Tonbo Imaging IPO Worth ₹852 Crore To Open 15 October; Price Band Fixed At ₹665–700 Per Share; Check More Details
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Tonbo Imaging will open its ₹852-crore IPO on 15 October at ₹665–700 per share. The issue is entirely an offer for sale, while the company reported lower revenue and profit in FY26.
Tonbo Imaging India has set a price band of ₹665–700 per share for its ₹852-crore initial public offering (IPO), which will open for subscription on 15 October 2026. The Bengaluru-based defence electronics manufacturer is seeking a valuation of around ₹4,010 crore at the upper end of the band.
The issue comprises 1.2 crore shares, all of which will be sold by existing shareholders. Tonbo Imaging will not receive any money from the IPO.
The selling shareholders include promoters Arvind Kondangi, Lakshmikumar, Ankit Kumar and Cecilia D’Souza, along with investors such as CEAQ Technologies, Artiman Partners LLC, Timothy Guy Mitchell and Ramesh Radhakrishnan.
The IPO will close on 19 October, while the anchor book for institutional investors opens on 14 October. Allotment is expected to be finalised on 21 October, and the shares are likely to list on 23 October.
JM Financial and IIFL Capital Services are managing the Tonbo Imaging IPO.
Tonbo Imaging IPO: Lot Size And Investor Quota
Investors can bid for a minimum of 21 shares and in multiples of 21 thereafter. At the upper end of the price band, a single lot will cost ₹14,700.
Retail investors can apply for up to ₹1,91,100 worth of shares. The issue has reserved 50% of its size for qualified institutional buyers, 15% for non-institutional investors and 35% for retail investors.
The company has also removed the employee reservation of 14,000 shares that was included in its earlier offer document.
Tonbo Imaging filed its draft IPO papers with the Securities and Exchange Board of India (SEBI) in December 2025. The regulator cleared the proposal in September 2026.
Since the issue is entirely an offer for sale (OFS), the proceeds, after applicable expenses, will go to the shareholders selling their stakes.
What Does Tonbo Imaging Do?
Founded in 2003, Tonbo Imaging designs and manufactures electro-optic and electronic systems for defence use.
Its products include thermal imaging cores, weapon sights, handheld thermal imaging binoculars, targeting systems, missile seekers, fire-control systems and missile-guidance systems.
Financial Performance In FY26
Tonbo Imaging reported a profit of ₹50.9 crore for the financial year ended March 2026, down 30% from ₹72.8 crore in the previous year.
Revenue also declined during the period. It fell 22.7% to ₹362.6 crore in FY26 from ₹469.1 crore a year earlier.
Higher raw material costs and an increase in finished-goods inventories contributed to the decline.
This article is for informational purposes only and should not be considered investment advice from Kotak Neo. For compliance T&C and disclaimers, Visit www.kotakneo.com/disclaimer
Neha Dubey has spent 6+ years turning market chaos into something readable. At Kotak Neo, she works on IPOs and writes for the Market Ready newsletter — making sense of the markets so you don't have to.
Off the clock, she's chasing good stories, new cuisines, and the occasional impromptu singalong. A believer in small pleasures, with excellent taste for a well-timed splurge.
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