Tonbo Imaging India’s initial public offering opens on 15 October 2026 and closes on 19 October, with a price band of Rs 665 to Rs 700 per share. The company plans to raise up to Rs 852 crore through the issue of 1.2 crore equity shares. The anchor book opened on 14 October, allotment is due on 21 October and listing on 23 October on the BSE and NSE.
The entire issue is an offer for sale, which means that no money from the sale will go to the company. The selling shareholders include promoters Arvind Kondangi, Lakshmikumar, Ankit Kumar and Cecilia D’Souza, and investors CEAQ Technologies, Timothy Guy Mitchell, Artiman Partners LLC and Ramesh Radhakrishnan. The offer is managed by JM Financial and IIFL Capital Services.
Tonbo is a Bengaluru-based defence electronics maker incorporated in 2003. It designs and manufactures electro-optic and electronic systems for defence use, with a product range that includes thermal imaging cores, weapon sights, handheld thermal imaging binoculars, targeting systems, missile seekers, fire-control systems and missile guidance systems.
The quotas are 50% for qualified institutional buyers, 15% for non-institutional investors and 35% for retail investors. The minimum bid is 21 shares, which costs Rs 14,700 at the upper end of the band. The valuation reported at the issue price is Rs 4,010 crore.
The financial picture is mixed. For FY26 the company reported revenue of Rs 362.6 crore, down 22.7% from the previous year, and profit of Rs 50.9 crore, down about 30% from Rs 72.8 crore. In the first quarter of FY27, covering April to June 2026, it reported revenue of Rs 36 crore and a loss of Rs 17.7 crore.
Revenue in defence electronics can be uneven because it depends on the timing of orders and deliveries, and a single quarter can look very different from the full year. The report does not explain the cause of the fall in FY26 revenue or the loss in the first quarter, and the explanation will be in the company’s prospectus. Investors should read that, and in particular the order book and customer concentration, before making a decision.
The IPO is smaller than others in the same week. Zetwerk’s offer is Rs 5,012 crore, Bonfiglioli’s Rs 2,533.66 crore and Jio Platforms, opening on 21 October, Rs 30,213 crore, so Tonbo’s Rs 852 crore is a mid-sized issue.
A rough calculation from the reported figures shows that FY26 profit of Rs 50.9 crore on revenue of Rs 362.6 crore is a margin of about 14%, which is IndiaX24’s own arithmetic, while first-quarter revenue of Rs 36 crore is well below a quarter of the previous year’s total, so the first quarter was unusually weak. The terms are simple to summarise. The 1.2 crore shares are priced at Rs 665 to Rs 700, half the issue is reserved for institutions, 35% for retail investors and 15% for non-institutional investors, and a retail applicant needs at least Rs 14,700 for one lot of 21 shares. The sources reviewed do not describe the company’s customers or order book, so those are not covered here.
As with all the issues covered by IndiaX24, this is a report of published terms and not investment advice. The decision whether to apply rests on the prospectus and on the investor’s own circumstances.
Featured image: A handheld thermal imaging camera (file photo; a stand-in image, not a Tonbo product). Photo by Asurnipal, licensed under CC BY-SA 4.0, via Wikimedia Commons.
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