Tonbo Imaging India IPO Day 3: Subscribed 13.25x; NII Demand at 34.26x
Key Highlights
Tonbo Imaging India IPO (₹597 crore mainboard IPO) was subscribed 13.25x on Day 3 of 3, with NII at 34.26x.
Last updated: Mon, Oct 19, 2026, 12:00 PM IST · mainboard · & · Day 3 of 3
- Tonbo Imaging India IPO subscribed 13.25x overall on Day 3, up from 7.78x on Day 2
- Total bids: 11,29,27,458 shares against 85,26,033 shares on offer
- Category-wise: 3.98x, 34.26x, 9.52x, Employee 16.89x
- Price band: ₹665 to ₹700 per share
- The issue closes on Mon, Oct 19, 2026
The Tonbo Imaging India IPO reached a subscription multiple of 13.25x on day 3 of 3 trading days as of 12:00 PM IST. This represents an increase from the 7.78x subscription recorded on day 2. The non-institutional investors (NII) category, which includes individuals bidding above ₹2 lakh, emerged as the most-bid segment at 34.26x. Overall, the issue saw a steady rise in interest throughout the three-day bidding period.
Tonbo Imaging India IPO Status: Day 3
Day-wise subscription
| Day | Date | Total bids (shares) | Bid value at upper band (₹ crore) | Subscribed (x) |
|---|---|---|---|---|
| Day 1 | Thu, Oct 15, 2026 | 3,41,40,729 | 2,389.85 | 4.00x |
| Day 2 | Fri, Oct 16, 2026 | 6,63,01,368 | 4,641.10 | 7.78x |
| Day 3 | Mon, Oct 19, 2026 | 11,29,27,458 | 7,904.92 | 13.25x |
Category-wise subscription
| Category | Shares offered | Day 2 bids | Day 2 (x) | Day 3 bids | Day 3 (x) |
|---|---|---|---|---|---|
| QIB | 24,32,009 | 96,12,750 | 3.95x | 96,71,487 | 3.98x |
| NII | 18,24,007 | 2,61,75,051 | 14.35x | 6,24,96,399 | 34.26x |
| of which individual NII | — | 2,50,09,572 | — | 6,07,97,415 | — |
| of which corporate NII | — | 3,61,347 | — | 5,28,066 | — |
| of which other NII | — | 8,04,132 | — | 11,70,918 | — |
| Retail | 42,56,017 | 3,03,29,565 | 7.13x | 4,05,23,175 | 9.52x |
| Employee | 14,000 | 1,84,002 | 13.14x | 2,36,397 | 16.89x |
| Total | 85,26,033 | 6,63,01,368 | 7.78x | 11,29,27,458 | 13.25x |
All investor categories subscribed more than their allocated quotas by the final day. The NII category led the demand at 34.26x, while retail investors subscribed 9.52x. Qualified institutional buyers (QIB), which are professional entities like banks and mutual funds, subscribed 3.98x. The employee category also saw participation at 16.89x. The day-on-day increase in total subscription was driven by higher bid volumes across all investor segments.
Tonbo Imaging India IPO Offer 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 | 85,26,033 shares (₹597 crore) |
| Listing at | NSE & BSE |
| Lead managers | JM Financial Ltd., IIFL Capital Services Ltd. |
| KFIN Technologies Ltd. |
About Tonbo Imaging India
Tonbo Imaging India Ltd. is a global defence electronics original equipment manufacturer. As per the DRHP, the company designs and supplies ITAR-free strategic defence electronics, including electro-optical and infrared systems, sighting systems, and AI-enabled targeting systems. It serves global militaries, law enforcement, and homeland security agencies. The company operates an asset-light model, focusing on in-house research and development while outsourcing manufacturing to electronics manufacturing services partners. It produces a diversified portfolio including thermal imaging cores, weapon sights, and missile guidance systems to enable battlefield autonomy. The firm transitioned to its current defense-focused product manufacturing model in 2012.
Tonbo Imaging India Financial Highlights
| Metric | FY 2025-26 | FY 2024-25 | FY 2023-24 |
|---|---|---|---|
| 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 fell 22.7% in FY 2025-26 to ₹362.65 crore from ₹469.08 crore in FY 2024-25. Profit after tax also declined 30.1% in FY 2025-26 to ₹50.88 crore from ₹72.76 crore in FY 2024-25. The company reported a debt-to-equity ratio of 0.21x at the end of FY 2025-26.
Risk Factors as per the DRHP
- The company faces significant customer concentration risk, as its order book is heavily reliant on a few large defense customers, which could impact revenue if these relationships are disrupted.
- Operations are subject to heavy dependence on the top ten suppliers for raw materials, potentially creating supply chain vulnerabilities that may affect the production of defense electronics systems.
- The business faces risks from complaints filed against it, which could harm its corporate reputation and divert management resources away from core research and development or manufacturing activities.
- The company operates within a competitive, tender-based procurement ecosystem, where revenue is earned through short-term, non-recurring contracts that may not provide consistent long-term financial stability for the business.
How to Check Tonbo Imaging India IPO Subscription Status
Live bidding figures are published by NSE & BSE while the issue is open. Once it closes, allotment status is published by the registrar, KFIN Technologies Ltd..
This article is for information only and is not investment advice. Subscription figures are based on exchange data as of Mon, Oct 19, 2026, 12:00 PM IST and can change. IPO investments are subject to market risks; read the offer document carefully before investing.