- Summary
- The Tonbo Imaging India IPO is a mainboard book-building issue that opens on 15 October 2026 and closes on 19 October 2026.
- The entire issue is an offer for sale of 1,21,74,046 shares worth about ₹852.18 crore, with no fresh issue.
- The price band is ₹665 to ₹700 per share, the lot size is 21 shares and listing on the NSE and BSE is tentatively set for 23 October 2026.
The Tonbo Imaging India IPO is a mainboard book-built issue with a face value of ₹2 per share. Bidding opens on 15 October 2026 and closes on 19 October 2026, with a price band of ₹665 to ₹700. The issue is a pure offer for sale of 1,21,74,046 equity shares, worth about ₹852.18 crore at the upper band. Bids are made in lots of 21 shares, which means a minimum retail investment of ₹14,700.
Retail investors can bid up to 13 lots (273 shares, ₹1,91,100). Small HNIs need at least 14 lots (294 shares, ₹2,05,800) and can go up to 68 lots (1,428 shares, ₹9,99,600). Big HNIs start at 69 lots (1,449 shares, ₹10,14,300). Allotment is expected on 21 October 2026, and the shares are scheduled to list on the BSE and NSE on 23 October 2026.
Tonbo Imaging India IPO Key Details
The main details of the Tonbo Imaging India IPO are as follows:
| IPO Open Date | 15 October 2026 |
| Close Date | 19 October 2026 |
| Face value | ₹2 per share |
| Price Band | ₹665–₹700 per share |
| IPO Lot Size | 21 shares |
| Fresh issue | None |
| Offer for Sale | 1,21,74,046 shares, worth approximately ₹852.18 crore |
| Type of issue | Book-building |
| Listing at | NSE and BSE |
| Total Issue Size (₹ Crore) | Approximately ₹852.18 crore |
| Minimum Investment | ₹14,700 at the upper price band |
Tonbo Imaging India IPO Timeline
The key dates for the Tonbo Imaging India IPO are listed below. All dates after the announcement are tentative and may change.
| Anchor investor bidding | 14 October 2026 |
| Bid Opening | 15 October 2026 |
| Bid Closing | 19 October 2026 |
| Tentative Allotment | 21 October 2026 |
| Initiation of Refunds | 22 October 2026 |
| Credit of Shares to Demat | 22 October 2026 |
| Tentative Listing Date | 23 October 2026 |
| UPI mandate closing date | 19 October 2026, 5:00 PM |
Key Performance Indicators of Tonbo Imaging India IPO
The following indicators show the company’s revenue growth, margins, returns and working capital position over the last three financial years.
| 31-03-2026 | 31-03-2025 | 31-03-2024 | |
| ROE (% before exceptional item) | 9.75 | 20.20 | 52.72 |
| ROCE (%) | 14.54 | 27.41 | 67.76 |
| RoNW (%) | 9.75 | 20.20 | 52.72 |
| PAT Margin (% before exceptional item) | 13.75 | 15.34 | 15.87 |
| EBITDA margin (%) | 28.85 | 29.65 | 26.23 |
Tonbo Imaging India Ltd Financial Details
The table below summarises the company’s financial performance and asset position over the last three financial years.
| FY 2025–26 | FY 2024–25 | FY 2023–24 | |
| Revenue | 362.65 | 469.08 | 428.19 |
| Total assets | 782.50 | 726.36 | 574.69 |
| Profit after tax | 50.88 | 72.76 | 68.54 |
Tonbo Imaging India IPO Subscription Status
The subscription status is not available yet, as the IPO opens on 15 October 2026.
Bids for the issue can be placed between 10:00 AM and 5:00 PM on the public issue days.
Tonbo Imaging India IPO Grey Market Premium (GMP)
The grey market premium (GMP) was reported at ₹385 as of 12 October 2026 at 15:37. Against the upper price band of ₹700, this indicates an estimated listing price of ₹1,085, or an implied premium of approximately 55% gain.
| GMP Date | GMP | Est. Listing Price on upper price-₹700.00 | Est. Profit* | Trend |
|---|---|---|---|---|
| 13-Oct 12:05 | ₹460 (65.71%) ▲ | ₹1160 | ₹9,660 | Upward |
| 12-Oct 23:37 | ₹425 (60.71%) ▲ | ₹1125 | ₹8,925 | Stable |
| 11-Oct 23:37 | ₹270 (0.00%) ─ | ₹270 | ₹0 | Initial |
**The grey market gives an unofficial indication of the premium or discount being quoted for IPO shares before listing.
Tonbo Imaging India IPO Reservation
The issue allocation for different investor categories is as follows:
| Investor Category | Offered No. of Shares |
| QIBs | Not more than 50% of the Net Issue |
| NIIs | Not less than 15% of the Net Issue |
| Retails | Not less than 35% of the Net Issue |
| Total |
Tombo Imaging India IPO Prospectus
Investors can refer to the following documents for the company’s disclosures and issue details:
About Tonbo Imaging India Ltd.
Tonbo Imaging India Ltd., incorporated in 2003 and headquartered in Bengaluru, develops electro-optical and infrared systems for defence and security applications. Its products include thermal weapon sights, handheld imaging systems, platform subsystems for observation and fire control, and other sensing and targeting technologies. Its portfolio also includes WaveStrike, a high-power microwave system designed for counter-drone applications.
The company conducts research and development at its Bengaluru facility and uses external manufacturing partners, including Kaynes Technology India and Avalon Technology and Services, for volume production. Its customers include international defence forces, law enforcement agencies, homeland security organisations and defence original equipment manufacturers.
Promoters:
- Ankit Kumar
- Arvind Kondangi Lakshmikumar
- Cecilia D’Souza
| Book Runner | JM Financial LimitedIIFL Capital Services Limited |
| Issue Registrar | KFin Technologies Limited |
Purpose of Tonbo Imaging India IPO
The 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 Ltd. – Strengths and benefits
- Proprietary defence technology: Tonbo designs its own electro-optical and infrared systems, from handheld imagers and driver vision to thermal weapon sights and fire-control subsystems, rather than reselling third-party products.
- Asset-light operations: Development stays in-house at the Bengaluru R&D centre, while Kaynes Technology India and Avalon Technology and Services manufacture at volume. This keeps capital needs low and supported a 51.05% gross margin and 28.85% EBITDA margin in FY26.
- Global customer base: The company supplies NATO forces, US Special Operations Command, law enforcement and homeland security agencies, and other defence OEMs.
- Broadening product mix: Platform systems revenue grew from ₹12.70 crore in FY24 to ₹144.81 crore in FY26, which cut the share of Tactical systems from 83.90% to 58.37% of revenue.
- Stronger balance sheet: Net worth was ₹553.16 crore at 31 March 2026 against borrowings of ₹116.06 crore, and the confirmed order book rose to ₹279.02 crore from ₹218.61 crore a year earlier.
Tonbo Imaging India Ltd. – Risks and limitations
- Lumpy, tender-based revenue: Contracts are mostly short-term and non-recurring, and they depend on geopolitics and defence budgets. Revenue fell 22.69% in FY26, profit fell 30%, and Q1 FY27 closed with a ₹17.74 crore loss.
- Swings in export dependence: Exports made up 65.52% of FY25 revenue and 48.61% of FY24 revenue, with Europe a key market. The share dropped to 5.57% in FY26, which shows how quickly the mix can shift.
- Reliance on tactical systems: Tactical systems still contributed 58.37% of FY26 revenue, so a slowdown in that line would hit overall results.
- Supplier and manufacturing dependence: The company relies on a few global suppliers for critical components and on two outsourcing partners for volume production. The top ten suppliers accounted for 68.77% of expenses in FY26.
- Working capital and compliance pressure: Working capital days rose to 517 in FY26 from 152 in FY24. The business also faces strict approvals, quality standards and possible bank guarantees for delays or defects.
Tonbo Imaging India IPO Review
The Tonbo Imaging India IPO is an ₹852.18 crore offer for sale, with no proceeds going to the company. At the upper price band of ₹700, the valuation is around 79 times FY26 earnings. While Tonbo has strong margins, proprietary defence technology and a growing order book, falling revenue and profit, a Q1 FY27 loss and high working capital days remain key risks. The reported GMP of ₹385, implying a 55% premium, is unofficial and does not guarantee listing gains.
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Tonbo Imaging India IPO FAQs
It is a mainboard book-building issue worth about ₹852 crore. The whole issue is an offer for sale of 1,21,74,046 shares by existing shareholders, so the company gets no money from it. The shares will list on the NSE and BSE.
Apply through a stockbroker or an IPO-enabled trading platform linked to your demat account. Most investors authorise the payment through UPI, which blocks the bid amount in the bank account until allotment.
There is a case on both sides. In its favour are proprietary defence technology, an asset-light model, strong margins, a global customer base and a higher order book. Against that, revenue and profit fell in FY26, Q1 FY27 was loss-making, and results depend on lumpy tenders and a few suppliers. The valuation of roughly 79 times FY26 earnings at the upper band also deserves a close look.
Bidding opens on 15 October 2026 and closes on 19 October 2026.
One lot is 21 shares, which works out to ₹14,700 at the upper end of the ₹665 to ₹700 price band.
Allotment is expected on 21 October 2026, with refunds and demat credit scheduled for 22 October 2026.
The shares are tentatively set to list on the BSE and NSE on 23 October 2026, once allotment and refunds are complete.
