Tonbo Imaging India IPO
Tonbo Imaging India IPO is a book-building public issue of ₹852.18 crore, according to the supplied IPO details.
The issue consists entirely of an Offer for Sale (OFS) of 1,21,74,046 equity shares. Since the IPO is completely an OFS, Tonbo Imaging India Ltd. will not receive any proceeds from the IPO. The proceeds will go to the selling shareholders.
The IPO will open for subscription on 15 October 2026 and close on 19 October 2026. The shares are proposed to be listed on both NSE and BSE, with a tentative listing date of 23 October 2026.
The price band is ₹665 to ₹700 per share, and the minimum application size is 21 shares. At the upper price band, one retail lot requires an investment of ₹14,700, before applicable charges.
Tonbo Imaging India IPO Details
Tonbo Imaging India Ltd. is entering the primary market with a book-built IPO of ₹852.18 crore. The issue comprises an Offer for Sale of 1,21,74,046 equity shares and does not include a fresh issue of shares.
The IPO price band has been fixed at ₹665 to ₹700 per share. The face value of each equity share is ₹2. Investors can bid for a minimum of 21 shares and thereafter in multiples of the specified lot size.
At the upper price band of ₹700 per share, a retail investor requires ₹14,700 to apply for one lot of 21 shares.
The company is proposed to be listed on NSE and BSE. The tentative allotment date is 21 October 2026, while the tentative listing date is 23 October 2026.
Tonbo Imaging India IPO Details
| Particulars | Details |
|---|---|
| Company Name | Tonbo Imaging India Ltd. |
| IPO Open Date | 15 October 2026 |
| IPO Close Date | 19 October 2026 |
| Expected Allotment | 21 October 2026* |
| Refund / Unblocking | 22 October 2026* |
| Demat Credit | 22 October 2026* |
| Tentative Listing Date | 23 October 2026* |
| IPO Size | ₹852.18 Crore |
| Price Band | ₹665 to ₹700 per share |
| Face Value | ₹2 per share |
| Lot Size | 21 Shares |
| Issue Type | Book Building |
| Issue Structure | Offer for Sale (OFS) |
| Fresh Issue | Nil |
| Total Issue Shares | 1,21,74,046 Shares |
| Offer for Sale | 1,21,74,046 Shares |
| Pre-Issue Shareholding | 5,72,82,100 Shares |
| Post-Issue Shareholding | 5,72,82,100 Shares |
| Market Cap at Upper Price | ₹4,009.75 Crore |
| Listing Exchange | NSE and BSE |
| Registrar | Kfin Technologies Ltd. |
| Lead Manager | JM Financial Ltd. and IIFL Capital Services Ltd. |
Tonbo Imaging India IPO Issue Size
| Issue Component | Shares | Amount |
|---|---|---|
| Total Issue | 1,21,74,046 | ₹852.18 Cr |
| Offer for Sale | 1,21,74,046 | ₹852.18 Cr |
| Fresh Issue | Nil | Nil |
The entire Tonbo Imaging India IPO is an Offer for Sale. Therefore, no fresh capital is being raised by the company through this issue. The IPO proceeds will go to the selling shareholders, subject to applicable expenses and the final offer terms.
What does an OFS mean? In an Offer for Sale, existing shareholders sell their shares to public investors. Unlike a fresh issue, an OFS does not directly provide new capital to the company.
Tonbo Imaging India IPO Timeline
| Event | Date |
|---|---|
| IPO Opens | Thursday, 15 October 2026 |
| IPO Closes | Monday, 19 October 2026 |
| Basis of Allotment | Wednesday, 21 October 2026* |
| Refund / Unblocking | Thursday, 22 October 2026* |
| Shares Credited to Demat | Thursday, 22 October 2026* |
| Listing | Friday, 23 October 2026* |
The dates above are tentative and based on the supplied IPO information. The final schedule should be checked against the official offer document and exchange announcements.
Tonbo Imaging India IPO Issue Reservation
| Investor Category | Reservation |
|---|---|
| Qualified Institutional Buyers (QIB) | Not more than 50% of the Offer |
| Retail Individual Investors (RII) | Not less than 35% of the Offer |
| Non-Institutional Investors (NII) | Not less than 15% of the Offer |
Tonbo Imaging India IPO Investor Categories
| Category | Investment Limit | Cut-off Price |
|---|---|---|
| Retail Individual Investor (RII) | Up to ₹2 Lakhs | Yes |
| Small NII (sNII) | ₹2 Lakhs to ₹10 Lakhs | No |
| Big NII (bNII) | Above ₹10 Lakhs | No |
| Employee (EMP) | Up to ₹2 Lakhs | Yes |
| Employee + RII/NII | Employee limit plus applicable RII/NII limits | As applicable |
Tonbo Imaging India IPO Lot Size
Investors can bid for a minimum of 21 shares and thereafter in multiples of 21 shares. The investment amounts below are calculated using the upper price band of ₹700 per share.
| Investor Category | Lots | Shares | Investment at ₹700 |
|---|---|---|---|
| Retail Minimum | 1 | 21 | ₹14,700 |
| Retail Maximum | 13 | 273 | ₹1,91,100 |
| S-HNI Minimum | 14 | 294 | ₹2,05,800 |
| S-HNI Maximum | 68 | 1,428 | ₹9,99,600 |
| B-HNI Minimum | 69 | 1,449 | ₹10,14,300 |
These investment amounts are based on the supplied lot-size details and upper price band. Investors should verify the applicable bidding limits and final application terms in the official offer documents.
About Tonbo Imaging India Ltd.
Incorporated in December 2003, Tonbo Imaging India Ltd. is a global defence electronics original equipment manufacturer (OEM). The company designs, develops and manufactures advanced electro-optic and infrared (EO/IR), embedded vision, communication, guidance and surveillance systems for defence and security applications.
Tonbo Imaging offers a diversified portfolio of battlefield solutions, including thermal imaging systems, weapon sights, missile seekers, fire control systems, missile guidance systems, targeting systems and handheld thermal imaging devices.
The company serves defence and security organisations across 24 countries and has more than 28,000 field-deployed systems. According to the supplied company information, it is India’s largest manufacturer of thermal imaging systems for government and defence agencies during FY24–FY26 and the country’s largest exporter of thermal imaging systems by volume.
Tonbo develops products using fully owned intellectual property. Its products are described as free from International Traffic in Arms Regulations (ITAR) restrictions, supporting exports to international markets.
The company follows an innovation-driven business model supported by in-house research and development, proprietary technologies and advanced manufacturing capabilities. It is an approved supplier under India’s IDDM (Indigenously Designed, Developed and Manufactured) defence procurement framework and supports the Government’s Make in India and Atmanirbhar Bharat initiatives.
As of 30 June 2026, Tonbo Imaging India had 339 permanent employees across product design and development, manufacturing, project management, sales, finance, human resources and management functions.
Tonbo Imaging India Products and Business Segments
| Product / Segment | Details |
|---|---|
| Tactical Systems | Imaging, surveillance, reconnaissance and targeting systems for defence and security operations. |
| Platform Systems | Subsystems providing observation and fire-control capabilities for aerial, ground and weapon platforms, alongside end platforms used for threat neutralisation. |
| Directed Energy Systems | Technology components being assembled into a high-power microwave platform under the WaveStrike brand to counter drone-swarm threats. |
| Thermal Imaging Systems | Thermal imaging technologies and devices for defence, surveillance and security applications. |
| Weapon Sights | Optical and imaging-based sighting solutions for defence applications. |
| Missile Seekers and Guidance | Seeker, targeting and guidance technologies for missile-related applications. |
| Fire Control Systems | Systems supporting observation, targeting and fire-control requirements. |
| Communication and Embedded Vision | Embedded vision and communication solutions for defence and security systems. |
Tonbo Imaging India Competitive Strengths
- Specialised defence electronics business: Focus on electro-optic, infrared, thermal imaging, guidance and surveillance technologies.
- Proprietary technology: In-house R&D and ownership of core intellectual property supporting product development.
- Diversified product portfolio: Solutions spanning battlefield surveillance, targeting, missile guidance, weapon sights and thermal imaging.
- International presence: Products deployed across 24 countries, with more than 28,000 field-deployed systems according to the supplied details.
- Export capabilities: ITAR-free product positioning, as described in the supplied company information, supports access to overseas markets.
- Indian defence manufacturing: Approved supplier under the IDDM procurement framework, aligned with domestic defence manufacturing initiatives.
- Innovation-led operations: Business supported by in-house research, proprietary technology and advanced manufacturing capabilities.
- Experienced technical team: Permanent employees across product development, manufacturing, project management and commercial functions.
Tonbo Imaging India IPO Objects of the Issue
The Tonbo Imaging India IPO is a 100% Offer for Sale (OFS). Existing shareholders are selling their shares through the IPO.
No fresh capital: Tonbo Imaging India Ltd. will not receive the IPO proceeds from the sale of existing shares.
The primary purpose of this offer is to provide an exit or partial liquidity opportunity to the selling shareholders through a public listing. As this is an OFS-only issue, the IPO does not raise fresh equity capital for business expansion or debt repayment.
Tonbo Imaging India Financial Performance
The following table presents the supplied restated consolidated financial information for the periods ended 30 June 2026, 31 March 2026, 31 March 2025 and 31 March 2024. All amounts are in ₹ crore.
| Particulars (₹ Crore) | 30 Jun 2026 | 31 Mar 2026 | 31 Mar 2025 | 31 Mar 2024 |
|---|---|---|---|---|
| Total Assets | 782.87 | 782.50 | 726.36 | 574.68 |
| Total Income | 37.32 | 369.94 | 474.39 | 431.90 |
| Profit After Tax (PAT) | -17.74 | 50.88 | 72.76 | 68.54 |
| EBITDA | -13.04 | 104.62 | 139.06 | 112.32 |
| Net Worth | 538.54 | 553.16 | 490.14 | 230.13 |
| Reserves and Surplus | 527.08 | 541.70 | 489.41 | 168.99 |
| Total Borrowing | 129.72 | 116.06 | 78.14 | 96.36 |
According to the supplied summary, total income decreased by approximately 22% between FY2025 and FY2026, while profit after tax decreased by approximately 30%. The company reported total income of ₹369.94 crore and PAT of ₹50.88 crore for FY2026, compared with total income of ₹474.39 crore and PAT of ₹72.76 crore for FY2025.
The June 2026 figures cover a shorter reporting period and show a loss after tax of ₹17.74 crore and negative EBITDA of ₹13.04 crore. These interim figures should not be directly compared with full-year results without accounting for the different reporting periods.
Tonbo Imaging India IPO Key Performance Indicators
| KPI | 30 Jun 2026 | 31 Mar 2026 |
|---|---|---|
| Return on Equity (ROE) | -3.25% | 9.75% |
| Return on Capital Employed (ROCE) | -4.31% | 14.54% |
| Return on Net Worth (RoNW) | -3.25% | 9.75% |
| PAT Margin | -47.52% | 13.75% |
| EBITDA Margin | -36.21% | 28.85% |
| Net Asset Value (NAV) | ₹94.01 | ₹96.57 |
| Price-to-Book Ratio (P/B) | Not provided | 7.25x |
The supplied June 2026 KPIs show negative ROE, ROCE, RoNW, PAT margin and EBITDA margin. This is consistent with the reported interim loss and negative EBITDA. The supplied March 2026 figures show positive returns and margins.
The price-to-book ratio for June 2026 was not provided in the supplied information and has therefore not been estimated.
Tonbo Imaging India IPO Valuation
At the upper price band of ₹700 per share, the supplied IPO information gives Tonbo Imaging India’s market capitalisation as approximately ₹4,009.75 crore.
| Valuation Metric | Pre IPO | Post IPO |
|---|---|---|
| EPS (₹) | ₹8.88 | Negative / not separately provided |
| P/E Ratio | 78.83x | Negative / not separately provided |
| Market Cap at Offer Price | ₹4,009.75 Crore | ₹4,009.75 Crore |
| Upper Price Band | ₹700 per share | ₹700 per share |
| Issue Structure | 100% Offer for Sale | |
Since the IPO is an OFS, the company is not issuing additional shares through a fresh issue. The supplied pre- and post-IPO market capitalisation figures are therefore the same.
The valuation figures above are reproduced from the supplied information. Investors should verify the EPS and P/E calculations and the relevant financial period in the official RHP before making an investment decision.
Tonbo Imaging India Shareholding Structure
| Category | Pre IPO | Post IPO |
|---|---|---|
| Promoter and Promoter Group | 18.58% | 15.72% |
| Public | 81.42% | 84.28% |
| Total | 100% | 100% |
Company Promoters: Ankit Kumar, Arvind Kondangi Lakshmikumar and Cecilia D’Souza.
According to the supplied shareholding figures, promoter and promoter group ownership is expected to decrease from 18.58% before the IPO to 15.72% after the IPO. The public shareholding is expected to increase from 81.42% to 84.28%.
Tonbo Imaging India IPO Offer for Sale – Selling Shareholders
| Name | Category | Shares Offered | Amount (₹ Cr) |
|---|---|---|---|
| Arvind Kondangi Lakshmikumar | Promoter | 11,50,000 | ₹80.50 |
| Ankit Kumar | Promoter | 5,80,000 | ₹40.60 |
| Cecilia D’Souza | Promoter | 2,30,000 | ₹16.10 |
| Vinimaya Advisory LLP | Promoter | 3,39,700 | ₹23.78 |
| CEAQ Technologies Private Limited | Corporate | 49,98,100 | ₹349.87 |
| Total Issue OFS | – | 1,21,74,046 | ₹852.18 |
The shareholder entries above are the selling-shareholder details supplied for this post. The individual entries listed do not represent the entire OFS share count. Refer to the official RHP for the complete selling-shareholder list and final allocations.
Recently Listed IPOs in Aerospace & Defense
| Company | Issue Type | Issue Size | Issue Price | P/E Ratio | Listing Day Close | Listing Gain / Loss | LTP |
|---|---|---|---|---|---|---|---|
| Aequs Ltd. | Mainboard | ₹921.81 Cr | ₹124 | -74.71 | ₹151.29 | +22.01% | ₹263.85 |
| Advance Technoforge Ltd. | SME | ₹24.04 Cr | ₹95 | 15.22 | ₹89.30 | -6.00% | ₹76.95 |
| Millworks Technologies Ltd. | SME | ₹160.34 Cr | ₹331 | 11.40 | ₹660.30 | +99.49% | ₹1,080.60 |
The peer information is reproduced from the supplied data. These companies may differ from Tonbo Imaging India in their business models, financial profiles, issue sizes and valuations. Their listing performance should not be treated as a forecast of Tonbo Imaging India’s listing performance.
Tonbo Imaging India IPO Recommendations
| Review By | Subscribe | May Apply | Neutral | Avoid |
|---|---|---|---|---|
| Brokers | 2 | 1 | 2 | 0 |
| Members | 0 | 0 | 0 | 0 |
According to the supplied recommendation summary, two broker reviews are listed as Subscribe, one as May Apply and two as Neutral. These opinions reflect the provided summary and are not guarantees of IPO returns or listing gains.
Tonbo Imaging India IPO Pros and Cons
Potential Positives
- Specialised defence electronics business focused on electro-optic, infrared, thermal imaging and surveillance technologies.
- Proprietary technology and in-house R&D capabilities.
- Diversified portfolio spanning tactical systems, platform systems, guidance, targeting and directed energy technologies.
- International presence across 24 countries and more than 28,000 field-deployed systems, according to the supplied data.
- Exposure to India’s defence manufacturing and indigenisation initiatives.
- Products described as ITAR-free, supporting international export opportunities.
- Positive FY2026 PAT of ₹50.88 crore and EBITDA of ₹104.62 crore in the supplied financial table.
- Existing shareholders’ offer provides a route to public-market listing without a fresh equity issue.
Key Risks / Considerations
- The IPO is entirely an OFS, so the company will not receive proceeds from the issue.
- Total income and PAT declined between FY2025 and FY2026, according to the supplied financial figures.
- June 2026 figures show negative PAT, EBITDA, ROE, ROCE and other profitability indicators.
- Defence procurement can involve lengthy tender processes, approvals, testing and customer acceptance requirements.
- Business performance may depend on defence budgets, government procurement policies and contract execution.
- Specialised product development requires continued investment in research, engineering and technology.
- The supplied valuation data reports a pre-IPO P/E of 78.83x; investors should independently assess the relevant earnings base.
- Investors should read the official RHP for complete business, financial, regulatory and selling-shareholder risks.
Tonbo Imaging India IPO GMP Today
No specific Grey Market Premium (GMP) figure was provided for Tonbo Imaging India IPO.
IPO GMP is unofficial, may change frequently and does not guarantee listing gains.
Tonbo Imaging India IPO Registrar and Lead Managers
IPO Registrar: Kfin Technologies Ltd.
Book Running Lead Managers:
- JM Financial Ltd.
- IIFL Capital Services Ltd.
Investors should refer to the official offer document for detailed information about the registrar, lead managers, issue process and investor services.
Tonbo Imaging India IPO Important Information
| Particulars | Details |
|---|---|
| Company | Tonbo Imaging India Ltd. |
| IPO Type | Book-Building Issue |
| IPO Size | ₹852.18 Crore |
| Price Band | ₹665 – ₹700 per share |
| Face Value | ₹2 per share |
| Lot Size | 21 Shares |
| Minimum Investment | ₹14,700 at the upper price band |
| Fresh Issue | Nil |
| Offer for Sale | 1,21,74,046 Shares |
| Issue Structure | 100% OFS |
| IPO Open | 15 October 2026 |
| IPO Close | 19 October 2026 |
| Allotment | 21 October 2026* |
| Refund / Unblocking | 22 October 2026* |
| Demat Credit | 22 October 2026* |
| Listing | NSE and BSE |
| Registrar | Kfin Technologies Ltd. |
| Lead Managers | JM Financial Ltd.; IIFL Capital Services Ltd. |
| Market Cap at Upper Price | ₹4,009.75 Crore |
Tonbo Imaging India IPO Registrar Contact Details
| Particulars | Details |
|---|---|
| Registrar | Kfin Technologies Ltd. |
| Phone | 040-79615565 |
| tonbo.ipo@kfintech.com | |
| Website | Refer to the official Kfin Technologies website for IPO registrar services and allotment information. |
Tonbo Imaging India Ltd. Contact Details
Company Address:
No. 3, Chikkayellappa Tower-II, 1st C Main,
Sarjapur Main Road, Jakkasandra Extension,
Chikkayellappa Industrial Layout,
Bengaluru, Karnataka – 560034
Phone: 63 64 926 273
Email: compliance@tonboimaging.com
Tonbo Imaging India IPO Quick Summary
Tonbo Imaging India IPO is a book-building public issue of ₹852.18 crore, scheduled to open on 15 October 2026 and close on 19 October 2026.
The price band is ₹665 to ₹700 per share, with a minimum lot size of 21 shares. At the upper price band, one retail lot requires an investment of ₹14,700.
The IPO consists entirely of an Offer for Sale of 1,21,74,046 shares. There is no fresh issue, so the company will not receive proceeds from the IPO.
Tonbo Imaging India designs and manufactures defence electronics, electro-optic and infrared systems, thermal imaging equipment, weapon sights, guidance systems, surveillance products and related technologies.
The company serves defence and security organisations across 24 countries, with more than 28,000 field-deployed systems according to the supplied company information.
The supplied FY2026 financial figures show total income of ₹369.94 crore, PAT of ₹50.88 crore and EBITDA of ₹104.62 crore. The June 2026 interim figures show a loss after tax of ₹17.74 crore.
The tentative allotment date is 21 October 2026, and the tentative listing date is 23 October 2026. The IPO GMP is currently shown as Awaiting Update because no specific GMP figure was provided.
Tonbo Imaging India IPO FAQs
Tonbo Imaging India IPO Official Documents
Investors should refer to the official Red Herring Prospectus (RHP) for detailed information about the IPO, business operations, financial statements, shareholding, promoters, selling shareholders and associated risk factors.
The supplied information does not include a verified RHP URL. Before publishing a document link, use the official offer document published by the company, the lead managers or the applicable regulatory and exchange websites.
Disclaimer
This Tonbo Imaging India IPO information is provided solely for educational and informational purposes. IPO investments are subject to market risks, and actual listing performance may differ from expectations. Investors should carefully review the company’s official RHP, financial statements, risk factors and other disclosures before making any investment decision.
IPO Grey Market Premium (GMP) is unofficial and should not be considered a guarantee of listing gains. TradingMinds does not guarantee IPO returns or provide any assurance about future share-price performance.
Data note: This post is based on the information supplied for publication. Financial figures include both interim and full-year periods, and the listed selling-shareholder entries may not represent the complete OFS. The EPS, P/E ratio, market capitalisation, shareholding and issue details should be verified against the official RHP before publication.
*Note: IPO allotment, refund, demat credit and listing dates are tentative and may change according to the final IPO schedule, regulatory requirements and applicable exchange processes.
