Tonbo Imaging Gets SEBI Nod For IPO; Existing Shareholders To Sell Up To 18.09 Million Shares

Tonbo Imaging India has received approval from the Securities and Exchange Board of India (SEBI) to launch its initial public offering (IPO), with existing shareholders set to sell up to 18.09 million equity shares.

The proposed IPO will be entirely an offer for sale (OFS). Tonbo Imaging will not receive any proceeds from the issue. The shares will be sold by promoter selling shareholders, a promoter group selling shareholder and investor selling shareholders.

As a result, the IPO will provide an exit route for selling shareholders rather than raising new capital for Tonbo Imaging. JM Financial and IIFL Capital Services are the book running lead managers for the Tonbo Imaging IPO.

About Tonbo Imaging

Founded in 2003, Tonbo Imaging entered the defence-focused product manufacturing business in 2012 after its promoters acquired its erstwhile parent.

The company is promoted by Arvind Kondangi Lakshmikum­ar, Ankit Kumar and Cecilia D’Souza. The three promoters have worked together for more than two decades across defence programmes, product engineering, research and development, fundraising and international business.

According to the Frost & Sullivan report cited in Tonbo Imaging’s draft red herring prospectus (DRHP), the company was the largest manufacturer by sales value of thermal imaging systems supplied to government and defence agencies in India between FY24 and FY26.

Tonbo also accounted for 94.3% of India’s thermal imaging exports by units during the same period. As of 31 March 2026, more than 28,000 Tonbo systems were deployed across 24 countries. Its product range includes:

• Thermal imaging cores

• Weapon sights

• Thermal binoculars

• Targeting systems

• Missile seekers

• Fire-control systems

• Missile-guidance systems

100% Intellectual Property Ownership

Tonbo Imaging has also built its own intellectual property portfolio. The company has owned 100% of its intellectual property since FY24, covering optics, embedded software and electronics.

Its manufacturing partners include Kaynes Technology India and Avalon Technology. The company’s investor base includes Qualcomm Ventures, Artiman, Celesta, Edelweiss Value and Growth Fund, HBL Engineering, Tenacity Ventures, Export-Import Bank of India and Florintree.

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