Tonbo Imaging India IPO (₹852 cr) opens Oct 15–19 at ₹665–700. Check lot size, financials, risks, allotment steps, listing date and FAQs in one place.
Last updated: Tue, Oct 13, 2026, 11:03 AM IST
- IPO dates: Thu, Oct 15, 2026 to Mon, Oct 19, 2026
- Price band: ₹665 to ₹700 per share
- Lot size: 21 shares (₹14,700 at the upper band)
- Issue size: ₹852 crore
Tonbo Imaging India Ltd., a global defence electronics OEM specialising in electro-optics, infrared imaging, and AI-enabled targeting systems, is raising ₹852 crore through its IPO, which opens on Thu, Oct 15, 2026 and closes on Mon, Oct 19, 2026 at a price band of ₹665 to ₹700 per share. Here is everything you need to know about the Tonbo Imaging India IPO.
Tonbo Imaging India IPO Details
| Field | Value |
|---|---|
| IPO date | Thu, Oct 15, 2026 to Mon, Oct 19, 2026 |
| Listing date | To be announced |
| Face value | ₹2 per share |
| Price band | ₹665 to ₹700 per share |
| Lot size | 21 shares |
| Total issue size | 1,21,74,046 shares (₹852 crore) |
| Listing at | NSE & BSE |
| Lead managers | JM Financial Ltd., IIFL Capital Services Ltd. |
| Registrar | KFIN Technologies Ltd. |
Tonbo Imaging India IPO Timeline
| Event | Date |
|---|---|
| Anchor bidding | Wed, Oct 14, 2026 (tentative) |
| IPO opens | Thu, Oct 15, 2026 |
| IPO closes | Mon, Oct 19, 2026 |
| UPI mandate cut-off | Mon, Oct 19, 2026, 5 PM |
| Basis of allotment | Tue, Oct 20, 2026 (tentative) |
| Refunds initiated | Wed, Oct 21, 2026 (tentative) |
| Shares credited to demat | Wed, Oct 21, 2026 (tentative) |
| Listing date | Thu, Oct 22, 2026 (tentative) |
Dates other than IPO open, close and listing follow SEBI’s standard T+3 listing schedule (T = the close date) and can shift for exchange holidays.
Tonbo Imaging India IPO Lot Size and Minimum Investment
| Application | Lots | Shares | Amount (₹, at upper band) |
|---|---|---|---|
| Retail (minimum) | 1 | 21 | 14,700 |
| Retail (maximum) | 13 | 273 | 1,91,100 |
| sNII (minimum) | 14 | 294 | 2,05,800 |
| sNII (maximum) | 68 | 1,428 | 9,99,600 |
| bNII (minimum) | 69 | 1,449 | 10,14,300 |
For example, at the upper price band of ₹700, one lot of 21 shares needs ₹14,700 (21 × ₹700). Retail investors can apply for up to 13 lots (₹1,91,100), within the ₹2 lakh retail limit.
About Tonbo Imaging India
Tonbo Imaging India Ltd. is a global defence electronics original equipment manufacturer (OEM) specialising in electro-optics, infrared imaging, and AI-enabled targeting systems. As per the DRHP, the company serves global militaries, law enforcement, homeland security agencies, and defence OEMs through competitive tenders for short-term, non-recurring contracts. It does not have annuity revenues because these contracts are typically short-term in nature.
Originally incorporated in 2003 as Sarnoff Innovative Technologies Private Limited, the company transitioned to a defence-focused manufacturing company in 2012. It operates an asset-light business model, focusing on in-house research and development (R&D) and intellectual property (IP), while outsourcing manufacturing to electronics manufacturing services (EMS) partners. This horizontal integration allows the company to maintain a focus on core design and proprietary technology while leveraging external manufacturing capabilities.
The company’s product portfolio is designed for deployability across all defence domains. By maintaining a focus on field-tested defence systems, it caters to a diverse set of global customers. The business model relies on winning competitive tenders, which defines its revenue structure. The company remains focused on its R&D-driven approach to maintain its position as a defence electronics OEM.
Tonbo Imaging India Financial Performance
| Metric | FY 2025-26 | FY 2024-25 | FY 2023-24 |
|---|---|---|---|
| Revenue from operations (₹ crore) | 362.65 | 469.08 | 428.19 |
| Total income (₹ crore) | 388.78 | 474.39 | 431.90 |
| Profit after tax (₹ crore) | 50.88 | 72.76 | 68.54 |
| Net worth (₹ crore) | 553.16 | 490.14 | 230.13 |
| Total borrowings (₹ crore) | 116.06 | 78.14 | 80.85 |
- Revenue from operations grew 9.5% in FY 2024-25 from ₹428.19 crore to ₹469.08 crore, followed by a 22.7% decline in FY 2025-26 to ₹362.65 crore, indicating volatility in annual contract procurement.
- Profit after tax grew 6.1% in FY 2024-25 to ₹72.76 crore, but subsequently fell 30.1% in FY 2025-26 to ₹50.88 crore, reflecting the impact of changing revenue levels on the bottom line.
- The PAT margin, which measures profit as a percentage of revenue, trended downwards from 16.01% in FY 2023-24 to 15.51% in FY 2024-25 and further to 14.03% in FY 2025-26.
- The company reported a debt-to-equity ratio of 0.21x in FY 2025-26, with total borrowings rising from ₹78.14 crore to ₹116.06 crore against a net worth of ₹553.16 crore.
Tonbo Imaging India IPO Valuation and Key Ratios
| Metric | Value |
|---|---|
| Return on equity, FY 2025-26 (%) | 9.97 |
| Debt-to-equity, FY 2025-26 (x) | 0.21 |
| PAT margin, FY 2025-26 (%) | 14.03 |
The company reported a basic earnings per share (EPS) of ₹9.19 and a net asset value (NAV) of ₹96.57 per share for FY 2025-26. The return on equity (RoE) for the same period was 9.97%. The DRHP provides a comparison with listed peers, including Paras Defence and Space Technologies Limited, which has a P/E of 117.74, Data Patterns (India) Limited with a P/E of 87.29, Astra Microwave Products Limited at 83.92, Zen Technologies Limited at 73.44, and Bharat Electronics Limited at 45.70. These metrics provide a snapshot of the company’s financial standing relative to established industry players.
Promoters and Shareholding
Promoters: Ankit Kumar, Arvind Kondangi Lakshmikumar, Cecilia D’Souza.
| Holder | Pre-issue % | Post-issue % |
|---|---|---|
| Promoter & promoter group | 18.58% | — |
| Public | 81.42% | — |
The promoters of the company are Ankit Kumar, Arvind Kondangi Lakshmikumar, and Cecilia D’Souza. Before the issue, the promoter and promoter group held 18.58% of the company, while the public held 81.42%. The IPO is an offer for sale, meaning the shareholding structure will shift as existing shareholders sell their stakes.
Objects of the Issue
The objects of the offer are to achieve the benefits of listing the equity shares on the stock exchanges and to facilitate the offer for sale by the selling shareholders. The issue consists entirely of an offer for sale of 12,174,046 equity shares. Consequently, the company will not receive any proceeds from this IPO as all funds go to the selling shareholders.
Strengths and Risks
Strengths
- The company is a leading defence technology solutions provider with proprietary technologies, as noted in the DRHP.
- It operates an asset-light business model driven by in-house R&D, which helps maintain focus on intellectual property.
- The company has global acceptability as a defence electronics OEM, with a track record of delivering field-tested systems.
- It maintains a diversified defence product portfolio that is capable of deployment across all domains.
- The management team includes promoters and key personnel with extensive domain knowledge in the defence sector.
Risks
- The order book is significantly concentrated among a few large defence customers, creating revenue dependency.
- The company is heavily dependent on its ten largest suppliers for a significant portion of its total expenses.
- There is ongoing litigation involving the company and its promoter, Arvind Kondangi Lakshmikumar, in the Singapore High Court.
- The business model is subject to the episodic nature of procurement tenders, which may lead to revenue fluctuations.
- Government customers may impose budgetary constraints, which could impact the company’s ability to secure or execute contracts.
Things Investors Should Know
- The minimum investment required is ₹14,700 for one lot of 21 shares at the upper price band of ₹700.
- The IPO opens on Thu, Oct 15, 2026 and closes on Mon, Oct 19, 2026.
- The registrar for the issue is KFIN Technologies Ltd., and the lead managers are JM Financial Ltd. and IIFL Capital Services Ltd.
- Promoter Arvind Kondangi Lakshmikumar is a party to a suit filed by Mr. Harshad Ajit Lahoti in the Singapore High Court.
- The IPO is an offer for sale, meaning no money from the issue will go to the company.
- You can track upcoming issues on ThePip IPO calendar.
How to Check Tonbo Imaging India IPO Allotment Status
- Registrar: open the IPO allotment status page of KFIN Technologies Ltd., select Tonbo Imaging India, and enter your PAN, application number or DP/client ID.
- BSE: on bseindia.com, open the IPO allotment status page, choose “Equity”, select the issue name, and enter your application number and PAN.
- NSE: look up the issue on nseindia.com and use its application status option with your application number and PAN.
- Broker or UPI app: most brokers and UPI apps also show whether your application was allotted.
If you are not allotted shares, the amount blocked in your bank account through ASBA or your UPI mandate is released after the refund date. No money is debited.
Tonbo Imaging India IPO Listing Details
| Field | Value |
|---|---|
| Exchanges | NSE & BSE |
Tonbo Imaging India IPO FAQs
What is the Tonbo Imaging India IPO price band?
The Tonbo Imaging India IPO has a price band set between ₹665 and ₹700 per share. Most retail investors typically bid at the upper price band of ₹700 to increase their chances of allotment. The face value of each equity share is ₹2.
When does the Tonbo Imaging India IPO open and close?
The Tonbo Imaging India IPO opens for subscription on Thu, Oct 15, 2026. The issue will close for bidding on Mon, Oct 19, 2026. Investors must ensure their UPI mandates are submitted by the cut-off time of 5 PM on the closing date, Mon, Oct 19, 2026.
What is the Tonbo Imaging India IPO lot size and minimum investment?
The lot size for the Tonbo Imaging India IPO is 21 shares. This means you must apply for at least 21 shares or in multiples thereof. At the upper price band of ₹700 per share, the minimum investment required for retail investors is ₹14,700.
What is the Tonbo Imaging India IPO allotment date and how do I check allotment status?
The tentative basis of allotment for the Tonbo Imaging India IPO is Tue, Oct 20, 2026. You can check your allotment status on the website of the registrar, KFIN Technologies Ltd., once the process is complete. Refunds are expected to be initiated on Wed, Oct 21, 2026.
Who are the promoters of Tonbo Imaging India and how much will they hold after the IPO?
The promoters of Tonbo Imaging India are Ankit Kumar, Arvind Kondangi Lakshmikumar, and Cecilia D’Souza. Before the IPO, the promoter and promoter group held 18.58% of the company. The post-issue shareholding percentage for the promoters is not currently available in the provided documentation.
How will Tonbo Imaging India use the IPO money?
The Tonbo Imaging India IPO consists entirely of an offer for sale of 12,174,046 equity shares by existing shareholders. Because there is no fresh issue component, the company will not receive any of the proceeds from this IPO. The funds will go directly to the selling shareholders.
Who is the registrar and lead manager of the Tonbo Imaging India IPO?
The registrar for the Tonbo Imaging India IPO is KFIN Technologies Ltd., which handles the allotment and refund process. The lead managers for the issue are JM Financial Ltd. and IIFL Capital Services Ltd., who are responsible for managing the IPO process and regulatory compliance.
Is the Tonbo Imaging India IPO a fresh issue or an offer for sale?
The Tonbo Imaging India IPO is an offer for sale (OFS) of 12,174,046 equity shares. There is no fresh issue component in this IPO. In an offer for sale, existing shareholders sell their shares to the public, and the proceeds go to those shareholders rather than the company.
What are the key risks of the Tonbo Imaging India IPO?
Key risks include significant customer concentration among a few large defence clients and heavy dependence on the ten largest suppliers. Additionally, there is ongoing litigation involving the company and its promoter, Arvind Kondangi Lakshmikumar, in the Singapore High Court, as well as risks related to the episodic nature of procurement tenders.
This article is for information only and is not investment advice. Business, risk and litigation details are as per the company’s DRHP; issue, financial and exchange data are from ThePip’s IPO database as of Tue, Oct 13, 2026, 11:03 AM IST. IPO investments are subject to market risks; read the offer document carefully before investing.
