Tonbo Imaging India IPO opens on October 15; check price band, issue size & other key details
Tonbo Imaging India, a Bengaluru-based defence electronics original equipment manufacturer, shall launch its IPO on Thursday, October 15. Check all details
- Oct 12, 2026,
- Updated Oct 12, 2026 12:07 PM IST
Tonbo Imaging India, a Bengaluru-based defence electronics original equipment manufacturer, has fixed the price band for its initial public offering at Rs 665-700 per share. The issue comprises 1.2 crore equity shares, and the company is seeking a valuation of Rs 4,010 crore. Investors can bid for a minimum of 21 equity shares and in multiples of 21 shares thereafter.
The public issue aims to raise up to Rs 852 crore and comprises entirely an offer for sale by existing shareholders. As a result, the net proceeds, after applicable issue expenses, will go to the selling shareholders, and Tonbo Imaging will not receive any proceeds from the issue.
The IPO will open for subscription on October 15 and close on October 19. The anchor book for institutional investors will open for one day on October 14. Share allotment is expected to be finalised on October 21, and the company's shares are likely to list on the stock exchanges on October 23. Tonbo Imaging filed its draft red herring prospectus with the Securities and Exchange Board of India in December 2025, and the regulator approved the draft papers in September 2026.
The selling shareholders in the offer for sale include promoters Arvind Kondangi, Lakshmikumar, Ankit Kumar and Cecilia D'Souza, along with investors CEAQ Technologies, Timothy Guy Mitchell, Artiman Partners LLC and Ramesh Radhakrishnan. Half of the issue size has been reserved for qualified institutional buyers, 15 per cent for non-institutional investors and 35 per cent for retail investors.
The company has also removed the employee reservation of 14,000 shares that had been proposed earlier in the red herring prospectus filed on October 10. JM Financial and IIFL Capital Services are the merchant bankers managing the IPO.
Incorporated in 2003, Tonbo Imaging designs and manufactures electro-optic and electronic systems for defence applications. Its portfolio includes thermal imaging cores, weapon sights, handheld thermal imaging binoculars, targeting systems, missile seekers, fire-control systems and missile-guidance systems.
The company's recent financial performance has been mixed. It reported a loss of Rs 17.7 crore for the April-June 2026 quarter, partly due to higher raw material costs and an increase in finished-goods inventories, while revenue stood at Rs 36 crore. For the financial year ended March 2026, profit fell 30 per cent to Rs 50.9 crore from Rs 72.8 crore a year earlier, while revenue declined 22.7 per cent to Rs 362.6 crore from Rs 469.1 crore.
Tonbo Imaging India, a Bengaluru-based defence electronics original equipment manufacturer, has fixed the price band for its initial public offering at Rs 665-700 per share. The issue comprises 1.2 crore equity shares, and the company is seeking a valuation of Rs 4,010 crore. Investors can bid for a minimum of 21 equity shares and in multiples of 21 shares thereafter.
The public issue aims to raise up to Rs 852 crore and comprises entirely an offer for sale by existing shareholders. As a result, the net proceeds, after applicable issue expenses, will go to the selling shareholders, and Tonbo Imaging will not receive any proceeds from the issue.
The IPO will open for subscription on October 15 and close on October 19. The anchor book for institutional investors will open for one day on October 14. Share allotment is expected to be finalised on October 21, and the company's shares are likely to list on the stock exchanges on October 23. Tonbo Imaging filed its draft red herring prospectus with the Securities and Exchange Board of India in December 2025, and the regulator approved the draft papers in September 2026.
The selling shareholders in the offer for sale include promoters Arvind Kondangi, Lakshmikumar, Ankit Kumar and Cecilia D'Souza, along with investors CEAQ Technologies, Timothy Guy Mitchell, Artiman Partners LLC and Ramesh Radhakrishnan. Half of the issue size has been reserved for qualified institutional buyers, 15 per cent for non-institutional investors and 35 per cent for retail investors.
The company has also removed the employee reservation of 14,000 shares that had been proposed earlier in the red herring prospectus filed on October 10. JM Financial and IIFL Capital Services are the merchant bankers managing the IPO.
Incorporated in 2003, Tonbo Imaging designs and manufactures electro-optic and electronic systems for defence applications. Its portfolio includes thermal imaging cores, weapon sights, handheld thermal imaging binoculars, targeting systems, missile seekers, fire-control systems and missile-guidance systems.
The company's recent financial performance has been mixed. It reported a loss of Rs 17.7 crore for the April-June 2026 quarter, partly due to higher raw material costs and an increase in finished-goods inventories, while revenue stood at Rs 36 crore. For the financial year ended March 2026, profit fell 30 per cent to Rs 50.9 crore from Rs 72.8 crore a year earlier, while revenue declined 22.7 per cent to Rs 362.6 crore from Rs 469.1 crore.