Tonbo Imaging India is attracting the strongest grey market interest among three new listings, with a potential 70% premium over its IPO price band, while HD Fire Protect and Fusion CX show more measured expectations.
Tonbo Imaging India has emerged as the strongest draw among three closely watched new listings, with grey market chatter pointing to the highest expected debut premium of the trio on Tuesday. According to NDTV Profit, the defence technology company’s initial public offering is trading at a grey market premium of ₹490 a share, implying a possible listing price of ₹1,190 and a gain of about 70% over the top of its price band. The company’s ₹852.18-crore issue is scheduled to open on Thursday and close on Monday, with a tentative listing date of 23 October.
The other two offerings are attracting more muted expectations. NDTV Profit reported that HD Fire Protect is trading at a premium of ₹91, which would value the shares at about ₹362 against an upper issue price of ₹271, a rise of 33.58%. The ₹712.13-crore public issue opened on Monday and closes on Wednesday, with listing expected on 21 October. HD Fire Protect also had a solid first day of bidding, being subscribed 4.66 times, led by strong interest from non-institutional investors, while retail demand was also healthy and qualified institutional buyers were just over fully subscribed.
Fusion CX, meanwhile, is seeing the smallest grey market gain of the three. NDTV Profit said the issue carries a premium of ₹33.50, suggesting an estimated listing price of ₹322.50 and an implied upside of 11.59% over the upper band of ₹289. The ₹702-crore issue opened on Tuesday, closes on Thursday, and is set for a possible listing on 22 October.
Taken together, the figures suggest investors are assigning the sharpest near-term enthusiasm to Tonbo Imaging, while Fusion CX is drawing a far more restrained response. Still, grey market premiums are unofficial indicators and can change quickly before listing. They do not guarantee debut-day performance, so investors typically weigh them alongside company fundamentals, valuations and risk factors before applying. NDTV Profit’s comparison also showed the scale of potential retail gains per lot would differ sharply across the three issues, with Tonbo Imaging ahead of HD Fire Protect and Fusion CX.
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