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IPO Open

Thu, Oct 15, 2026

IPO Close

Mon, Oct 19, 2026

Price Band

₹665 to ₹700

Market Cap*

₹4,009.75 Cr * on Upper Price

IPO Details

  • IPO Date
    15 to 19 Oct, 2026
  • Listing Date
    Fri, Oct 23, 2026(T)
  • Face Value
    ₹2 per share
  • Price Band
    ₹665 to ₹700
  • Lot Size
    21 Shares
  • Sale Type
    OFS only
  • Issue Type
    Bookbuilding IPO
  • Listing At
    BSE, NSE
  • 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)
  • Share Holding Pre Issue
    5,72,82,100 shares
  • Share Holding Post Issue
    5,72,82,100 shares

IPO Timetable (Tentative)

  • IPO Open
    Thu, Oct 15, 2026
  • Allotment
    Wed, Oct 21, 2026
  • Credit of Shares
    Thu, Oct 22, 2026
  • IPO Close
    Mon, Oct 19, 2026
  • Refund
    Thu, Oct 22, 2026
  • Listing
    Fri, Oct 23, 2026

Issue Reservation

Investor Category Shares
QIB Not more than 50% of the Offer
Retail Not less than 35% of the Offer
NII Not less than 15% of the Offer

IPO Lot Size

Investors can bid for a minimum of 21 shares and in multiples thereof.

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

Investor Category Reservations

Category Limit Cut-off
RII Up to ₹2 Lakhs Yes
sNII ₹2 Lakhs – ₹10 Lakhs No
bNII Above ₹10 Lakhs No
Employee (EMP) Up to ₹2 Lakhs Yes
Employee + RII/NII Up to ₹2Lakhs (EMP) + RII/NII limits Yes (EMP/RII)

About Tonbo Imaging India Ltd.

Incorporated in December 2003, Tonbo Imaging India Limited is a global defence electronics original equipment manufacturer (OEM) engaged in the design, development, and manufacturing of advanced electro-optic, infrared (EO/IR), embedded vision, communication, guidance, and surveillance systems for defence and security applications. The company offers a diversified portfolio of battlefield solutions, including thermal imaging systems, weapon sights, missile seekers, fire control systems, missile guidance systems, targeting systems, and handheld thermal imaging devices.

Products:

  • Tactical systems: These systems are focused on the functions of imaging, surveillance, reconnaissance and targeting.
  • Platform systems: Two kinds of platform systems – (a) subsystems that can provide observation and fire control capabilities to a range of aerial, ground and weapon platforms and (b) end platforms that actually perform the task of threat neutralization.
  • Directed energy systems: To counter the threat of drone swarms, they have designed a portfolio of technology components that are being assembled into a high power microwave (“HPM”) platform with the brand name – WaveStrike.

Tonbo serves defence and security organizations across 24 countries with over 28,000 field-deployed systems. The company is India’s largest manufacturer of thermal imaging systems for government and defence agencies (FY24–FY26) and the country’s largest exporter of thermal imaging systems by volume. Its products are developed using fully owned intellectual property and are free from ITAR (International Traffic in Arms Regulations) restrictions, enabling exports to global markets without geopolitical limitations.

The company operates an innovation-driven business model backed by strong in-house R&D, proprietary technologies, and advanced manufacturing capabilities. As an approved supplier under India’s IDDM (Indigenously Designed, Developed and Manufactured) defence procurement framework, Tonbo supports the Government’s ‘Make in India’ and ‘Atmanirbhar Bharat’ initiatives.

As of June 30, 2026, the company employed 339 permanent employees across product design & development, manufacturing, project management, sales, finance, HR, and management functions.

Key Strengths

  • Leading defence electronics OEM with proprietary electro-optic and thermal imaging technologies.
  • Strong in-house R&D capabilities with complete ownership of core intellectual property.
  • Diversified portfolio of battlefield surveillance, targeting, guidance, and imaging solutions.
  • Global presence with 28,000+ deployed systems across 24 countries and ITAR-free export capability.
  • Asset-light, innovation-driven business model supported by healthy financial performance.
  • Experienced management team with deep expertise in defence technology and product development.

Company Financials (Restated Consolidated)

Tonbo Imaging India Ltd.’s revenue decreased by 22% and profit after tax (PAT) dropped by 30% between the financial year ending with March 31, 2026 and March 31, 2025.   (Amount in ₹ Crore)

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

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IPO Objects of the Issue

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.

Key Performance Indicator (KPI)

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
P/B (x) 7.25

IPO Valuation

Valuation Metric Pre IPO Post IPO
EPS (₹) 8.88 -ve
P/E (x) 78.83 -ve
Market Cap at Offer Price ₹4,009.75 Cr. ₹4,009.75 Cr
  • The value will be calculated using Equity Dilution = Share Holding Pre Issue – Share Holding Post Issue
  • The Pre IPO EPS is calculated based on Pre issue shareholding as on date of RHP and the latest FY earnings as of March 31, 2026 available in RHP.
  • The Post Issue EPS is calculated based on the Post issue shareholding and annualized FY earnings of June 30, 2026 available in RHP.

Shareholding Structure

Category Pre IPO Post IPO
Promoter and Promoter Group 18.58% 15.72%
Public 81.42% 84.28%
Total 100% 100%

Company Promoters: Ankit Kumar, Arvind Kondangi Lakshmikumar and Cecilia D’Souza.

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 Recommendations

Review By Subscribe May Apply Neutral Avoid
Brokers 0 0 0 0
Members 0 0 0 0

IPO Registrar

Kfin Technologies Ltd.

IPO Lead Manager(s)

  1. JM Financial Ltd.
  2. IIFL Capital Services Ltd.

Lead Manager Reports

  • Lead Manager Performance Summary
  • Lead Manager Performance Tracker

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

IPO FAQs

Tonbo Imaging India IPO is a main-board IPO of 1,21,74,046 equity shares of the face value of ₹2 aggregating up to ₹852 Crores. The issue is priced at ₹665 to ₹700. The minimum order quantity is 21.

The IPO opens on Thu, Oct 15, 2026, and closes on Mon, Oct 19, 2026.

Kfin Technologies Ltd. is the registrar for the IPO. The shares are proposed to be listed on BSE, NSE.

Angel One customers can apply online in Tonbo Imaging India IPO using UPI as a payment gateway. Angel One customers can apply in Tonbo Imaging India IPO by login into Angel One Console (back office) and submitting an IPO application form.

Steps to apply in Tonbo Imaging India IPO through Angel One

Visit the Angel One website and login to Console.
Go to Portfolio and click the IPOs link.
Go to the ‘Tonbo Imaging India IPO’ row and click the ‘Bid’ button.
Enter your UPI ID, Quantity, and Price.
Submit IPO application form.
Visit the UPI App (net banking or BHIM) to approve the mandate.
Visit Angel One IPO Application Process Review for more detail.

The Tonbo Imaging India IPO opens on Thu, Oct 15, 2026 and closes on Mon, Oct 19, 2026.

Tonbo Imaging India IPO lot size is 21, and the minimum amount required for application is ₹14,700.

You can apply in Tonbo Imaging India IPO online using either UPI or ASBA as a payment method. ASBA IPO application is available in the net banking of your bank account. UPI IPO Application is offered by brokers who don’t offer banking services. Read more detail about applying IPO online through Angel One, Upstox, 5Paisa, Nuvama, HDFC Bank, and SBI Bank.

The finalization of Basis of Allotment for Tonbo Imaging India IPO will be done on Wednesday, October 21, 2026, and the allotted shares will be credited to your demat account by Thu, Oct 22, 2026. Check the Tonbo Imaging India IPO allotment status.

The Tonbo Imaging India IPO listing date is not yet announced. The tentative date of listing is Fri, Oct 23, 2026.

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