Tonbo Imaging India IPO is a Mainboard Book Built public issue by Tonbo Imaging India Limited. The public issue consists entirely of an Offer for Sale (OFS) of equity shares by certain existing shareholders. After the completion of the IPO process, the company’s equity shares are proposed to be listed on both the BSE and NSE.
The Offer for Sale enables eligible shareholders to partially reduce their shareholding. The OFS proceeds will be received by the respective selling shareholders, and the company will not receive any proceeds from the share sale.
Tonbo Imaging India Limited is among India’s leading defense electronics original equipment manufacturers (OEM) with a wide network of design and manufacturing facilities. The company delivers integrated electro-optics, infrared (EO/IR) imaging systems, AI-based seekers, and thermal weapon sights spread across multiple locations.
Its product and solution portfolio offers applications across numerous military, law enforcement, and homeland security sectors, including border surveillance, armored vehicle systems, and soldier modernization. The company combines experienced engineering professionals with modern manufacturing infrastructure and advanced technology to provide comprehensive customer solutions.
The organised defense technology and manufacturing industry in India continues to expand due to increasing indigenization, higher defense spending, improving manufacturing capabilities, rising demand for advanced thermal imaging, and growing demand for modern soldier systems. These factors are expected to create favourable long-term growth opportunities for organised defense component providers. Investors should carefully analyse the company’s financial performance, business strategy, valuation, competitive strengths, and future expansion plans before making an investment decision.
Table of Contents
IPO Details
| Information | Detail |
| IPO Name | Tonbo Imaging India IPO |
| Company Name | Tonbo Imaging India Limited |
| IPO Type | Book Built Issue |
| IPO Category | Mainboard IPO |
| Face Value | ₹2 Per Equity Share |
| Price Band | ₹665 to ₹700 Per Share |
| Issue Size | ₹852.18 Crore (1,21,74,046 equity shares) |
| Fresh Issue | ₹0 |
| Offer for Sale | ₹852.18 Crore (1,21,74,046 equity shares by selling shareholders) |
| IPO Open Date | 15 October 2026 |
| IPO Close Date | 19 October 2026 |
| Anchor Investor Bidding | 14 October 2026 |
| Basis of Allotment | 21 October 2026 |
| Refund Initiation | 22 October 2026 |
| Shares Credited to Demat Account | 22 October 2026 |
| Listing Date | 23 October 2026 |
| Listing Exchange | BSE & NSE |
| Lot Size | 21 Equity Shares |
| Registrar | KFin Technologies Limited |
| Book Running Lead Managers | JM Financial Limited and IIFL Capital Services Limited |
The proceeds generated from the Offer for Sale will be received by the respective selling shareholders. The company will not receive any funds from the primary issuance since it is a 100% OFS.
Tonbo Imaging India IPO Dates
| IPO Event | Date |
| Anchor Investor Bidding | 14 October 2026 |
| IPO Opening Date | 15 October 2026 |
| IPO Closing Date | 19 October 2026 |
| Basis of Allotment | 21 October 2026 |
| Refund Initiation | 22 October 2026 |
| Shares Credited to Demat Account | 22 October 2026 |
| Listing Date | 23 October 2026 |
After the allotment process is completed, successful applicants will receive the allotted shares in their demat accounts before the company’s shares begin trading on the stock exchanges.
Tonbo Imaging India IPO Reservation
| Investor Category | Reservation |
| Qualified Institutional Buyers (QIB) | Not More Than 50% |
| Non-Institutional Investors (NII) | Not Less Than 15% |
| Retail Individual Investors (RII) | Not Less Than 35% |
The final allocation under each investor category will depend on the number of valid applications received during the IPO subscription period.
Tonbo Imaging India IPO Lot Size
| Application | Lots | Shares | Amount |
|---|---|---|---|
| Retail Minimum | 1 | 21 Shares | ₹14,700 |
| Retail Maximum | 13 | 273 Shares | ₹1,91,100 |
| S-HNI Minimum | 14 | 294 Shares | ₹2,05,800 |
| S-HNI Maximum | 68 | 1,428 Shares | ₹9,99,600 |
| B-HNI Minimum | 69 | 1,449 Shares | ₹10,14,300 |
The application values shown above are calculated using the upper price band of ₹700 per equity share.
Grey Market Premium (GMP)
| Date | GMP | Sub2 | Kostak |
|---|---|---|---|
| 11-Oct-2026 | ₹270.00 | — | — |
| 12-Oct-2026 | ₹425.00 | — | — |
| 13-Oct-2026 (Current) | ₹440.00 – ₹470.00 | — | — |
About Tonbo Imaging India Limited
Tonbo Imaging India Limited is one of India’s leading defense electronics design and manufacturing providers, operating development facilities and corporate offices in Bengaluru. The company offers comprehensive electro-optic and infrared imaging systems ranging from thermal weapon sights to AI-powered tracking tools through its advanced engineering divisions.
The company provides defense technology products across a broad range of operational applications while focusing on quality manufacturing, advanced technology, and integrated surveillance solutions. Its customer network serves both domestic military organizations and international defense markets through experienced engineering professionals, modern production infrastructure, and technology-enabled tactical solutions.
Over the years, Tonbo Imaging India has expanded its footprint through research and development, technological innovation, and partnerships, enabling it to strengthen its position in India’s organised defense technology sector.
Business Operations
Tonbo Imaging India Limited operates one of India’s integrated defense technology networks offering diversified tactical systems.
- Thermal Weapon Sights – The company manufactures precision thermal sights providing reliable night vision and targeting capabilities for infantry units.
- Electro-Optics & Infrared Systems (EO/IR) – It offers integrated multi-sensor payload systems for surveillance, reconnaissance, and target acquisition.
- AI-Based Seekers – The company provides intelligent guidance and tracking components for advanced munitions and tactical missiles.
- Armored Vehicle Sight Systems – It delivers specialized sighting solutions and situational awareness cameras for tanks and combat vehicles.
- Soldier Modernization Kits – The company provides wearable tactical computers and connected soldier vision systems.
- Directed Energy Systems – It develops components for counter-drone swarms and high-power microwave platforms marketed under brands like WaveStrike.
- Airborne Pods – It manufactures modular pod systems for unmanned aerial vehicles (UAVs) and aircraft tracking.
- Spare Parts & Maintenance Support – The company provides comprehensive maintenance, technical upgrades, and support for deployed defense systems.
- Customised Solutions – Engineers design bespoke defense optics addressing complex requirements across specialized military domains.
- Global Export Services – The company also supplies engineered equipment to international allied forces and defense programs.
Industry Overview
India’s defense manufacturing and technology industry continues to expand due to increasing indigenization policies, rising military modernization budgets, growing demands for border security, higher capital expenditure, and increasing demand for domestic tactical systems. The organised defense component sector is expected to benefit from rising demand for advanced optics, AI integration, and expansion of domestic manufacturing capabilities.
Increasing investments in research, digital manufacturing solutions, domestic aerospace, and specialized defense facilities continue to create long-term growth opportunities for organized defense providers.
Business Strategy
Tonbo Imaging India Limited focuses on expanding its technological capabilities, increasing production output, strengthening design excellence, and enhancing customer care through continuous investment in infrastructure and advanced software.
The company aims to improve operational efficiency, expand into new international defense markets, strengthen specialized imaging services, invest in AI-driven tracking solutions, and enhance user experience. Through capacity expansion, strategic collaborations, technology adoption, and quality delivery, the company seeks to achieve sustainable long-term growth in India’s organized defense sector.
Tonbo Imaging India IPO Financial Information
A company’s financial performance provides valuable insights into its revenue growth, profitability, operational efficiency, and financial stability. Reviewing financial statements over multiple years helps investors understand how the business has expanded and how effectively it has generated earnings from its operations.
Tonbo Imaging India Financial Summary
| Particulars | FY2024 | FY2025 | FY2026 |
| Revenue from Operations / Total Income | ₹431.90 Crore | ₹474.39 Crore | ₹369.94 Crore |
| EBITDA | ₹112.32 Crore | ₹139.06 Crore | ₹104.62 Crore |
| Profit Before Tax (PBT) | ₹68.54 Crore | ₹72.76 Crore | ₹50.88 Crore |
| Profit After Tax (PAT) | ₹68.54 Crore | ₹72.76 Crore | ₹50.88 Crore |
| Net Worth | ₹230.13 Crore | ₹490.14 Crore | ₹553.16 Crore |
| Total Borrowings | ₹96.36 Crore | ₹78.14 Crore | ₹116.06 Crore |
The company has reported historical performance patterns reflecting project-based cycles in the defense sector during the last three financial years. Revenue and profitability varied across periods due to the timing of defense order execution and deliveries. The company’s net worth strengthened significantly over the period, reflecting an improving balance sheet position. Investors should evaluate these financial results together with the company’s order book, expansion strategy, competitive position, and valuation before making an investment decision.
Tonbo Imaging India IPO Key Performance Indicators (KPIs)
Key Performance Indicators help investors assess the company’s profitability, operational efficiency, financial strength, and capital utilisation. These financial ratios provide additional insights into the company’s overall business performance.
| KPI | Value |
| Return on Net Worth (RoNW) | 9.75% |
| Return on Capital Employed (ROCE) | 14.54% |
| EBITDA Margin | 28.28% (approx) |
| PAT Margin | 13.75% (approx) |
| Debt-to-Equity Ratio | 0.21 |
| Earnings Per Share (EPS) | ₹9.19 (Basic) / ₹8.88 (Diluted) |
| Net Asset Value (NAV) Per Share | ₹96.57 |
| Price to Earnings (P/E) | 78.83x |
The company’s financial ratios indicate healthy operating margins and technology-driven valuation parameters. Return ratios reflect capital utilization, while the low debt-to-equity ratio highlights a conservative capital structure. Investors should analyse these financial indicators along with the company’s growth strategy, defense sector outlook, and IPO valuation before making an investment decision.
Objects of the Tonbo Imaging India IPO
The entire public offering is structured as an Offer for Sale (OFS), so the company will not receive any proceeds from the issue.
- The proceeds from the Offer for Sale (OFS) will be received entirely by the respective selling shareholders and will not form part of the company’s funds.
- The proposed listing is expected to enhance the company’s visibility, brand image, and provide a public market for the equity shares in India.
Tonbo Imaging India IPO Listing Performance
The listing performance reflects how the company’s shares performed on the stock exchanges after the IPO. While listing gains indicate initial investor sentiment, long-term returns depend on the company’s financial performance, operational execution, expansion strategy, and future growth prospects.
| Particular | Value |
| Listing Exchange | BSE & NSE |
| Listing Date | 23 October 2026 |
| Issue Price | ₹700 Per Share |
| Listing Price | To be updated |
| Listing Gain | To be updated |
| Listing Gain (%) | To be updated |
The listing performance will be available after the company’s shares commence trading on the stock exchanges. Investors should focus on long-term business fundamentals rather than short-term listing movements.
Tonbo Imaging India IPO Subscription Status
The subscription figures indicate the level of investor participation received during the IPO bidding period. Strong subscription generally reflects healthy market interest, although investment decisions should also consider valuation, financial performance, and long-term business prospects.
| Investor Category | Subscription |
| Qualified Institutional Buyers (QIB) | To be updated |
| Non-Institutional Investors (NII) | To be updated |
| Retail Individual Investors (RII) | To be updated |
| Employee Category | To be updated |
| Total Subscription | To be updated |
The final subscription figures will be available after the IPO closes. They will provide an indication of investor participation across various categories.
Tonbo Imaging India IPO Review
Tonbo Imaging India Limited is one of India’s leading defense electronics providers, offering comprehensive electro-optic imaging solutions through a specialized development network. The company provides tactical military equipment across numerous technology categories, supported by experienced professionals, proprietary design software, and advanced infrastructure.
The company has steadily expanded its industrial footprint through technical innovation, global deployments, and specialized product launches. Its specialized product portfolio, broad geographic presence, and focus on indigenous defense solutions have strengthened its position within India’s organised military equipment sector.
The company has also demonstrated solid innovation capabilities while continuing to invest in advanced thermal systems and AI integration. Rising defense indigenization, increasing military modernization standards, growing demand for tactical imaging systems, and expansion of domestic defense infrastructure are expected to support long-term industry growth.
However, investors should also consider factors such as supplier concentration risks, project execution timelines, customer dependency on government contracts, and increasing competition in the defense electronics industry before making an investment decision.
Overall, Tonbo Imaging India Limited operates in a sector with favourable long-term growth prospects. Investors should carefully evaluate the company’s financial performance, valuation, competitive strengths, and future expansion strategy before investing.
Tonbo Imaging India IPO Strengths
- Leading defense electronics OEM with specialized expertise in electro-optics and infrared imaging systems.
- Proven global deployments across international allied markets like the US, EU, and Israel.
- Strong proprietary technology portfolio including AI-based seekers and thermal sights.
- Established relationships with Indian defense authorities and global military customers.
- Experienced engineering professionals and advanced design infrastructure.
- Favourable long-term growth outlook supported by India’s defense indigenization push.
Tonbo Imaging India IPO Risk Factors
- The defense business is subject to strict regulatory compliance and lengthy procurement cycles.
- Supplier concentration risks without long-term binding supply contracts.
- Revenue and profitability can be lumpy due to project-based execution schedules.
- The company operates in a specialized and competitive technology market.
- Dependence on skilled engineering and software development professionals is critical.
- Changes in government defense budgets or procurement policies may affect business performance.
Tonbo Imaging India IPO Promoters
Tonbo Imaging India Limited has been promoted by experienced technologists and entrepreneurs who have contributed to the company’s growth through product innovation, global marketing, and continuous investment in defense R&D. The promoters have played an important role in building one of India’s leading tactical imaging networks.
| Promoter | Designation |
| Arvind Kondangi Lakshmikumar | Promoter |
| Ankit Kumar | Promoter |
| Cecilia D’Souza | Promoter |
Tonbo Imaging India IPO Management Team
The company is led by an experienced management team with expertise in defense administration, electronic engineering, finance, strategy, and corporate governance. The leadership team focuses on improving tactical solutions, expanding technological capabilities, operational efficiency, and long-term business growth.
| Name | Designation |
| Arvind Kondangi Lakshmikumar | Managing Director & CEO |
| Key Management Personnel | Senior Leadership & Technical Directors |
| Chief Financial Officer | Chief Financial Officer |
| Company Secretary | Company Secretary & Compliance Officer |
Tonbo Imaging India IPO Registrar Details
The registrar is responsible for processing IPO applications, finalising the basis of allotment, crediting equity shares to successful applicants, initiating refunds, and handling investor-related services.
| Particular | Details |
| Registrar Name | KFin Technologies Limited |
| Website | https://ipostatus.kfintech.com/ |
| IPO Allotment Status | https://ipostatus.kfintech.com/ |
| Email ID | [email protected] |
| Contact Number | 040-79615565 |
Tonbo Imaging India IPO Lead Manager Details
The Book Running Lead Managers are responsible for managing the IPO process, coordinating regulatory compliance, and assisting the company throughout the public issue.
| Particular | Details |
| Lead Managers | JM Financial Limited and IIFL Capital Services Limited |
Tonbo Imaging India Limited Contact Details
| Particular | Details |
| Company Name | Tonbo Imaging India Limited |
| Registered Office | Bengaluru, Karnataka, India |
| Website | https://www.tonboimaging.com |
| Email ID | [email protected] |
How to Check Tonbo Imaging India IPO Allotment Status
Investors can check the IPO allotment status after the basis of allotment is finalised through the registrar’s website or the BSE IPO portal.
Through KFin Technologies Limited
- Visit the official KFin Technologies IPO allotment portal.
- Select Tonbo Imaging India IPO from the IPO list.
- Choose PAN Number, Application Number, or DP/Client ID.
- Enter the required details.
- Click Submit to view the allotment status.
Through BSE
- Visit the official BSE IPO allotment page.
- Select Tonbo Imaging India IPO from the list of IPOs.
- Enter your PAN Number or Application Number.
- Complete the verification process if required.
- Click Search to view the allotment result.
Tonbo Imaging India IPO Conclusion
Tonbo Imaging India IPO provides investors with an opportunity to invest in one of India’s established defense electronics providers with a wide global footprint and a specialized portfolio of imaging and tracking solutions. The company has strengthened its market position through continuous innovation, experienced engineering professionals, modern design infrastructure, and international military deployments.
Its broad technological presence, comprehensive offerings, and exposure to the growing demand for indigenous defense components provide a strong foundation for future growth. However, investors should also consider factors such as supplier concentration, project-based revenue volatility, competition, and execution risks before making an investment decision.
A detailed assessment of the company’s financial performance, valuation, business strategy, industry outlook, and long-term expansion plans can help investors determine whether the IPO is suitable for their investment objectives.
Tonbo Imaging India IPO FAQs
What is Tonbo Imaging India IPO?
Tonbo Imaging India IPO is the upcoming Mainboard public issue of Tonbo Imaging India Limited, one of India’s leading defense electronics original equipment manufacturers.
What is the price band of Tonbo Imaging India IPO?
The IPO is priced in the range of ₹665 to ₹700 per equity share.
What is the issue size of Tonbo Imaging India IPO?
The total issue size is ₹852.18 crore.
When will the Tonbo Imaging India IPO open?
The IPO will open for subscription on 15 October 2026.
When will the Tonbo Imaging India IPO close?
The IPO will close on 19 October 2026.
On which stock exchanges will Tonbo Imaging India shares be listed?
The company’s equity shares are proposed to be listed on BSE and NSE.
Who is the registrar for the Tonbo Imaging India IPO?
KFin Technologies Limited is the registrar to the issue.
What is the face value of Tonbo Imaging India IPO shares?
The face value of each equity share is ₹2.
What does Tonbo Imaging India Limited do?
The company operates as a defense electronics OEM, providing thermal weapon sights, electro-optics and infrared (EO/IR) imaging systems, and AI-based seekers for military and homeland security applications.
What are the objects of the Tonbo Imaging India IPO?
The IPO is entirely an Offer for Sale (OFS), meaning the company will not receive any proceeds, and the entire funds will go directly to the selling shareholders while providing a public market listing.
