Tonbo Imaging Shares List at 66% Premium After 132.81x IPO Subscription
- 23rd October 2026
- 11:00 AM
- 4 min read
Summary
Tonbo Imaging India shares listed on 23 October 2026 at ₹1,162 on the BSE and ₹1,160 on the National Stock Exchange (NSE). The debut marked a premium of up to 66% over the initial public offering (IPO) price of ₹700. The ₹852.18 crore issue was subscribed 132.81x across investor categories.Mumbai | 23 October 2026
An initial public offering is the first sale of a company’s shares to the public. Tonbo Imaging India shares made their stock market debut on 23 October, listing at a premium of around 66% over the IPO price. The listing followed strong demand from every investor category during the subscription period.
At What Price Did Tonbo Imaging Shares List?
Tonbo Imaging shares opened at ₹1,160 on the NSE, a premium of 65.71% over the issue price of ₹700 per share. On the BSE, the stock debuted at ₹1,162, a premium of 66%. The shares are not in the trade-for-trade (T+T) segment, where every trade must be settled by delivery of shares.
| Exchange | Listing price | Premium over IPO price |
| NSE | ₹1,160 | 65.71% |
| BSE | ₹1,162 | 66% |
How Much Did Tonbo Imaging Raise From Anchor Investors?
Tonbo Imaging India raised ₹255.36 crore from anchor investors on 14 October 2026, a day before the IPO opened. Anchor investors are large institutions that commit to an IPO before it opens to the public. They received 36,48,013 shares, and mutual funds took the largest portion.
| Anchor category | Amount (₹ crore) | Share of anchor allotment |
| Mutual funds | 140.39 | 54.98% |
| Foreign portfolio investors (FPIs) | 71.96 | 28.18% |
| Alternative investment funds (AIFs) | 23.00 | 9.01% |
| Insurance companies | 20.01 | 7.83% |
| Total | 255.36 | 100% |
Anchor investors cannot sell their shares for a set period, called the lock-in period. The lock-in on 50% of their shares ends on 19 November 2026, and on the rest on 18 January 2027.
How Much Was the Tonbo Imaging IPO Subscribed?
The ₹852.18 crore IPO was open for subscription from 15 October to 19 October. It received bids for 1,13,23,07,253 shares against 85,26,033 shares on offer, an overall subscription of 132.81x.
| Investor category | Shares offered | Subscription |
| Qualified institutional buyers (QIBs, excluding anchor) | 24,32,010 | 293.56x |
| Non-institutional investors (NIIs) | 18,24,007 | 156.36x |
| Retail individual investors (RIIs) | 42,56,016 | 31.11x |
| Employees | 14,000 | 54.31x |
| Overall | 85,26,033 | 132.81x |
QIBs are large institutions such as mutual funds and banks. NIIs are investors who bid above the retail application limit. RIIs are individual investors who apply within that limit.
What Were the Key Details of the Tonbo Imaging IPO?
The issue was entirely an offer for sale (OFS) of 1,21,74,046 equity shares. In an OFS, existing shareholders sell part of their holding to new investors. Tonbo Imaging India will therefore not receive any proceeds. The money, after applicable expenses, goes to the selling shareholders.
| Detail | Figure |
| Price band | ₹665 to ₹700 per share |
| Lot size | 21 shares |
| Minimum retail investment | ₹14,700 (at upper end) |
| Issue size | ₹852.18 crore |
| Employee reservation | Up to 14,000 shares at a ₹65 discount to the issue price |
| Allotment finalised | 21 October |
| Book-running lead manager | JM Financial Ltd. |
| Registrar | KFin Technologies Ltd. |
What Does Tonbo Imaging India Do?
Tonbo Imaging India was incorporated in 2003. It designs and manufactures electro-optic and electronic systems for defence use, including:
- Thermal imaging systems and handheld thermal imaging binoculars
- Weapon sights and targeting systems
- Missile seekers, missile-guidance and fire-control systems
How Has Tonbo Imaging Performed Financially?
Tonbo Imaging India’s total income fell 22% to ₹369.94 crore in the year ended 31 March 2026, from ₹474.39 crore a year earlier. Profit after tax fell 30% to ₹50.88 crore. In the quarter ended 30 June 2026, the company reported a loss of ₹17.74 crore.
| Period | Total income (₹ crore) | Profit after tax (₹ crore) |
| Year ended 31 March 2025 | 474.39 | 72.76 |
| Year ended 31 March 2026 | 369.94 | 50.88 |
| Quarter ended 30 June 2026 | 37.32 | -17.74 |
How Did the Listing Compare With Grey Market Expectations?
The grey market premium (GMP) is the unofficial premium at which IPO shares trade before listing. On 23 October, the GMP stood at ₹452, pointing to an expected listing price of ₹1,152. The stock listed above this level on both exchanges.
Grey market premium is an unofficial indicator based on unregulated trading activity and does not guarantee listing-day performance.
Outlook
Tonbo Imaging India’s market capitalisation, the total market value of its shares, stood at around ₹6,656.18 crore after listing. At the upper end of the price band, the issue had valued the company at around ₹4,010 crore.
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