Tonbo Imaging India IPO: Key Details and Dates
Tonbo Imaging India, a Bengaluru-based manufacturer specializing in defence electronics, is set to launch its Initial Public Offering (IPO) on Thursday, October 15. The company has established a price band of Rs 665-700 per equity share for the public issue. The IPO consists of 1.2 crore equity shares, with the company seeking a valuation of Rs 4,010 crore.
Investors interested in the Tonbo Imaging India IPO can bid for a minimum of 21 equity shares, and in multiples of 21 shares thereafter. The public issue aims to raise a total of Rs 852 crore.
Offer for Sale Structure
Significantly, the entire IPO is structured as an offer for sale (OFS) by existing shareholders. This means that Tonbo Imaging India itself will not receive any proceeds from the issue; instead, all net proceeds, after accounting for applicable expenses, will go to the selling shareholders.
The selling shareholders participating in the OFS include promoters Arvind Kondangi, Lakshmikumar, Ankit Kumar, and Cecilia D'Souza, alongside investors such as CEAQ Technologies, Timothy Guy Mitchell, Artiman Partners LLC, and Ramesh Radhakrishnan.
IPO Timeline and Investor Reservation
The subscription window for the Tonbo Imaging IPO will open on October 15 and close on October 19. The anchor book, designated for institutional investors, will open for a single day on October 14. Share allotment is anticipated to be finalized by October 21, with the company's shares expected to list on the stock exchanges on October 23.
The company had filed its draft red herring prospectus (DRHP) with the Securities and Exchange Board of India (SEBI) in December 2025, receiving regulatory approval in September 2026. Notably, Tonbo Imaging has removed a previously proposed employee reservation of 14,000 shares.
The issue size has been reserved as follows: 50 percent for qualified institutional buyers (QIBs), 15 percent for non-institutional investors (NIIs), and 35 percent for retail investors.
About Tonbo Imaging India
Incorporated in 2003, Tonbo Imaging is a prominent original equipment manufacturer (OEM) in the defence electronics sector. The company specializes in designing and manufacturing advanced electro-optic and electronic systems for a wide range of defence applications. Its product portfolio includes thermal imaging cores, weapon sights, handheld thermal imaging binoculars, targeting systems, missile seekers, fire-control systems, and missile-guidance systems.
Financial Performance Overview
Tonbo Imaging's recent financial performance has shown a mixed trend. For the April-June 2026 quarter, the company reported a loss of Rs 17.7 crore, attributed in part to higher raw material costs and an increase in finished-goods inventories, with revenue standing at Rs 36 crore.
In the financial year ending March 2026, the company's profit declined by 30 percent to Rs 50.9 crore, down from Rs 72.8 crore in the previous year. Revenue also saw a reduction of 22.7 percent, falling to Rs 362.6 crore from Rs 469.1 crore a year earlier.