Tonbo Imaging India IPO is commanding the highest grey market premium among the three public issues, with a GMP of Rs 490 indicating a potential listing premium of 70%. HD Fire Protect IPO follows with a GMP of Rs 91, while Fusion CX IPO has a grey market premium of Rs 33.50, as on Oct. 14, 2026.
The three IPOs have different subscription schedules. HD Fire Protect IPO opened on Oct. 13 and will close on Oct. 15. Fusion CX IPO opened on Oct. 14 and will close on Oct. 16, while Tonbo Imaging India IPO will open on Oct. 15 and remain open until Oct. 19.
Tonbo Imaging Vs Fusion CX Vs HD Fire Protect IPO GMP
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IPO | Latest GMP | Upper Price Band | Estimated Listing Price | Implied Premium |
Tonbo Imaging India | Rs 490 | Rs 700 | Rs 1,190 | 70% |
HD Fire Protect | Rs 91 | Rs 271 | Rs 362 | 33.58% |
Fusion CX | Rs 33.50 | Rs 289 | Rs 322.50 | 11.59% |
Tonbo Imaging India IPO GMP Today
Tonbo Imaging India IPO has a grey market premium of Rs 490, implying a listing price of Rs 1,190 against the upper end of the price band at Rs 700. This translates into an estimated premium of 70%.
The Rs 852.18-crore IPO has a price band of Rs 665 to Rs 700 per share. It will open on Oct. 15 and close on Oct. 19, with a tentative listing date of Oct. 23.
Also Read: Tonbo Imaging India IPO GMP Today: Grey Market Premium At Rs 490, Listing Gains Estimated At 70%
HD Fire Protect IPO GMP Today
HD Fire Protect IPO has a GMP of Rs 91, indicating an estimated listing price of Rs 362 against the upper end of Rs 271. This represents a potential premium of 33.58%.
The Rs 712.13 crore issue has a price band of Rs 258 to Rs 271 per share. It opened for subscription on Oct. 13 and will close on Oct. 15, with listing tentatively scheduled for Oct. 21.
HD Fire Protect IPO Subscription Status
HD Fire Protect IPO was subscribed 4.66 times on the first day of bidding on Oct. 13. The retail investor portion was subscribed 3.84 times, the non-institutional investor segment 11.43 times, and the qualified institutional buyers' category 1.04 times.
The initial response indicates demand across investor categories, with the non-institutional investor segment seeing the strongest subscription. These are first-day figures and may change as bidding continues through Oct. 15.
Fusion CX IPO GMP Today
Fusion CX IPO is commanding a GMP of Rs 33.50, implying a listing price of Rs 322.50 against the upper price band of Rs 289. The estimated premium stands at 11.59%, the lowest among the three IPOs.
The Rs 702 crore issue has a price band of Rs 275 to Rs 289 per share. It opened on Oct. 14 and will close on Oct. 16, with a tentative listing date of Oct. 22.
Tonbo Imaging Vs Fusion CX Vs HD Fire Protect: Estimated Listing Gains Per Lot
The latest GMP figures also indicate different potential gains for retail applicants, based on the respective lot sizes.
IPO | GMP Per Share | Lot Size | Estimated Gain Per Lot |
Tonbo Imaging India | Rs 490 | 21 shares | Rs 10,290 |
HD Fire Protect | Rs 91 | 55 shares | Rs 5,005 |
Fusion CX | Rs 33.50 | 51 shares | Rs 1,708.50 |
Tonbo Imaging India leads the comparison on both implied listing premium and estimated gain per lot. HD Fire Protect ranks second, while Fusion CX has the lowest implied premium. However, grey market premiums are unofficial and can change before listing. They do not guarantee listing gains, and investors should assess each company's fundamentals, valuation, and risk factors before making an investment decision.
Also Read: IPO Fundraising Hits Rs 94,649 Crore In September Quarter As SEBI Extends Issue-Size Relief
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