Bengaluru-based defence-electronics manufacturer Tonbo Imaging India opened its ₹852.18 crore initial public offering on 15 October, recording bids for approximately 33% of the shares on offer by 10:30 IST. The issue received bids for 28,14,840 shares against 85,26,033 shares available, based on exchange data released during the first hour of bidding.
The non-institutional investor allocation was subscribed approximately 66%, while the retail portion reached 38%. Institutional participation typically develops later in an issue period, and the early subscription numbers therefore remain provisional. The offer closes on 19 October, with allotment expected on 21 October and listing on the BSE and NSE scheduled for 23 October, subject to the final timetable.
Tonbo has set a price band of ₹665 to ₹700 per share. Investors can bid for a minimum lot of 21 shares, translating into a minimum application of ₹14,700 at the upper end of the band. Half of the offer is reserved for qualified institutional buyers, 15% for non-institutional investors and 35% for retail applicants.
The transaction consists entirely of an offer for sale of 1,21,74,046 equity shares. Tonbo will consequently receive no proceeds from the IPO. The funds, after expenses, will be distributed among the selling shareholders, including promoters Arvind Kondangi Lakshmikumar, Ankit Kumar and Cecilia D’Souza, alongside investors such as CEAQ Technologies, Timothy Guy Mitchell, Artiman Partners and Ramesh Radhakrishnan. At ₹700 per share, the issue implies an equity valuation of approximately ₹4,010 crore.
Established in 2003, Tonbo develops electro-optic and electronic systems used in defence and security applications. Its portfolio includes thermal-imaging systems, weapon sights, handheld thermal binoculars, targeting equipment, missile seekers, fire-control systems and guidance technologies. These systems support surveillance, reconnaissance, target acquisition and other military operations.
The company reported revenue of ₹36 crore and a net loss of ₹17.74 crore for the April-June quarter of FY27. For FY26, total income declined approximately 22% to ₹369.94 crore, while profit after tax fell 30% to ₹50.88 crore. These financial disclosures form part of the operating context for an IPO arriving amid increased investor attention to Indian defence manufacturing and electro-optics.
The subscription update was published at 10:58 IST, with the underlying exchange data recorded at 10:30 IST. Unofficial grey-market quotations have not been treated as an indicator of the eventual listing price
