Tonbo Imaging India Limited, a Bengaluru-based defense electronics manufacturer, has fixed a price band of ₹665 to ₹700 per equity share for its ₹8.52 billion initial public offering. The issue opens on October 15, 2026 and closes on October 19, 2026, with anchor investor bidding scheduled for October 14, 2026. The public offering is structured entirely as an Offer for Sale (OFS) of 12,174,046 equity shares with no fresh issue component.
Offer Structure and Key Dates
The company will not receive any proceeds from the share sale because the IPO is an OFS. Selling shareholders include promoters Arvind Kondangi Lakshmikumar, Ankit Kumar, and Cecilia D'Souza, as well as investors such as Artiman Partners LLC, Vinimaya Advisory LLP, and CEAQ Technologies. At the upper end of the price band, the offering values Tonbo Imaging at approximately ₹40.10 billion, or about US$480 million.
Retail individual investors can bid for a minimum of 21 equity shares, which amounts to ₹14,700 at the upper price band. The company has reserved 50% of the net issue for qualified institutional buyers, 35% for retail investors, and the remaining 15% for non-institutional investors. All proceeds from the offer will go to the selling shareholders, not to the company.
Anchor investor bidding is scheduled for October 14, 2026, one day before the public issue opens. The basis of allotment is expected on October 21, 2026, and refunds and share credits are planned for October 22, 2026. Tonbo Imaging expects its equity shares to list on BSE and NSE on October 23, 2026.
Company Background and Product Portfolio
Founded in 2003, Tonbo Imaging initially provided research and development services as a subsidiary of a research company. After the current promoters acquired the business in 2012, it shifted focus to manufacturing defense products including advanced electro-optic and electronic systems. The company designs and manufactures sensing, processing, communication, and guidance systems used in surveillance, reconnaissance, targeting, and control applications.
Tonbo Imaging supplies thermal imaging cores, weapon sights, handheld thermal imaging binoculars, targeting systems, missile seekers, fire control systems, and missile guidance systems. Its customers include global defense forces, law enforcement agencies, homeland security organizations, and defense original equipment manufacturers. As of June 30, 2026, the company had deployed more than 28,000 systems across 24 countries.
Financial Performance and Market Context
The company reported operating revenue of ₹360 million and a net loss of ₹177 million in the first quarter of fiscal year 2027. Tonbo Imaging had previously raised ₹1.75 billion in a Series D funding round from Florintree Advisors, Tenacity Ventures, and EXIM Bank in April last year. That round was reported at a valuation of ₹15 billion, according to the company.
JM Financial Limited and IIFL Capital Services Limited are the book-running lead managers to the issue, while KFin Technologies Limited is the registrar. The offer was reduced from the 1.81 crore shares proposed in the draft papers, and the Securities and Exchange Board of India issued observations on the draft documents last month. The listing comes amid sustained investor demand for homegrown aerospace and defense technology players, supported by India's indigenous manufacturing push.
Tonbo Imaging's public issue highlights growing investor interest in India's defense electronics segment. With a diverse product portfolio and deployments across several international markets, the company is positioning itself to benefit from increased defense modernization spending. The entirely OFS-based IPO will provide an exit to existing shareholders while testing public market appetite for a specialized defense technology manufacturer.