- Best listing: Fusion CX at +5.5%
- Weakest: Ravita Engineering Services at 0.0%
- Average listing gain: +3.1% across 3 IPOs
- GMP was within 10 points for 3 of 3
In this post
Three companies made their stock market debut on Thursday, 22 October 2026 (1 on the mainboard and 2 on the SME platforms). 2 opened above the issue price and 0 below. Fusion CX had the strongest start, opening +5.5% at ₹305 against an issue price of ₹289; Ravita Engineering Services was the weakest at 0.0%.
Below: each listing price against the issue price and the last grey market premium (GMP), where the shares closed on day one, and how the issues were subscribed. Listing prices are the first trades on NSE, or BSE for issues listed only there.
Listing day at a glance
| IPO | Board | Issue price | GMP estimate | Listing price | Listing gain | Day-1 close | Close vs issue |
|---|---|---|---|---|---|---|---|
| Fusion CX | Mainboard | ₹289 | ₹306 (+5.9%) | ₹305 | +5.5% | ₹289.65 | +0.2% |
| Vaibhav Vyapaar | SME | ₹52 | ₹55 (+5.8%) | ₹54 | +3.9% | ₹53.35 | +2.6% |
| Ravita Engineering Services | SME | ₹112 | ₹113 (+0.9%) | ₹112 | 0.0% | ₹113.7 | +1.5% |
GMP vs the actual listing
The grey market came within 10 percentage points of the listing gain for 3 of 3 IPOs and within 5 points for 3. The biggest miss was Vaibhav Vyapaar, which opened 1.9 points below what its GMP pointed to. Our GMP accuracy tracker keeps the running record across every listing.
Mainboard listings
Fusion CX
Fusion CX is a customer experience (CX) and business process solutions provider offering multichannel customer support through voice, email, chat, social media, and messaging. It raised ₹702 Cr in its IPO. Fusion CX opened at ₹305 on NSE, +5.5% against the issue price of ₹289. For an investor allotted one lot of 51 shares, that is a gain of about ₹816 at the opening price. The last GMP before listing was ₹17, pointing to about ₹306, so the listing came in 0.3 points below the grey market estimate. The shares closed the day at ₹289.65 (+0.2% against the issue price), below where they opened. The issue had been subscribed 4.45x overall (QIB 4.01x, NII 4.50x, retail 5.70x). Fusion CX IPO page
SME listings
| IPO | Issue price | Listing price | Listing gain | Day-1 close | Subscribed |
|---|---|---|---|---|---|
| Vaibhav Vyapaar | ₹52 | ₹54 | +3.9% | ₹53.35 (+2.6%) | 3.08x |
| Ravita Engineering Services | ₹112 | ₹112 | 0.0% | ₹113.7 (+1.5%) | 6.68x |
Vaibhav Vyapaar
Vaibhav Vyapaar is a Non-Banking Financial Company (NBFC) providing unsecured personal loans to salaried and self-employed individuals through its fully digital lending platform. It raised ₹40.54 Cr in its IPO. Vaibhav Vyapaar opened at ₹54 on NSE, +3.9% against the issue price of ₹52. For an investor allotted one lot of 2,000 shares, that is a gain of about ₹4,000 at the opening price. The last GMP before listing was ₹3, pointing to about ₹55, so the listing came in 1.9 points below the grey market estimate. The shares closed the day at ₹53.35 (+2.6% against the issue price), below where they opened. The issue had been subscribed 3.08x overall. Vaibhav Vyapaar IPO page
Ravita Engineering Services
It raised ₹116.05 Cr in its IPO. Ravita Engineering Services opened at ₹112 on NSE, 0.0% against the issue price of ₹112. The last GMP before listing was ₹1, pointing to about ₹113, so the listing came in 0.9 points below the grey market estimate. The shares closed the day at ₹113.7 (+1.5% against the issue price), above where they opened. The issue had been subscribed 6.68x overall. Ravita Engineering Services IPO page
Next listings
These IPOs are due to list in the coming days. The GMP estimate is where the grey market expects them to open; as today showed, the actual listing can differ.
| IPO | Board | Listing date | Issue price | GMP | GMP estimate |
|---|---|---|---|---|---|
| Bonfiglioli Transmissions | Mainboard | Fri, 23 Oct | ₹586 | ₹75 (+12.8%) | ₹661 |
| Sahajanand Medical Technologies | Mainboard | Fri, 23 Oct | ₹344 | ₹17 (+4.9%) | ₹361 |
| Shellz India | SME | Fri, 23 Oct | ₹179 | ₹7 (+3.9%) | ₹186 |
| Tonbo Imaging India | Mainboard | Fri, 23 Oct | ₹700 | ₹441 (+63.0%) | ₹1,141 |
| Zetwerk | Mainboard | Fri, 23 Oct | ₹151 | — | — |
| Paras Healthcare | Mainboard | Wed, 28 Oct | ₹693 | ₹10 (+1.4%) | ₹703 |
| Jio Platforms | Mainboard | Wed, 28 Oct | ₹1,119 | ₹240 (+21.5%) | ₹1,359 |
What the day tells us
- The average listing gain was +3.1%, and 2 of 3 listings opened at a premium.
- By the close, 1 of 3 had risen above their listing price and 2 had fallen below it.
- Listing prices for every IPO are on the IPO listing today page, and year-wise results on the IPO report card.
Frequently asked questions
Which IPOs listed on 22 Oct 2026?
Fusion CX, Vaibhav Vyapaar and Ravita Engineering Services.
Which IPO gave the best listing gain on 22 Oct 2026?
Fusion CX opened +5.5% at ₹305 against an issue price of ₹289 and closed the day at ₹289.65 (+0.2%).
How accurate was GMP on 22 Oct 2026?
GMP was within 10 percentage points of the listing gain for 3 of 3 IPOs. GMP is unofficial and can differ sharply from the listing price.
This update is compiled automatically from IPO Darbaar's IPO database at 9:45 PM IST on 22 October 2026. Dates, prices and GMP come from offer documents and market sources and can change; the linked IPO pages always show the latest figures. This is not investment advice.
IPOs in this post
For information and education only; not investment advice. Figures come from offer documents, exchange and SEBI filings and IPO Darbaar data as of the date of publishing. Grey market premium (GMP) is unofficial.
