The IPO of Tonbo Imaging India is a main-board book-built issue of ₹852.18 crore and is purely an Offer for Sale (OFS) of 1.22 crore equity shares. The public offer will open for subscription on 15th October 2026 and will close on 19th October 2026. The share allotment is expected to take place on 21st October 2026 and the stock is likely to list on BSE and NSE on 23rd October 2026 (subject to market conditions and other factors).
The price band for the IPO is range of 665-700 per share. Retail Individual investors can bid at least 21 shares and in multiple thereof, which implies a minimum upfront investment of 14,700 at the higher end of the price band. JM Financial Limited is the lead book-running manager to the issue and KFin Technologies Limited has been appointed as the registrar to the issue.
Tonbo Imaging India IPO Allotment Status
| Company Name | Allotment Date | Listing Date | Registrar (Check Link) |
|---|---|---|---|
| Tonbo Imaging India | Wed, Oct 21, 2026 | Fri, Oct 23, 2026 | https://ipostatus.kfintech.com/ |
Tonbo Imaging India IPO Overview
| Details | Descriptions |
|---|---|
| IPO Date | 15 to 19 Oct, 2026 |
| Listing Date | Fri, Oct 23, 2026 |
| Face Value | ₹2 per share |
| Price Band | ₹665 to ₹700 |
| Lot Size | 21 Shares |
| Sale Type | OFS only |
| Total Issue Size | 1,21,74,046 shares (agg. up to ₹852 Cr) |
| Offer for Sale | 1,21,74,046 shares of ₹2 (agg. up to ₹852 Cr) |
| Issue Type | Bookbuilding IPO |
| Listing At | BSE, NSE |
| Share Holding Pre Issue | 5,72,82,100 shares |
| Share Holding Post Issue | 5,72,82,100 shares |
Tonbo Imaging India IPO Schedule
| Details | Description |
|---|---|
| IPO Open Date | Thu, Oct 15, 2026 |
| IPO Close Date | Mon, Oct 19, 2026 |
| Tentative Allotment | Wed, Oct 21, 2026 |
| Initiation of Refunds | Thu, Oct 22, 2026 |
| Credit of Shares to Demat | Thu, Oct 22, 2026 |
| Tentative Listing Date | Fri, Oct 23, 2026 |
Tonbo Imaging India Lot Size Details
| Application | Lots | Shares | Amount |
|---|---|---|---|
| Retail (Min) | 1 | 21 | ₹14,700 |
| Retail (Max) | 13 | 273 | ₹1,91,100 |
| S-HNI (Min) | 14 | 294 | ₹2,05,800 |
| S-HNI (Max) | 68 | 1428 | ₹9,99,600 |
| B-HNI (Min) | 69 | 1449 | ₹10,14,300 |
Issue Reservation
| Investor Category | Shares |
|---|---|
| QIB | Not more than 50% of the Offer |
| NII | Not less than 15% of the Offer |
| Retail | Not less than 35% of the Offer |
Tonbo Imaging India IPO GMP Trend
| GMP Date | IPO Price | GMP | Est. Listing Price | Est. Profit* |
|---|---|---|---|---|
| 12-Oct 10:37 | ₹700 | ₹318 (45.43%) ▲ | ₹1018 | ₹6,678 |
| 11-Oct 21:37 | ₹700 | ₹270 (0.00%) ─ | ₹270 | ₹0 |
| 10-Oct 23:37 | ₹700 | ₹53 (18.34%) ▼ | ₹270 | ₹0 |
Overview of Tonbo Imaging India
Tonbo Imaging India Ltd – Defense Electronics Company Tonbo Imaging India Limited, a joint venture, was founded in December 2003 and is a leading global OEM in the field of defense electronics, designing, developing, and manufacturing end-to-end systems of advanced electro-optic, infrared (EO/IR), embedded vision, secure communications, missile guidance and tactical surveillance systems for the military and security services of the world.
Tonbo Imaging provides an extensive array of battlefield technology, including thermal vision sights, missile seekers, advanced fire control systems, precision targeting modules, and handheld thermal imaging equipment.
Product Portfolio & Core Technologies
The company’s defense offerings are categorized into three specialized technology pillars:
- Tactical Systems: High-precision instruments designed specifically for field imaging, real-time surveillance, border reconnaissance, and target acquisition.
- Platform Systems: Multi-purpose sub-assemblies providing observation and firing capabilities for aerial, ground, and naval vehicles, alongside complete end-platforms built for direct threat neutralization.
- Directed Energy Systems: Cutting-edge counter-drone solutions, including its flagship WaveStrike high-power microwave (HPM) platform, designed to neutralize airborne drone swarms.
Market Leadership & Global Reach
Tonbo Imaging stands as India’s top manufacturer of thermal imaging equipment for defense and government agencies (FY24–FY26), as well as the nation’s largest exporter in this category by volume.
- Global Footprint: Over 28,000 systems actively deployed across 24 countries.
- ITAR-Free Advantage: All products are built on 100% proprietary intellectual property, making them completely independent of U.S. ITAR (International Traffic in Arms Regulations) restrictions. This allows friction-free exports without geopolitical hurdles.
- Aatmanirbhar Bharat Integration: Certified as an approved supplier under India’s IDDM (Indigenously Designed, Developed, and Manufactured) framework, aligning directly with national ‘Make in India’ defense mandates.
- Workforce: Supported by a specialized team of 339 permanent professionals across R&D, engineering, manufacturing, and operational leadership as of June 30, 2026.
Key Competitive Strengths
- Proprietary Tech Stack: Full ownership of core IP in electro-optics and thermal vision engineering.
- Unrestricted Global Exports: ITAR-free design architecture enables rapid international market penetration.
- Proven Battlefield Deployment: Thousands of field-tested systems trusted by defense forces across 24 nations.
- Next-Gen Defense Capabilities: Active development of high-demand technologies like directed energy anti-drone platforms.
- Asset-Light Innovation Model: Strong focus on R&D and design agility paired with capital-efficient operations.
- Domain Expertise: Guided by a veteran leadership team with decades of experience in defense technology and aerospace systems.
Company Financials
Tonbo Imaging India Financial Information (Restated Standalone)
| Period Ended | 30 Jun 2026 | 31 Mar 2026 | 31 Mar 2025 | 31 Mar 2024 |
|---|---|---|---|---|
| Assets | 782.87 | 782.50 | 726.36 | 574.68 |
| Total Income | 37.32 | 369.94 | 474.39 | 431.90 |
| Profit After Tax | -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 |
Key Performance Indicator (KPI)
The market cap. of Tonbo Imaging India IPO is for Pre IPO ₹4,009.75 Cr., & for Post IPO ₹4,009.75 Crores.
KPI as of Jun 30, 2026, & Mar 31, 2026
| KPI | Jun 30, 2026 | Mar 31, 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 |
| Price to Book Value | – | 7.25 |
IPO Valuation & Shareholding Structure
| Pre IPO | Post IPO | |
|---|---|---|
| EPS Rs | 8.88 | -ve |
| P/E (x) | 78.83 | -ve |
| Company Promoters: | Ankit Kumar, Arvind Kondangi Lakshmikumar and Cecilia D’Souza. | |
| Promoter and Promoter Group | 18.58% | 15.72% |
| Public | 81.42% | 84.28% |
| Total | 100% | 100% |
Offer For Sale – Selling Shareholders
| Name | Category | No. of 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 |
Tonbo Imaging India IPO Objectives
The Tonbo Imaging India Ltd. IPO is a 100% Offer for Sale (OFS), so the company will not receive any funding and the entire IPO proceeds will go to the selling shareholders.
Tonbo Imaging India IPO Contact Details
- Tonbo Imaging India Ltd. Address
- No.3 Chikkayellappa Tower-II,1st C Main
- Sarjapur Main Road, Jakkasandra Extension,
- Chikkayellappa Industrial Layout
- Bengaluru, Karnataka, 560034
- 63 64 926 273
- compliance@tonboimaging.com
- Website: https://tonboimaging.com/
Tonbo Imaging India IPO Registrar
Kfin Technologies Ltd.
| Details | Descriptions |
|---|---|
| Phone: | 040-79615565 |
| Email: | tonbo.ipo@kfintech.com |
| Website: | https://ipostatus.kfintech.com/ |
Tonbo Imaging India IPO FAQs
When Tonbo Imaging India IPO become available?
The IPO will open on Thu, Oct 15, 2026.
What is the minimum lot size for the Tonbo Imaging India IPO?
The minimum lot size is 21 shares.
When will the shares for the Tonbo Imaging India IPO be allotted?
The allotment is expected to be finalized on Wed, Oct 21, 2026
What is the expected listing date for the Tonbo Imaging India IPO?
The tentative listing date is Fri, Oct 23, 2026.
How can I apply for the Tonbo Imaging India IPO?
You can apply online through your bank or a broker using either the UPI or ASBA payment methods.
Read also – R.K.Fashion Accessories IPO
