The Tonbo Imaging India IPO is a mainboard public issue of Tonbo Imaging India Limited, a Bengaluru-based defence electronics company. The company designs, develops and manufactures advanced electro-optic, infrared (EO/IR), embedded vision, communication, guidance and surveillance systems for defence and security applications. Its product portfolio includes thermal imaging systems, weapon sights, missile seekers, fire control systems, missile guidance systems, targeting systems and handheld thermal imaging systems.
The Tonbo Imaging India IPO opened for subscription on 15-October-2026 and will close on 19-October-2026. The IPO is entirely an Offer for Sale (OFS) of 1,21,74,046 equity shares. There is no fresh issue, meaning the company will not receive any proceeds from the IPO. Investors can use this page to check the Tonbo Imaging India IPO date, price band, market lot, IPO size, GMP, allotment date, subscription details and listing information.
Tonbo Imaging India serves defence and security organisations across international markets. The company states that its systems are deployed across 24 countries, with more than 28,000 units installed in the field. Its product development is based on internally owned intellectual property, and the company focuses on advanced imaging, surveillance, targeting, communication and guidance technologies.
Tonbo Imaging India IPO Promoters
Ankit Kumar, Arvind Kondangi Lakshmikumar and Cecilia D’Souza are the promoters of Tonbo Imaging India Limited. The promoters have been associated with the development and growth of the company’s defence electronics business.
Tonbo Imaging India Business Overview
Tonbo Imaging India Limited is a defence electronics original equipment manufacturer (OEM) engaged in the design, development and manufacturing of advanced electro-optic and infrared technologies.
The company’s product portfolio covers several defence applications, including thermal imaging systems, weapon sights, missile seekers, fire control systems, missile guidance systems, targeting systems, surveillance systems and handheld thermal imaging devices.
Tonbo Imaging operates across tactical, platform and surveillance-related defence applications. The company also has international exposure and supplies its products to defence and security organisations across multiple countries.
As of 30-June-2026, Tonbo Imaging India had 339 permanent employees working across product design and development, manufacturing, project management, sales, finance, human resources and management functions.
Tonbo Imaging India IPO Date, Details & Price Band
The Tonbo Imaging India IPO price band, IPO dates, issue size, face value and other important details are provided in the table below.
| IPO Opening Date | 15-October-2026 |
| IPO Closing Date | 19-October-2026 |
| Price Band | ₹665-₹700 per share |
| Fresh Issue | Nil |
| Offer for Sale | 1,21,74,046 Equity Shares |
| Total IPO Size | ₹852.18 Crores |
| Face Value | ₹2 per share |
| Issue Type | Book Built Issue |
| IPO Type | 100% Offer for Sale (OFS) |
| Listing On | NSE, BSE |
| Market Cap at Upper Price | ₹4,009.75 Cr |
Tonbo Imaging India IPO Market Lot
The Tonbo Imaging India IPO minimum market lot is 21 shares. Based on the upper price band of ₹700 per share, one retail lot requires an application amount of ₹14,700. Investors can bid for shares in multiples of 21.
| Lot | No. of Shares | Amount | |
| Retail Minimum | 1 | 21 | ₹14,700 |
| Retail Maximum | 13 | 273 | ₹1,91,100 |
| S-HNI Minimum | 14 | 294 | ₹2,05,800 |
| S-HNI Maximum | 68 | 1,428 | ₹9,99,600 |
| B-HNI Minimum | 69 | 1,449 | ₹10,14,300 |
Tonbo Imaging India IPO: Objects of the Issue
The Tonbo Imaging India IPO is entirely an Offer for Sale (OFS). The issue consists of 1,21,74,046 equity shares being offered by existing shareholders.
Since there is no fresh issue of shares, Tonbo Imaging India Limited will not receive any proceeds from the IPO. The proceeds from the offer, after applicable offer expenses, will accrue to the selling shareholders.
Tonbo Imaging India Financial Performance
Tonbo Imaging India reported revenue of ₹431.90 crore in FY2024, which increased to ₹474.39 crore in FY2025 before declining to ₹369.94 crore in FY2026. Profit after tax stood at ₹68.54 crore in FY2024, ₹72.76 crore in FY2025 and ₹50.88 crore in FY2026.
The company also reported a loss of ₹17.74 crore for the quarter ended 30-June-2026. Investors should therefore consider the latest quarterly performance along with the full-year financial results when evaluating the IPO.
| Total Assets | Total Income | Profit After Tax | |
| 30-Jun-26 | 782.87 | 37.32 | -17.74 |
| 31-Mar-26 | 782.50 | 369.94 | 50.88 |
| 31-Mar-25 | 726.36 | 474.39 | 72.76 |
| 31-Mar-24 | 574.68 | 431.90 | 68.54 |
Tonbo Imaging India IPO Strengths
Tonbo Imaging India operates in a specialised defence electronics segment and has developed capabilities across electro-optics, infrared imaging, surveillance, targeting and guidance systems.
- Defence electronics expertise: The company focuses on advanced defence and security electronics and related imaging technologies.
- Specialised product portfolio: Its products include thermal imaging systems, weapon sights, missile seekers, fire control systems, guidance systems and targeting solutions.
- International presence: The company serves defence and security organisations across 24 countries and has more than 28,000 systems deployed in the field.
- Proprietary technology: Tonbo develops products using internally owned intellectual property.
- Defence sector opportunity: Increasing focus on indigenous defence manufacturing and modernisation may provide opportunities for specialised Indian defence electronics companies.
- Established profitability: The company reported PAT of ₹50.88 crore in FY2026 despite a decline in revenue from the previous year.
Tonbo Imaging India IPO Risks
Investors should carefully evaluate the risks disclosed in the company’s RHP before applying for the IPO. Defence electronics businesses can be affected by government procurement cycles, project delays, customer concentration, regulatory requirements and changes in defence spending.
The company’s financial performance has also shown volatility. Revenue declined from ₹474.39 crore in FY2025 to ₹369.94 crore in FY2026, while PAT declined from ₹72.76 crore to ₹50.88 crore during the same period.
The company also reported a loss of ₹17.74 crore for the quarter ended 30-June-2026. Investors should therefore consider whether the recent quarterly weakness is temporary or indicative of a broader change in operating performance.
Other risks may include dependence on defence procurement programmes, lengthy sales cycles, project execution risks, technology development requirements, competition, international market conditions and supply-chain dependencies.
Tonbo Imaging India IPO GMP & Grey Market Premium
The Tonbo Imaging India IPO GMP (Grey Market Premium) represents the premium at which the IPO is reportedly being traded in the unofficial grey market. GMP can change frequently depending on IPO demand, subscription levels, market sentiment and broader market conditions.
As of 15-October-2026, reports were indicating a GMP of approximately ₹500 per share against the upper IPO price of ₹700. This implies an indicative grey-market listing price of around ₹1,200 per share, or approximately 71.43% above the upper price band.
At a GMP of ₹500, the indicative premium for one lot of 21 shares would be approximately ₹10,500. However, GMP is unofficial and should not be treated as a guaranteed listing gain or listing price.
Check the latest Tonbo Imaging India IPO GMP, Kostak Rate and Subject to Sauda information before making an investment decision.
Tonbo Imaging India IPO Subscription Status
The Tonbo Imaging India IPO opened for subscription on 15-October-2026. According to subscription data reported on 15-October-2026 at around 12:21 PM, the issue was subscribed approximately 1.20 times overall.
| Investor Category | Subscription |
| Qualified Institutional Buyers (QIB) | 0.00x |
| Non-Institutional Investors (NII) | 2.21x |
| Small NII | 3.54x |
| Big NII | 1.54x |
| Retail Individual Investors (RII) | 1.46x |
| Employees | 3.24x |
| Overall | 1.20x |
Subscription figures can change throughout the bidding period. Investors should check the latest category-wise subscription data before making an application decision.
Tonbo Imaging India IPO Review
The Tonbo Imaging India IPO provides exposure to the specialised defence electronics industry, with the company focusing on electro-optics, infrared imaging, surveillance, targeting, communication and guidance systems.
The company has an international customer base and a specialised technology portfolio. Its presence in defence electronics may benefit from increased demand for indigenous defence systems and India’s focus on domestic defence manufacturing.
However, investors should also consider the company’s declining FY2026 revenue and profit, the ₹17.74 crore loss reported for the quarter ended June 2026, and the valuation implied by the upper IPO price.
The IPO is also entirely an OFS. Therefore, the company will not receive new capital from the IPO for business expansion, debt repayment or other corporate purposes.
The final IPO decision should be based on the company’s financial performance, valuation, business outlook, competitive position, defence-sector opportunities, risk factors and prevailing market conditions rather than GMP alone.
Tonbo Imaging India IPO Prospectus
The Tonbo Imaging India IPO Prospectus contains detailed information about the company’s business, financial performance, risk factors, promoters, management, legal matters, selling shareholders and the proposed IPO. Investors should read the RHP carefully before applying for the issue.
| DRHP | Download |
| RHP | Download |
| Anchor Investors List | Download |
Tonbo Imaging India IPO Allotment Date & Details
After the IPO closes, the registrar will process the basis of allotment. Investors can check their application status through the registrar’s website once the allotment process is completed.
| Allotment Date | 21-October-2026 |
| Initiation of Refunds | 22-October-2026 |
| Transfer of Shares to Demat Accounts | 22-October-2026 |
| Listing Date | 23-October-2026 |
| Check Allotment Status | Click here |
Tonbo Imaging India IPO Registrar
KFin Technologies Limited is the registrar for the Tonbo Imaging India IPO. The registrar is responsible for processing IPO applications, maintaining application records and handling the allotment process.
Tel: +91 40 6716 2222 / 1800 309 4001
E-mail: tonbo.ipo@kfintech.com
Website: www.kfintech.com
Investor Grievance E-mail: einward.ris@kfintech.com
Contact Person: Williams R
SEBI Registration Number: INR000000221
Tonbo Imaging India IPO Contact Address
Tonbo Imaging India Limited
Address: No.3 Chikkayellappa Tower-II, 1st C Main, Sarjapur Main Road, Jakkasandra Extension, Chikkayellappa Industrial Layout, Bengaluru, Karnataka, 560034
Phone: +91 80 41 999 555
Email: compliance@tonboimaging.com
Tonbo Imaging India IPO Lead Managers
JM Financial Limited
7th Floor, Cnergy,
Appasaheb Marathe Marg,
Prabhadevi,
Mumbai 400 025,
Maharashtra, India
Tel: +91 22 6630 3030
E-mail: tonbo.ipo@jmfl.com
Investor Grievance E-mail: grievance.ibd@jmfl.com
Website: www.jmfl.com
Contact Person: Prachee Dhuri
SEBI Registration No.: INM000010361
IIFL Capital Services Limited (formerly known as IIFL Securities Limited)
24th Floor, One Lodha Place,
Senapati Bapat Marg,
Lower Parel (West),
Mumbai 400 013,
Maharashtra, India
Tel: +91 22 4646 4728
E-mail: tonbo.ipo@iiflcap.com
Investor Grievance E-mail: ig.ib@iiflcapital.com
Website: www.iiflcapital.com
Contact Person: Gaurav Mittal / Pawan Kumar Jain
SEBI Registration No.: INM000010940
Tonbo Imaging India IPO FAQs
When is the Tonbo Imaging India IPO opening date?
The Tonbo Imaging India IPO opened for subscription on 15-October-2026 and will close on 19-October-2026.
What is the Tonbo Imaging India IPO price band?
The Tonbo Imaging India IPO price band is ₹665 to ₹700 per share.
What is the minimum lot size of the Tonbo Imaging India IPO?
The minimum application lot is 21 shares, requiring ₹14,700 at the upper price band of ₹700 per share.
What is the Tonbo Imaging India IPO size?
The Tonbo Imaging India IPO size is approximately ₹852.18 crore. The issue consists entirely of an Offer for Sale (OFS) of 1,21,74,046 equity shares, with no fresh issue.
Is Tonbo Imaging India IPO a fresh issue or OFS?
The Tonbo Imaging India IPO is a 100% Offer for Sale (OFS). The company is not issuing any new shares and therefore will not receive proceeds from the IPO.
What is the latest Tonbo Imaging India IPO GMP?
As of 15-October-2026, the reported GMP was around ₹500 per share. Against the upper issue price of ₹700, this indicates an unofficial estimated listing price of approximately ₹1,200. GMP is unofficial and can change before listing.
What is the latest Tonbo Imaging India IPO subscription status?
As of approximately 12:21 PM on 15-October-2026, the issue was reported to be subscribed around 1.20 times overall. NII subscription stood at 2.21x and retail subscription at 1.46x at that time.
What is the Tonbo Imaging India IPO allotment date?
The basis of allotment is scheduled for 21-October-2026.
When will Tonbo Imaging India IPO be listed?
The Tonbo Imaging India shares are scheduled to be listed on the NSE and BSE on 23-October-2026.
Where can I check Tonbo Imaging India IPO allotment status?
Investors can check the Tonbo Imaging India IPO allotment status through the official website of KFin Technologies Limited, the registrar to the issue, after the basis of allotment is finalized.
Is Tonbo Imaging India IPO GMP reliable?
No. IPO GMP is an unofficial market indicator and can change frequently. Investors should not consider GMP as a guaranteed indication of the actual listing price or listing gain.