Tonbo Imaging IPO: Akash Bhansali, SBI Funds among investors buying shares worth Rs 413 crore

Ahead of its IPO, Tonbo Imaging India has raised more than Rs 413 crore from secondary share transactions. The listing bound entity has sold 59,11,200 equity shares at Rs 700 apiece, valuing the defence technology company at Rs 4,000 crore on a fully diluted basis, said its RHP. The IPO will open for public subscription between October 15-19.

The transactions were executed on September 29 and 30, 2026, with existing investors CEAQ Singapore and CEAQ India selling shares to a group of domestic and international institutional investors. Their buying price matches Tonbo Imaging's IPO price band of Rs 665–700 per share. The shares have a face value of Rs 2 each.

In the secondary sale, Amansa Investments picked up the largest holding worth Rs 170.24 crore by picking up 24,32,000 equity shares. Seasoned Dalal Street investor Akash Manek Bhansali bought 24,32,000 equity shares worth Rs 39.59 crore, while multiple SBI Funds bought 7,87,000 equity shares amounting to Rs 55.09 crore

Susquehanna Asia Technology, Valuequest Founder Conviction Fund and 360 ONE Multi-Stage Defence and Space Fund picked 5,72,800 equity shares each valued at Rs 40.10 crore. Malabar India (1,72,000 equity shares of Rs 12.04 crore), HDFC Life Insurance Company (2,29,000 equity shares of Rs 16.03 crore) and Samruddhi Investments (7,200 equity shares of Rs 0.50 crore) were other investors.

As disclosed in the RHP, the share transfers were carried out under share purchase agreements dated September 25, 2026. The transactions involved existing shares and did not entail a fresh issuance of equity by the company. Tonbo Imaging's Rs 852 crore IPO is entirely an offer for sale of up to 1,21,74,046 equity shares by existing shareholders and it will not receive any proceeds.

Incorporated in December 2003, Bengaluru-based Tonbo Imaging India is a global defence electronics original equipment manufacturer engaged in the design, development, and manufacturing of advanced electro-optic, infrared, embedded vision, communication, guidance, and surveillance systems for defence and security applications.