Tonbo Imaging India IPO

About Tonbo Imaging India IPO

The IPO of Tonbo Imaging India comprises only an offer for sale. There is no fresh issue in this IPO. The offer for sale comprises up to 18,085,246 equity shares. The price band is ₹[TBA] per share.

Tonbo Imaging India IPO opens on [TBA] and closes on [TBA]. The allotment of shares will take place on [TBA]. The credit of shares to the Demat account will take place on [TBA]. The initiation of refunds will take place on [TBA]. The listing of shares will take place on [TBA].

The lot size of shares in the IPO is [TBA]. The minimum number of lots in the IPO for retail investors is [TBA]. The minimum investment amount required by a retail investor is ₹[TBA] based on the upper price.

Tonbo Imaging India is a global defence electronics original equipment manufacturer (“OEM”). It designs, develops and manufactures sensing, processing, communication and guidance systems for surveillance, reconnaissance, targeting and control.

Objectives of Tonbo Imaging India IPO

Tonbo Imaging India will not receive any proceeds from the offer and the offer proceeds will be received by the selling shareholders, in proportion to the offered shares sold by the respective selling shareholders as a part of the offer after deducting their portion of the offer related expenses and the relevant taxes thereon.

The company expects that the proposed listing of its equity shares will enhance its visibility and brand image and provide liquidity to its existing shareholders. Listing will also provide a public market for the equity shares in India.

Industry Outlook

Global military expenditure reached USD 2,71800 billion in CY2024, reflecting a 3.5% year-on-year growth in real terms — the sharpest annual increase since the end of the cold war. This extends a ten-year expansionary cycle, with spending rising from USD 1,923.5 billion in CY2014, a 41.3% increase over the decade.

Global defence spending is projected to grow at a CAGR of 5.6% between CY2025 and CY2030, reaching USD 3,771.5 billion by the end of the period. While absolute growth is evident across all regions, differentiated trajectories reflect the variance in geopolitical risk profiles, fiscal headroom, and modernisation imperatives.

On the other hand, India’s defence spending is projected to increase steadily from USD 87.2 billion in FY2025 to USD 107.7 billion by FY2030, reflecting a compound annual growth rate (CAGR) of 4.3% over the forecast period. For FY2025–26, the Ministry of Defence has allocated ₹6,81,210.27 crores (≈ USD 78.9 billion) to defence, of which ₹1,92,388 crores (≈USD 22.3 billion) is earmarked as capital outlay. This represents a continuation of India’s gradual but deliberate pivot toward capability-building and modernisation.

Tonbo Imaging India Company Information

Tonbo Imaging India is a global defence electronics original equipment manufacturer (“OEM”). The company designs, develops and manufactures sensing, processing, communication and guidance systems for surveillance, reconnaissance, targeting, and control.

It has developed a diversified product portfolio including thermal imaging cores, weapon sights, hand-held thermal imaging binoculars, targeting systems, missile seekers, fire control systems, missile guidance systems amongst others to enable autonomy on the battlefield.

Strengths of Tonbo Imaging India

• Leading defence technology solutions provider with pioneering proprietary technologies
• Driving innovation in defence electronics through in-house R&D with an asset light business model
• Among the few defence electronics OEMs with a wide acceptability across the globe
• Diversified defence product portfolio with deployability across all domains
• Sound financials with consistently healthy performance
• Experienced and dedicated promoters and key managerial personnel with extensive domain knowledge

Risks of Tonbo Imaging India

• Business is cyclical in nature on account of it being geopolitically driven and subject to government budget cycles
• If customers choose not to source their requirements from Tonbo Imaging, its business, cash flows, financial condition and results of operations may be adversely affected
• Dependent on top ten suppliers and failure to maintain relationship with suppliers could adversely affect business
• Dependent on a few global suppliers for critical components and other materials
• Adverse changes in the geographies where it supplies its products could have an adverse impact on business
• Operations in an industry which is highly regulated and are subject to stringent government regulations
• Failure to comply with high standards or performance requirements may lead to the cancellation of existing and future orders
• Failure to protect or enforce rights to own or use trademarks and brand name and identity could have an adverse effect on business
• Inability to introduce new products and respond to changing customer preferences in a timely and effective manner may have an adverse effect on business
• Decline in the demand for tactical systems would have an adverse effect on business, financial condition, results of operations and cash flows

Anchor Investor Bidding Date

TBA

IPO Registrar and Book Running Lead Managers

• IPO Registrar: KFin Technologies
• Book Running Lead Managers: JM Financial and IIFL Capital Services

Tonbo Imaging India Business Model

As per the F&S Report, Tonbo Imaging India is a global defence electronics OEM, with a track record of designing and delivery of field-tested defence systems. Its products primarily cater to military and armed forces across the globe. It has a portfolio of products addressing surveillance, reconnaissance and targeting applications for ground, air, naval and missile systems.

Tonbo Imaging India Growth Trajectory

The revenue from operations of Tonbo Imaging India increased from ₹96.828 crores in FY 23 to ₹469.080 crores in FY 25. Its EBITDA margin increased from 10.56% in FY 23 to 29.65% in FY 25, while PAT margin increased from 1.19% in FY 23 to 15.34% in FY 25. Driving innovation in defence electronics and diversified defence product portfolio have helped the company grow over the years.

Tonbo Imaging India Market Position

With over 20,000 systems deployed across 24 countries, as of June 30, 2025, Tonbo Imaging is a recognised OEM providing a diverse suite of field-proven electro-optic products free from export restrictions under International Traffic in Arms Regulations (“ITAR”).

As per the F&S Report, the company is one of the few companies in India with no dependence on external technology partners as it owns 100% of its intellectual property, from optics to embedded software and electronics.

How to Apply for Tonbo Imaging India IPO?

To apply for Tonbo Imaging India IPO:

• Log in to your Kotak Neo Demat account - Log in to your Demat account to access IPO investments. Next, select the current IPO section.
• Specify IPO details - Enter the number of lots and the price you wish to apply for.
• Enter UPI ID - After entering your UPI ID, click submit. This will place your bid with the exchange.
• Mandate Notification - Your UPI app will receive a mandate notification to block funds.
• Approve Request - Your funds will be blocked once you approve the mandate request on your UPI.