a planned fundraising target of ₹5,000 crore.
Investors will need to distinguish between the structures of these offerings. Zetwerk’s IPO is planned as a mix of fresh shares and an offer for sale (OFS). In a fresh issue, the company creates new shares to raise money for business expansion, such as funding new projects or paying down debt. Conversely, an OFS involves existing shareholders selling their stakes to the public. For the other three companies—Bonfiglioli Transmissions, Tonbo Imaging, and Sahajanand Medical Technologies—the IPOs are structured as pure OFS exits. In these cases, the money goes to the selling shareholders rather than into the company’s bank account for business growth.
Why IPO Structure Matters
Historical data shows that large, OFS-heavy IPOs can sometimes struggle to keep their price momentum after listing, especially when the broader stock market is going through a rough patch. Investors often look for a healthy mix of fresh capital, which suggests the company intends to use the IPO proceeds to scale operations. Pure OFS deals require investors to scrutinize the company’s current profitability and valuation more closely, as no new capital is being injected into the business to fuel future expansion.
Market Context and Sentiment
The broader stock market is currently experiencing significant pressure, which impacts how investors view new listings. The Nifty 50 has been trading under resistance, with technical analysts pointing to a recent weekly Doji formation—a pattern that often signals indecision between buyers and sellers. While this can sometimes precede a relief rally, the index is still struggling to clear key moving averages, acting as a backdrop of caution for the primary market.
Adding to the defensive sentiment, asset management companies have been quiet in the new fund offering (NFO) space throughout October. Although many fund houses hold regulatory approvals for new schemes, they have limited their launches to a handful. This strategy reflects a cautious approach to deploying capital during times of high market instability.
As the price bands are announced, the next important update for investors will be the opening of subscription dates and the subsequent response from retail and institutional investors. Market watchers will also track the valuation multiples of these four companies compared to their listed peers, as high pricing in a volatile market is often the first area where investors exercise caution.