Tonbo Imaging India IPO
Tonbo Imaging India IPO is a ₹852.18 crore mainboard book-built issue comprising an offer for sale of 1,21,74,046 equity shares. The price band is ₹665 to ₹700 per share, and the IPO is scheduled to open on October 15, 2026, and close on October 19, 2026.
Tonbo Imaging India IPO Details
Tonbo Imaging India Limited is a defence electronics company that develops and manufactures advanced imaging, sensing, processing, communication and guidance systems for surveillance, reconnaissance, targeting and related applications. Its technology portfolio includes electro-optical and infrared imaging solutions used in defence and security environments. The IPO is entirely an offer for sale by existing shareholders, meaning the proceeds will go to the selling shareholders and not to the company.
Tonbo Imaging India IPO Timeline (Tentative)
The Tonbo Imaging India IPO is scheduled to open on October 15, 2026, and close on October 19, 2026. The tentative schedule provides for finalisation of the basis of allotment on October 21, initiation of refunds and credit of shares to demat accounts on October 22, and listing on BSE and NSE on October 23, 2026. These dates are subject to the final exchange schedule.
| Event | Tentative Date |
|---|---|
| IPO Open Date | Thu, Oct 15, 2026 |
| IPO Close Date | Mon, Oct 19, 2026 |
| Basis of Allotment | Wed, Oct 21, 2026 |
| Initiation of Refunds | Thu, Oct 22, 2026 |
| Credit of Shares to Demat | Thu, Oct 22, 2026 |
| Listing Date | Fri, Oct 23, 2026 |
| Anchor Investor Bidding | October 14, 2026 |
Tonbo Imaging India IPO Lot Size
The lot size for the Tonbo Imaging India IPO is 21 shares. At the upper price band of ₹700 per share, the minimum application for a retail investor is ₹14,700. The table below shows the indicative application amounts calculated at the upper price band.
| 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 | 1,428 | 9,99,600 |
| B-HNI (Min) | 69 | 1,449 | 10,14,300 |
Tonbo Imaging India IPO Reservation
The offer is subject to the applicable allocation framework for Qualified Institutional Buyers (QIBs), Non-Institutional Investors (NIIs) and Retail Individual Investors. The final allocation will depend on the offer structure and valid bids received during the bidding period. Investors should refer to the final Red Herring Prospectus for the definitive allocation and any employee reservation details.
Tonbo Imaging India IPO Subscription
The Tonbo Imaging India IPO is scheduled to open for subscription on October 15, 2026. As the bidding period has not started as of October 12, 2026, the final category-wise subscription figures are not yet available. The table should be updated after the exchange publishes subscription data.
| Category | Subscription (times) |
|---|---|
| QIB | |
| NII | |
| RII | |
| Total |
About Tonbo Imaging India
Tonbo Imaging India Limited was incorporated in December 2003 and operates in the defence electronics and imaging technology sector. The company develops and manufactures systems used in surveillance, reconnaissance, targeting, sensing, processing, communication and guidance applications. Its technology combines imaging hardware, electronics and embedded systems for defence and security customers.
The company's product portfolio includes electro-optical and infrared imaging systems and other advanced vision technologies. These systems are designed for demanding operating environments where image clarity, detection, situational awareness and system integration are important. Tonbo's business focuses on developing technology and delivering complete systems for defence and related applications rather than operating as a general consumer electronics manufacturer.
Tonbo Imaging serves Indian and international customers. Its specialised products address defence and security requirements, including surveillance and targeting applications. The business may benefit from demand for advanced sensing and imaging technology, but its operating performance can also depend on defence procurement cycles, tender outcomes, customer concentration, project execution and the availability of specialised components.
The IPO is entirely an offer for sale by existing shareholders, including promoters, promoter-group shareholders and investors. As a result, the issue does not raise fresh capital for Tonbo Imaging India Limited. Investors should therefore assess the company's financial performance and valuation independently of the offer proceeds, while also considering the number of shares being sold and the post-listing ownership structure.
Strengths
- Specialised defence technology: The company develops electro-optical, infrared and advanced imaging systems for surveillance, reconnaissance and targeting applications.
- Technology-led product portfolio: Its business combines imaging, sensing, processing, communication and guidance technologies for specialised customer requirements.
- Experience in the sector: The company has operated since 2003, giving it a history in defence electronics and imaging technology.
- Potential demand from defence modernisation: The increasing importance of surveillance, situational awareness and advanced imaging may create opportunities for specialised defence technology providers.
- International market exposure: The company's business extends beyond a single domestic customer market, offering potential opportunities across international defence and security requirements.
Risks to Consider
- Dependence on defence procurement: Revenue can be affected by government budgets, tender timing, contract awards, procurement delays and changes in customer requirements.
- Revenue variability: Defence projects may be large but irregular, and contract timing can cause fluctuations in revenue and profitability.
- Supplier concentration: Dependence on a limited number of suppliers for critical components can expose the business to supply disruptions, higher costs and delivery delays. Available IPO coverage highlights the importance of supplier concentration as a risk.
- Borrowings and financial obligations: The company reported borrowings of ₹116.06 crore as of March 31, 2026, according to IPO financial coverage. Debt servicing and working capital requirements may affect cash flow.
- Pending tax proceedings: IPO coverage identifies pending tax proceedings, including matters involving the company. The outcomes could result in financial or compliance-related consequences.
- OFS does not fund company growth: Since the IPO is entirely an offer for sale, the company will not receive the issue proceeds to finance new projects, reduce debt or meet working capital requirements.
Tonbo Imaging India Financials (₹ Cr)
Tonbo Imaging India's financial results show changes in revenue, profit after tax, total assets and net worth across the reported periods. Revenue and profit declined in FY2026 compared with FY2025, while the latest quarter ended June 30, 2026, reported a loss. These figures should be read alongside the company's defence-project cycle, cost structure, borrowings and working capital requirements.
| Period | Revenue | PAT | Total Assets | Net Worth |
|---|---|---|---|---|
| FY 2023–24 | 428.19 | 68.54 | 574.68 | 230.13 |
| FY 2024–25 | 469.08 | 72.76 | 726.36 | 490.14 |
| FY 2025–26 | 362.65 | 50.88 | 782.50 | 553.16 |
| Three months ended June 30, 2026 | 36.01 | -17.74 | 782.87 | 538.54 |
KPIs & Valuation
The company's earnings per share, return ratios and net asset value provide context for assessing the proposed IPO valuation. Since the issue is entirely an offer for sale, the number of shares outstanding is not increased by a fresh issue. The price-to-earnings multiple should be assessed against reported earnings, the company's growth prospects and the risks described in the offer document.
Objects of the Issue
The Tonbo Imaging India IPO is an offer for sale of equity shares by existing shareholders. There is no fresh issue component, and the company will not receive the proceeds from the shares sold through the IPO. The transaction provides an opportunity for selling shareholders to sell part of their holdings through the public market.
- Offer for sale of up to 1,21,74,046 equity shares by the existing selling shareholders.
- Facilitate the listing of the company's equity shares on BSE and NSE.
- The company will not receive proceeds from the offer for sale.
Promoters, Lead Managers & Registrar
Tonbo Imaging India Limited has appointed JM Financial Limited and IIFL Capital Services Limited as the book-running lead managers for its IPO. KFin Technologies Limited is the registrar to the offer. The lead managers coordinate the issue process, while the registrar handles application records, allotment processing and investor queries related to the IPO.
Promoters
Lead Managers (BRLM)
Registrar
| Name | KFin Technologies Limited |
|---|---|
| Phone | +91 40 6716 2222 / 1800 309 4001 |
| tonbo.ipo@kfintech.com | |
| Website | https://www.kfintech.com/ |
Tonbo Imaging India IPO Review
Tonbo Imaging India operates in a specialised segment of defence electronics, developing imaging and sensing systems for surveillance, reconnaissance, targeting and related applications. Its technology-focused portfolio and long operating history are relevant strengths in a sector where specialised product capabilities and customer requirements can create barriers to entry.
However, investors should not evaluate the IPO only on the basis of the defence technology theme. Revenue can fluctuate because of procurement cycles and project timing, while component availability, customer concentration and contract execution may affect operating results. The company's financial statements and disclosed risk factors should be reviewed to understand the sustainability of revenue and earnings.
The IPO is entirely an offer for sale. This means that although the shares will become publicly traded, the company itself will not receive fresh capital from the transaction. Investors should consider the issue valuation, promoter and investor share sales, the company's debt position and the financial results disclosed in the offer document before deciding whether the price is appropriate.
Overall, Tonbo Imaging India may interest investors researching defence electronics and imaging technology, but the valuation and business risks require careful assessment. Listing gains are not assured, and unofficial grey-market premiums should not be treated as a reliable prediction of the listing price. This review is for informational purposes and is not a recommendation to subscribe.
How to Apply
Investors can apply for the Tonbo Imaging India IPO through a supported stockbroker or bank using the ASBA facility or UPI-based application process, depending on the investor category and platform.
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Log in to your stockbroker's app or website, or open your bank's IPO/ASBA facility.
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Go to the IPO section and select Tonbo Imaging India IPO when applications are enabled.
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Review the issue dates, price band, lot size and eligibility requirements.
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Choose the investor category that applies to you.
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Enter the number of lots or shares you want to apply for, ensuring that the bid meets the applicable category limits.
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Enter your bid price within the announced price band. Where available and appropriate, retail investors may select the cut-off option.
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Confirm your PAN, demat account information and other application details.
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For a UPI-based application, provide your valid UPI ID and submit the application.
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Approve the mandate request in your UPI application before the deadline. For ASBA, complete the confirmation process specified by your bank.
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Check the allotment result after the basis of allotment is finalised. Funds are debited for allotted shares, while the blocked amount for non-allotted shares is released according to the applicable process.
Prospectus & Documents
The official offer documents provide information about Tonbo Imaging India's business, financial statements, risk factors, selling shareholders, issue structure and listing. Investors should review the latest available Red Herring Prospectus and related disclosures before applying.
Last updated Oct 12, 2026.