Tonbo Imaging India has fixed a price band of ₹665–₹700 per share for its ₹852.18-crore initial public offering. This 100% Offer for Sale will be open for subscription from October 15 to October 19, 2026, with a minimum lot size of 21 shares.
Tonbo Imaging India is preparing to enter the public markets with an initial public offering (IPO) worth ₹852.18 crore. The company has set its price band between ₹665 and ₹700 per equity share. The subscription window for this issue will open on October 15, 2026, and conclude on October 19, 2026. Investors looking to participate must apply for a minimum lot size of 21 shares.
Business Model and Financial Performance
Founded in 2003, the company shifted its focus to defense electronics and manufacturing in 2012. It creates advanced imaging and sensor systems, including thermal cores, weapon sights, and missile seeker components, which are used by defense forces globally for surveillance and fire control. For the financial year 2025, the company reported a revenue of ₹469 crore and a net profit of ₹72.8 crore. During this period, it maintained an operating margin, or EBITDA margin, of 29.65%.
IPO Structure and Risks
The entire IPO is an Offer for Sale (OFS). This means that all shares on offer belong to existing shareholders, including promoters and early investors, who are selling their stakes. Consequently, the company will not receive any fresh funds from this offering. Because the business is specialized, it relies heavily on government defense budgets and geopolitical conditions across 24 countries where it operates. Investors should be aware that the company faces risks such as significant customer and supplier concentration, where a large portion of business comes from a small group of entities. Additionally, the defense sector is highly regulated, and the company’s performance is subject to complex export controls and policy changes that can influence long-term growth.
Listing and Management Details
The shares are expected to list on both the BSE and NSE on October 23, 2026. The book-running lead managers for this issue are JM Financial and IIFL Capital Services, while KFin Technologies has been appointed as the registrar. Investors may watch for the company’s ability to manage its international supply chain and maintain technology adoption as it continues to compete in the global defense market.