Tonbo Imaging and Zetwerk both made their stock market debuts on Friday, 23 October 2026, with very different results. Tonbo listed at a premium of about 66% to its issue price and closed 62% higher, according to Inc42. Zetwerk opened on the NSE 5.5% above its issue price, according to Entrackr. Spectate Media has not seen exchange data and relies on these reports.
Tonbo Imaging
The issue price was ₹700 a share. Shares listed at ₹1,162 on the BSE, a 66% premium, and ₹1,160 on the NSE, a 65.71% premium. They closed at ₹1,133.65 on the BSE and ₹1,133.80 on the NSE, about 62% above the issue price and about 2.3% to 2.4% below the listing price. The intraday high was ₹1,209.85 on the BSE. Market capitalisation at the BSE close was ₹6,493.79 crore. The ₹852 crore issue was entirely an offer for sale, so the company receives no proceeds. It was subscribed 135.9 times, led by qualified institutional buyers, after an anchor round of ₹255.4 crore from 43 investors. For FY26, operating revenue fell 22.7% to ₹362.6 crore and net profit fell about 30% to ₹50.8 crore. In the first quarter of FY27 it posted a net loss of ₹17.7 crore.
Zetwerk
The issue price was ₹151, and shares opened at ₹159.25 on the NSE at 10:52 am. The issue combined a ₹2,830 crore fresh issue with an offer for sale of up to 14.45 crore shares worth ₹2,182 crore. On the final day, institutional bids were 4.73 times, non-institutional 1.4 times, the employee quota 1.58 times and retail 0.72 times. Anchors put in ₹2,251 crore. FY26 revenue from continuing operations rose 40.4% to ₹15,913 crore, and the first-quarter FY27 loss narrowed 93% to ₹64 crore. The report gives no closing price or BSE listing price.
Key numbers
- Tonbo listing premium: About 66% (₹1,162 against ₹700 on the BSE)
- Tonbo debut close: Up about 62% (₹1,133.65 on the BSE)
- Zetwerk listing premium: 5.5% (₹159.25 against ₹151 on the NSE)
- Zetwerk retail subscription: 0.72× (Institutions 4.73×)
What boards and CFOs should note
Three points stand out. First, a large subscription, as at Tonbo, did not depend on rising financials. Second, retail demand at Zetwerk was below one times. Third, listing gains do not set a company's value over time. This is not investment advice.
Source: Inc42, 23 October 2026 (Tonbo Imaging). This is a summary of a news report, published as general information. It is not legal, tax or investment advice.
This article is journalism and commentary. It is not a recommendation to buy or sell any security, and it is not professional advice. Read the full disclaimer.
