Tonbo Imaging India IPO Details
Tonbo Imaging India IPO Summary
Tonbo Imaging India IPO opens for subscription on 15 Oct 2026 and closes on 19 Oct 2026.The IPO will be listed on NSE, BSE with the tentative listing date set for 23 Oct 2026.
Tonbo Imaging India IPO price band has been fixed at ₹665 – ₹700 per share. The face value is ₹2 per share with a lot size of 21.
Tonbo Imaging India IPO total issue size comprises 1,21,74,046 shares (aggregating up to ₹852.18 Cr). This includes a fresh issue of 1,80,85,246 shares (aggregating up to ₹0.00 Cr.). Offer for Sale consists of 1,21,74,046 shares (aggregating up to ₹852.18 Cr). Pre-issue shareholding stands at 5,72,82,100, which will increase to 5,72,82,100 post-issue.
Tonbo Imaging India IPO carries a ₹452 (64.57%) GMP, reflecting investor sentiment.
Tonbo Imaging India IPO Lot Size :Retail Minimum is 1 lot (21 shares) amounting to ₹14,700. Retail Maximum is 13 lots (273 shares) amounting to ₹1,91,100. SHNI Minimum is 14 lots (294 shares) amounting to ₹2,05,800. SHNI Maximum is 68 lots (1,428 shares) amounting to ₹9,99,600. BHNI Minimum is 69 lots (1,449 shares) amounting to ₹10,14,300.
Tonbo Imaging India IPO Details
Tonbo Imaging India IPO Subscription
Tonbo Imaging India IPO Application Wise Breakup (Approx)
Tonbo Imaging India IPO Dates
- 15 Oct 2026Opening dateOpen
- 19 Oct 2026Closing dateClose
- 21 Oct 2026Allotment Date Allotment
- 22 Oct 2026Initiation of RefundsRefund
- 22 Oct 2026Credit of SharesCredit
- 23 Oct 2026Listing dateListing
Tonbo Imaging India IPO Lot Size
| Application | Lots | Shares | Amount |
|---|---|---|---|
| Retail Minimum | 1 | 21 | ₹14,700 |
| Retail Maximum | 13 | 273 | ₹1,91,100 |
| SHNI Minimum | 14 | 294 | ₹2,05,800 |
| SHNI Maximum | 68 | 1428 | ₹9,99,600 |
| BHNI Minimum | 69 | 1449 | ₹10,14,300 |
Tonbo Imaging India IPO Reservation
Promoter Holding
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Tonbo Imaging India IPO Valuations
Tonbo Imaging India Financial Information
| 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 |
| Amount in ₹ Crore | ||||
About Tonbo Imaging India IPO
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.
Strength Of Tonbo Imaging India IPO
- Leading defence technology solutions provider with pioneering proprietary technologies.
- Driving innovation in defence electronics through in-house R&D with an asset light business model.
- Among the few defence electronics OEMs with a wide acceptability across the globe.
- Diversified defence product portfolio with deployability across all domains.
- Sound financials with healthy performance.
- Experienced and dedicated promoters and key managerial personnel with extensive domain knowledge.
Risk Of Tonbo Imaging India IPO
- The company's business is cyclical in nature on account of it being geopolitically driven and subject to government budget cycles. Further, tender-based procurement cycle results in poor revenue visibility, which may have an adverse impact on its business, financial stability, results of operations, investor confidence, and the ability to secure financing for growth or innovation.
- While the company is not dependent on a single customer and its typically have short term, non recurring contracts with a majority of the company's customers which are based on tenders, some of its customers have contributed significantly to the company's revenue from operations in the last three Fiscals. If its customers choose not to source their requirements from the company or to terminate its contracts or purchase orders or tenders, the company's business, cash flows, financial condition and results of operations may be adversely affected.
- The company's top ten suppliers contributed to a significant portion of its total expenses; 68.77 %, 35.46%, and 67.49% of the company's total expenses in the Fiscals 2026, 2025 and 2024, respectively. The company is dependent on its top ten suppliers and failures to maintain the company relationship with its suppliers could adversely affect the company's business, financial condition, results of operations and prospects.
- The company is dependent on limited global suppliers for critical components and other raw materials. The scarcity and cost of such critical components and raw materials could adversely affect its business, financial condition, results of operations and prospects.
- As a global defence electronics OEM, the company's business is dependent on exports and the performance of geographies where its supply the company products. In Fiscal 2025 and 2024, 65.52% and 48.61% of its revenue from operations was from exports and in particular from exports to Europe. Any adverse changes in the geographies where the company supply its products could have an adverse impact on the company's business, cash flows, results of operations and financial condition.
- The company operates in an industry which is highly regulated and are subject to stringent government regulations. If its fails to comply with the applicable regulations and rules prescribed by the Government of India and the relevant statutory or regulatory bodies or fails to obtain, maintain or renew the company statutory and regulatory licenses, permits and approvals required for its business, the company's results of operations and cash flows may be adversely affected.
- The company is measured against high quality standards and stringent performance requirements by its customers. Any failures by the company to comply with these standards or performance requirements may lead to the cancellation of existing and future orders, recalls, liquidated damages or warranty and indemnity or liability claims, which could adversely affect its reputation, business, results from operations, financial conditions and cash flows.
- Its may be required to issue performance bank guarantees for quality defects or delay in delivery, which could adversely affect its reputation, business, results from operations, financial conditions and cash flows.
- Any failures to protect or enforce the company rights to own or use trademarks and brand name and identity could have an adverse effect on its business, goodwill and competitive position.
- The company has in the past entered into related party transactions, inter alia, sale of goods, purchase of project materials, technical support services - payables, remuneration paid to directors, reimbursement of expenses, etc and may continue to do so in the future.
Objectives Tonbo Imaging India IPO
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.
Company Contact Details
No.3 Chikkayellappa Tower-II,
1st C Main, Sarjapur Main Road, Jakkasandra
Extension, Chikkayellappa Industrial Layout
Bengaluru, Karnataka, 560034
Phone: +91 80 41 999 55
Email: compliance@tonboimaging.com
Website: https://tonboimaging.com/main/
Registrar Contact Details
Tonbo Imaging India FAQs
The Tonbo Imaging India IPO is a MAINBOARD public issue comprising 12174046 equity shares with a face value of ₹2 each, aggregating to a total issue size of ₹852.18 Cr. The issue price has been fixed at ₹700 per equity share, and the minimum application size is 21 shares.
The IPO opens for subscription on 15 Oct 2026, and closes on 19 Oct 2026.
Kfin Technologies Ltd has been appointed as the registrar to the issue. The equity shares are proposed to be listed on the Bombay Stock Exchange (BSE) and the National Stock Exchange (NSE).
As of now, the current GMP stands at ₹452 (64.57%).
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