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IPO ·
NSE, BSE
Tonbo Imaging India Ltd
Listed
Defence electronics maker of electro-optic, thermal imaging, targeting and surveillance systems.
Issue details
Price band
₹665 – ₹700
Face value
₹2
Lot size
21 shares
Minimum investment
₹14,700
Issue size
₹852.09 Cr
Fresh issue
—
Offer for sale
₹852.09 Cr
Issue type
Book Built
Exchange
NSE, BSE
Key dates
Opens
15 Oct 2026
Closes
19 Oct 2026
UPI mandate cut-off
5:00 PM on 19 Oct 2026
Allotment
21 Oct 2026
Refunds
22 Oct 2026
Shares in demat
22 Oct 2026
Listing
23 Oct 2026
Subscription and listing
Subscription
132.81x
Listing price
₹1160
Registrar
KFin Technologies Ltd
Lead manager
JM Financial, IIFL Capital Services
Subscription by category
QIB (Ex Anchor)
293.56x
NII
156.36x
bNII (> ₹10L)
184.73x
sNII (< ₹10L)
143.37x
Retail
31.11x
Employee
54.31x
Total
132.81x
Total applications
52,95,811
Anchor investors
Amount raised
₹255.36 Cr
Bid date
14 Oct 2026
50% lock-in ends
19 Nov 2026
Rest lock-in ends
18 Jan 2027
Listing day
Issue price
₹700
Open
₹1,160.00
High
₹1,211.00
Low
₹1,013.70
Day close
₹1,133.80
Listing gain at open
+65.71%
Issue structure
Shares reserved per category and share of the total issue
QIB
60,80,022
49.94%
Anchor Investor
36,48,013
29.97%
QIB (Ex. Anchor)
24,32,009
19.98%
NII
18,24,007
14.98%
bNII > ₹10L
12,16,005
9.99%
sNII < ₹10L
6,08,002
4.99%
Retail
42,56,017
34.96%
Employee
14,000
0.11%
Total
1,21,74,046
100.00%
Finaccle’s quick read
Avoid
Income fell 22% and PAT 30% in FY26 with a ₹17.74 Cr loss in Q1 FY27, the issue is 100% OFS and it was priced at 78.83x pre-issue earnings.
A rules-based screen of growth, margins, debt and valuation, built from the offer document and data on Chittorgarh.com. It is for information only and is not investment advice or a recommendation to buy or sell. Read the RHP and speak to a SEBI-registered adviser before you apply.
About the company
Tonbo Imaging is an Indian defence electronics maker that designs thermal imaging cameras, weapon sights, missile seekers and fire-control systems. It sells to defence and security forces in 24 countries and has over 28,000 systems in the field. It is a mid-sized business with about 339 permanent staff and FY26 income of roughly ₹370 Cr.
Founded
Promoters
Products and segments
Promoter holding
Financial performance
Period
PAT
ROE
9.75%
ROCE
14.54%
Debt / equity
—
PAT margin
13.75%
P/E post issue
—
Market cap
₹4,009.75 Cr
Use of IPO money
Offer for sale; company receives no proceeds
₹852.09 Cr
Strengths
✓
Proprietary thermal imaging and electro-optic technology with own IP
✓
Exports to 24 countries with ITAR-free products
✓
Over 28,000 systems deployed in the field
✓
Asset-light model with moderate borrowings
Risks to watch
!
Entire issue is OFS; company gets no money
!
Income fell 22% and PAT fell 30% in FY26
!
Loss of ₹17.74 Cr in the June 2026 quarter
!
Pre-issue P/E of 78.83x is rich
!
Promoters hold only 14.56% after the issue
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Last updated:
Information is compiled from exchange notices and the company’s offer document. It is for general information only and is not investment advice or a recommendation to apply. Read the prospectus before investing.