Tonbo Imaging India IPO
Mainboard IPO · Open now · price band ₹665–₹700
Key points
- 100% offer for sale: the company gets no money. Existing shareholders are selling ₹852 cr of shares.
- GMP ₹505–525 (+72.1% to +75.0%) over ₹700. Unofficial, changes often.
- FY26: income ₹370 cr (−22.0%), profit ₹50.88 cr (−30.1%).
Subscription so far: 7.77x
Times the shares on offer that investors have applied for, by category (exchange data, updates a few times a day).
Timetable
- OpensThu 15 Oct
- ClosesMon 19 Oct
- AllotmentWed 21 Oct
- RefundThu 22 Oct
- Shares in dematThu 22 Oct
- ListingFri 23 Oct
Dates after the closing day are tentative and can shift by a day.
Why is Tonbo Imaging India raising money?
This IPO is entirely an offer for sale. The company does not receive any money; the ₹852 cr goes to the shareholders who are selling. The business itself gets no new capital from this IPO.
Who is selling
- CEAQ Technologies Private LimitedCorporate₹350 cr
- CEAQ Technologies Pte. Ltd.Corporate₹291 cr
- Arvind Kondangi LakshmikumarPromoter₹80.5 cr
- Ankit KumarPromoter₹40.6 cr
- Vinimaya Advisory LLPPromoter₹23.78 cr
- Cecilia D’SouzaPromoter₹16.1 cr
7 more sellers with smaller amounts.
Grey market premium (GMP)
Unofficial. GMP is what traders in an unregulated market say they will pay before listing. No exchange publishes it, it can change several times a day and it is often wrong on listing day. Range from 2 market websites, checked 18 Oct 2026, 03:23 PM IST.
About Tonbo Imaging India
Incorporated in December 2003, Tonbo Imaging India Limited is a global defence electronics original equipment manufacturer (OEM) engaged in the design, development, and manufacturing of advanced electro-optic, infrared (EO/IR), embedded vision, communication, guidance, and surveillance systems for defence and security applications. The company 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.
Tactical systems: These systems are focused on the functions of imaging, surveillance, reconnaissance and targeting.
Platform systems: Two kinds of platform systems – (a) subsystems that can provide observation and fire control capabilities to a range of aerial, ground and weapon platforms and (b) end platforms that actually perform the task of threat neutralization.
Strengths the company highlights
- Leading defence electronics OEM with proprietary electro-optic and thermal imaging technologies.
- Strong in-house R&D capabilities with complete ownership of core intellectual property.
- Diversified portfolio of battlefield surveillance, targeting, guidance, and imaging solutions.
- Global presence with 28,000+ deployed systems across 24 countries and ITAR-free export capability.
- Asset-light, innovation-driven business model supported by healthy financial performance.
- Experienced management team with deep expertise in defence technology and product development.
Financials (₹ crore)
Tonbo Imaging India Ltd.'s revenue decreased by 22% and profit after tax (PAT) dropped by 30% between the years ending March 31, 2026 and March 31, 2025.
| ₹ crore | Jun 2026 | Mar 2026 | Mar 2025 | Mar 2024 |
|---|---|---|---|---|
| Total Income | 37 | 370 | 474 | 432 |
| Profit After Tax | -18 | 51 | 73 | 69 |
| EBITDA | -13 | 105 | 139 | 112 |
| Net worth | 539 | 553 | 490 | 230 |
| Borrowing | 130 | 116 | 78 | 96 |
| Assets | 783 | 783 | 726 | 575 |
Restated figures from the offer document. A part-year period (for example 3 months to June) is not comparable with a full year.
Valuation and returns
| Jun 2026 | Mar 2026 | |
|---|---|---|
| ROE | -3.25% | 9.75% |
| ROCE | -4.31% | 14.54% |
| RoNW | -3.25% | 9.75% |
| PAT Margin | -47.52% | 13.75% |
| EBITDA Margin | -36.21% | 28.85% |
| NAV | 94.01 | 96.57 |
| P/B (x) | – | 7.25 |
P/E = price ÷ earnings per share. A negative P/E means the company made a loss. Compare with listed peers in the same business before reading much into it.
Promoters: Ankit Kumar, Arvind Kondangi Lakshmikumar and Cecilia D’Souza.
Issue details
- Price band
- ₹665–₹700
- Lot size
- 21 shares
- Minimum investment
- ₹14,700 (1 lot at ₹700)
- Total issue size
- ₹852 cr (1.22 crore shares)
- Fresh issue / OFS
- OFS only
- Face value
- ₹2 per share
- Reserved for
- QIB 50% · NII 15% · Retail 35%
- Anchor investors
- ₹255 cr (already allotted)
- Employee discount
- ₹65 per share
- Retail limit
- up to ₹2,00,000
- UPI mandate deadline
- 19-Oct-2026 (up to 5:00 PM)
- Listing on
- BSE, NSE
- Lead managers
- JM Financial Limited, IIFL Capital Services Limited
- Registrar (allotment status)
- KFin Technologies Limited · tonbo.ipo@kfintech.com
Offer document (RHP) on NSE: download. It is long; the "Objects of the Offer" and "Risk Factors" chapters matter most.
Quick answers
Does Tonbo Imaging India get the IPO money?
No. The IPO is 100% offer for sale, so all ₹852 cr goes to the selling shareholders.
What is the minimum investment in the Tonbo Imaging India IPO?
One lot of 21 shares, which costs ₹14,700 at the upper price of ₹700.
When will Tonbo Imaging India list?
The tentative listing date is Fri 23 Oct, with allotment on Wed 21 Oct.
Company figures are from the offer document as summarised by market websites; issue details and subscription are from NSE. Updated 18 Oct 2026, 03:23 PM IST. Education only, not investment advice. Read the offer document, especially the risk factors, before applying. All IPOs →