Bonfiglioli's Indian Unit Eyes $250M IPO with Four Banks.

Bonfiglioli's Indian unit, Bonfiglioli Transmissions Pvt., is considering a $250 million IPO in Mumbai, led by Axis Capital, ICICI Securities, JPMorgan Chase, and BNP Paribas. The listing comes amid a wave of public offerings by multinational-backed companies in India. Deliberations are ongoing, and details may change. Bonfiglioli makes gearboxes and gearmotors for industries such as mobile machinery and wind turbines.

The Indian unit of Italian gearmaker Bonfiglioli Group, Bonfiglioli Transmissions Pvt., is reportedly considering an initial public offering (IPO) in Mumbai that could raise about $250 million, according to sources familiar with the matter [1]. The company has hired Axis Capital Ltd., ICICI Securities Ltd., JPMorgan Chase & Co., and BNP Paribas SA to arrange the listing.

This potential IPO comes amidst a surge in public offerings by multinational-backed companies tapping into the renewed strength of India’s equity capital markets. Notably, Hyundai Motor Co. raised $3.3 billion in October, setting a record for the largest IPO in India, while Italy’s Carraro SpA listed its local unit for $147 million and LG Electronics Inc. received regulatory approval for a $1.7 billion share sale [1].

Deliberations are ongoing, and details such as the size of Bonfiglioli’s offering could change. Bonfiglioli makes gearboxes and gearmotors used in various industries including mobile machinery, wind turbines, food processing, packaging, cement, and steel.

The company has not responded to requests for comment, and a spokesperson for BNP declined to comment as well. This IPO follows a trend of multinational companies leveraging India’s vibrant capital markets to raise funds and enhance their visibility.

References:
[1] https://www.bloomberg.com/news/articles/2025-07-21/bonfiglioli-s-india-unit-is-said-to-consider-250-million-ipo