Tonbo Imaging India IPO
The Tonbo Imaging India IPO is set to be one of the most-awaited public offerings in 2026. With a book-built issue size of ₹852.18 crores, this IPO presents a significant opportunity for investors interested in the defence and security sector. Below is a comprehensive overview, including the issue details, company profile, strengths, and how to apply for the IPO.
Overview of Tonbo Imaging India IPO
| Parameter | Details |
|---|---|
| IPO Size | ₹852.18 Crores (Book Build Issue) |
| Issue Type | Offer for Sale of 1.22 crore shares |
| Price Band | ₹665 to ₹700 per share |
| Lot Size | 21 shares |
| Minimum Investment (Retail) | ₹14,700 (21 shares at ₹700) |
| IPO Open Date | October 15, 2026 |
| IPO Close Date | October 19, 2026 |
| Basis of Allotment Finalization | October 21, 2026 |
| Listing Date (Tentative) | October 23, 2026 |
| Stock Exchanges | BSE & NSE |
| Book Running Lead Manager | JM Financial Ltd. |
| Registrar | Kfin Technologies Ltd. |
Company Profile: Tonbo Imaging India Limited
Incorporated in December 2003, Tonbo Imaging India Limited has carved a niche as a global defence electronics original equipment manufacturer (OEM). The company specializes in the design, development, and manufacturing of advanced electro-optic (EO), infrared (IR), embedded vision, communication, guidance, and surveillance systems tailored for defence and security applications.
Product Portfolio
- Thermal imaging systems
- Weapon sights
- Missile seekers
- Fire control systems
- Missile guidance systems
- Targeting systems
- Handheld thermal imaging devices
With over 28,000 field-deployed systems, Tonbo Imaging serves defence and security organizations in 24 countries, making it India’s largest manufacturer and exporter of thermal imaging systems by volume.
Competitive Advantage and Strategic Positioning
- Products developed using fully owned intellectual property.
- Free from ITAR (International Traffic in Arms Regulations) restrictions; enabling unrestricted exports globally.
- Innovation-driven model backed by strong in-house R&D and advanced manufacturing capabilities.
- Approved supplier under India's IDDM (Indigenously Designed, Developed and Manufactured) defence procurement framework.
- Supports Government’s 'Make in India' and 'Atmanirbhar Bharat' initiatives.
- Workforce of 339 permanent employees focused on product design, development, manufacturing, project management, sales, and support functions.
IPO Allocation and Investor Categories
The Tonbo Imaging India IPO has a net offer to the public totaling 1,21,60,046 shares, after excluding a preferential allotment of 14,000 shares. The shares have been allocated among different categories as follows:
| Investor Category | Allocation | Percentage |
|---|---|---|
| Qualified Institutional Buyers (QIB) | 60,80,023 shares | 50.00% |
| Non-Institutional Investors (NII) | 18,24,007 shares | 15.00% |
| Retail Individual Investors (RII) | 42,56,016 shares | 35.00% |
The minimum application lot size is 21 shares, and bids can be placed in multiples of 21.
Financial Overview and Key Strengths
Though Tonbo Imaging India Limited witnessed a revenue dip of 22% and a profit after tax (PAT) drop of 30% between FY2025 and FY2026, the company holds the competitive advantage of being the largest supplier of thermal imaging systems in India and a major exporter in the sector.
Important to note, this IPO is a 100% Offer for Sale (OFS). This means the company itself is not raising fresh capital; instead, the existing shareholders are selling their shares. Consequently, the entire IPO proceeds will go to the selling shareholders.
Company Management and Promoters
- Ankit Kumar
- Arvind Kondangi Lakshmikumar
- Cecilia D’Souza
These promoters have contributed significantly to the company’s growth in defence technology and product innovation.
How to Apply for Tonbo Imaging India IPO
Investors can apply for the IPO using various online platforms and methods with ease. The IPO application is open from October 15, 2026, till October 19, 2026.
Application Process Overview
- The minimum number of shares per application is 21, corresponding to a minimum retail investment of approximately ₹14,700 at the upper price band.
- Payments can be made using UPI or ASBA (Application Supported by Blocked Amount) through net banking.
- IPO applications are accepted through leading brokerage firms and banks.
Applying Through Zerodha
Zerodha customers can easily participate in the Tonbo Imaging India IPO by submitting their applications through the Zerodha Console (back office).
- Login to Zerodha Console.
- Locate the IPO section and select Tonbo Imaging India IPO.
- Fill in the number of lots (multiples of 21 shares) you wish to apply for.
- Select your preferred payment mode: UPI or ASBA.
- Authorize payment through UPI or net banking.
Other brokers such as Upstox, 5Paisa, Nuvama, and banks like HDFC Bank or SBI Bank also facilitate IPO applications with similar steps.
Important Dates and Listing Information
| Event | Date |
|---|---|
| Anchor Investors Bid Date | October 14, 2026 |
| IPO Opening Date | October 15, 2026 |
| IPO Closing Date | October 19, 2026 |
| Basis of Allotment Finalization | October 21, 2026 |
| Share Credit to Demat Account | October 22, 2026 |
| Listing Date (Tentative) | October 23, 2026 |
Why Invest in Tonbo Imaging India IPO?
Investors looking for exposure in the defence electronics and security technology sector may find Tonbo Imaging India an attractive prospect due to its:
- Strong foothold in thermal imaging and defence optics technology.
- Robust export potential due to lack of ITAR restrictions.
- Alignment with the Government of India’s strategic initiatives such as Make in India and Atmanirbhar Bharat.
- Proven track record serving 24 countries and holding over 28,000 active systems deployed globally.
- Innovative product development and intellectual property ownership.
Conclusion
The Tonbo Imaging India IPO offers investors a chance to invest in a key player within the defence and security technology industry. With strong technological capabilities, global presence, and government endorsements, Tonbo Imaging is positioned to capitalize on the growing defence needs both domestically and internationally.
Interested investors should carefully review the IPO details, evaluate the company's financial position, and act within the subscription window from October 15 to October 19, 2026. Applying through trusted brokers and digital platforms ensures a seamless investment experience.
Make sure to check your allotment status after October 21, 2026, and prepare for the tentative listing on October 23, 2026, to track your investment performance.
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