Tonbo Imaging India IPO Opens October 15: ₹852.18 Crore Offer for Sale at ₹665 to ₹700 per Share

Mumbai | October 14, 2026 

Tonbo Imaging India will open its IPO for public subscription on Thursday, October 15, 2026, at a price band of ₹665 to ₹700 per share. The anchor book for institutional investors opens on October 14. 

In an offer for sale, existing shareholders sell their shares and the company issues no new shares. Tonbo Imaging India will receive no money from the issue. The amount raised, minus issue expenses, goes to the selling shareholders. 

What Is the Tonbo Imaging India IPO GMP? 

The grey market premium (GMP) of the Tonbo Imaging India IPO stood at ₹500 on October 14, 2026. This is 71.43% of the upper end of the price band. The grey market is an unofficial market where IPO shares trade before they list on stock exchanges. 

Grey market premium is an unofficial indicator based on unregulated trading activity and does not guarantee listing-day performance. 

What Are the Key Details of the Tonbo Imaging India IPO? 

The Tonbo Imaging India IPO is a book-building issue, which means the final price is set within the price band based on investor bids. The tables below show the structure of the issue and the bid sizes for each investor category. All amounts are calculated at the upper price of ₹700. 

The company has reserved the issue as follows: 

• Qualified institutional buyers (QIBs): 50% 

• Retail individual investors: 35% 

• Non-institutional investors (NIIs): 15% 

Employees can also bid for up to ₹2 lakh in a separate employee category. 

Who Is Selling Shares in the Tonbo Imaging India IPO? 

The selling shareholders include promoters Arvind Kondangi Lakshmikumar, Ankit Kumar and Cecilia D’Souza. Existing investors CEAQ Technologies, Timothy Guy Mitchell, Artiman Partners LLC and Ramesh Radhakrishnan are also selling shares. The promoter group’s holding falls from 18.58% before the issue to 15.72% after it. 

What Does Tonbo Imaging India Do? 

Tonbo Imaging India, incorporated in 2003, builds electro-optic and electronic systems for the defence sector. Its technology supports military tasks such as surveillance, reconnaissance and targeting. The company serves defence and security organisations across 24 countries, with over 28,000 systems deployed in the field. 

Its product portfolio includes: 

• Thermal imaging systems 

• Weapon sights 

• Handheld thermal imaging binoculars 

• Targeting systems 

• Missile seekers 

• Fire-control systems 

• Missile-guidance systems 

How Has Tonbo Imaging India Performed Financially? 

Tonbo Imaging India reported a net loss of ₹17.74 crore in the April to June 2026 quarter, with revenue of ₹36 crore. In the financial year ended March 2026, its profit after tax fell 30% to ₹50.88 crore from ₹72.76 crore a year earlier. Total income fell around 22.1% to ₹369.94 crore from ₹474.39 crore. 

Outlook: What Happens After the Tonbo Imaging India IPO Closes? 

The tentative timetable below covers each step from the close of bidding to listing, subject to the final issue schedule. Allotment decides how many shares each bidder receives. Refunds return money for bids that receive no shares. Credit of shares moves allotted shares into demat accounts, which are the electronic accounts that hold shares. 

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