IPO Listing Recap (23 Oct 2026): Tonbo Imaging India Lists 66% Higher, 4 IPOs Debut

Four companies made their stock market debut on Friday, 23 October 2026 (3 on the mainboard and 1 on the SME platforms). 2 opened above the issue price and 0 below. Tonbo Imaging India had the strongest start, opening +65.7% at ₹1,160 against an issue price of ₹700; Shellz India 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

GMP vs the actual listing

The grey market came within 10 percentage points of the listing gain for 3 of 4 IPOs and within 5 points for 3. The biggest miss was Bonfiglioli Transmissions, which opened 12.8 points below what its GMP pointed to. Our GMP accuracy tracker keeps the running record across every listing.

Mainboard listings

Tonbo Imaging India

It raised ₹852.18 Cr in its IPO. Tonbo Imaging India opened at ₹1,160 on NSE, +65.7% against the issue price of ₹700. For an investor allotted one lot of 21 shares, that is a gain of about ₹9,660 at the opening price. The last GMP before listing was ₹441, pointing to about ₹1,141, so the listing came in 2.7 points above the grey market estimate. The shares closed the day at ₹1,133.8 (+62.0% against the issue price), below where they opened. The issue had been subscribed 135.90x overall (QIB 293.56x, NII 170.94x, retail 31.07x). Tonbo Imaging India IPO page

Sahajanand Medical Technologies

Sahajanand Medical Technologies is a medical technology company engaged in the development, manufacturing and marketing of technologically advanced medical devices, primarily focused on vascular intervention and structural heart intervention. It raised ₹475.48 Cr in its IPO. Sahajanand Medical Technologies opened at ₹371.15 on NSE, +7.9% against the issue price of ₹344. For an investor allotted one lot of 43 shares, that is a gain of about ₹1,167.45 at the opening price. The last GMP before listing was ₹17, pointing to about ₹361, so the listing came in 3.0 points above the grey market estimate. The shares closed the day at ₹377.65 (+9.8% against the issue price), above where they opened. The issue had been subscribed 14.20x overall (QIB 34.70x, NII 14.64x, retail 3.03x). Sahajanand Medical Technologies IPO page

Bonfiglioli Transmissions

Bonfiglioli Transmissions is one of India’s leading technology-driven companies providing mechanical and electro-mechanical power transmission and industrial drive solutions. It raised ₹2,533.66 Cr in its IPO. Bonfiglioli Transmissions opened at ₹586 on NSE, 0.0% against the issue price of ₹586. The last GMP before listing was ₹75, pointing to about ₹661, so the listing came in 12.8 points below the grey market estimate. The shares closed the day at ₹574.5 (-2.0% against the issue price), below where they opened. The issue had been subscribed 46.06x overall (QIB 120.78x, NII 40.40x, retail 5.91x). Bonfiglioli Transmissions IPO page

SME listings

Shellz India

Shellz India is involved in the manufacturing and marketing of confectionery products and the manufacturing and supply of food and bakery ingredients. It raised ₹59.97 Cr in its IPO. Shellz India opened at ₹179 on BSE, 0.0% against the issue price of ₹179. The last GMP before listing was ₹7, pointing to about ₹186, so the listing came in 3.9 points below the grey market estimate. The shares closed the day at ₹170.05 (-5.0% against the issue price), below where they opened. Shellz India 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.

What the day tells us

• The average listing gain was +18.4%, and 2 of 4 listings opened at a premium.
• Issues subscribed 50 times or more opened +65.7% on average, against +3.9% for the rest.
• By the close, 1 of 4 had risen above their listing price and 3 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 23 Oct 2026?

Tonbo Imaging India, Sahajanand Medical Technologies, Bonfiglioli Transmissions and Shellz India.

Which IPO gave the best listing gain on 23 Oct 2026?

Tonbo Imaging India opened +65.7% at ₹1,160 against an issue price of ₹700 and closed the day at ₹1,133.8 (+62.0%).

How accurate was GMP on 23 Oct 2026?

GMP was within 10 percentage points of the listing gain for 3 of 4 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 23 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.