Zetwerk lists at 5.46% premium; Sahajanand Medical opens 7.9% higher, Bonfiglioli flat at its issue price

Zetwerk Manufacturing Businesses opened at ₹159.25 on NSE, 5.46% above its ₹151 issue price, and at ₹159 on BSE, Free Press Journal reported. Its ₹5,012 crore IPO, made up of ₹2,830 crore of new shares and a ₹2,182 crore offer for sale, was subscribed about 3.1 times (3.06–3.10 times; sources differ): QIBs 4.73 times, NIIs 1.40 times and retail 0.73 times, meaning the retail portion was not fully taken up.

Sahajanand Medical Technologies, a maker of heart stents, opened about 7.9% above its ₹344 issue price, at around ₹371 on NSE (Upstox and Zee Business report a 7.9% premium; Upstox's article gives both ₹371 and ₹373). Its ₹475 crore offer-for-sale IPO was subscribed 14.2 times, with QIBs at 34 times.

Bonfiglioli Transmissions listed at ₹586 on both NSE and BSE, exactly its issue price, even though its ₹2,533.66 crore IPO (all offer for sale) was subscribed 46.06 times: QIBs 120.78 times, NIIs 40.40 times and retail 5.91 times, Upstox reported.

Today's concept: why subscription doesn't decide the listing. The listing price is set in a short pre-open auction on listing day, where buyers and sellers place orders. It reflects how much new buyers will pay right now, not how many people applied last week. A weak market morning, like today's, can cool that demand.

Key takeaway: of today's four listings, the most and least subscribed (Tonbo at 135.90 times, Zetwerk at about 3 times) both opened higher, while Bonfiglioli at 46 times opened flat — subscription is a demand signal, not a listing forecast. This is education, not a recommendation.