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₹700 - 700Day cells show that day's addition; Now is the running total. Amounts at the upper price band.
Tonbo Imaging India Ltd
Aerospace & DefenceIPO
₹700 - 700
Tonbo Imaging India Limited designs, engineers, and sells electro-optical, infrared, and computational imaging systems that enable autonomous target acquisition, surveillance, and fire control across land, naval, aerial, and tactical defence domains. The business operates an asset-light, fabless engineering model where proprietary algorithms and pilot prototypes are developed at its central Bengaluru facility, while mass fabrication is contracted out to domestic electronics manufacturing partners.
Lot21Min Invest₹14,700Face Value₹2Issue Size₹852 CrOffer for Sale₹852 Cr
Timeline
15 Oct
Bidding opens
19 Oct
Bidding closes
21 Oct
Allotment
22 Oct
Refund & demat credit
23 Oct
Listing
Subscription · As of 7:22 PM, 19 Oct
Demand by day
CategoryDay 1Day 2Day 5Now+3.92x+0.03x+289.60x293.6x+5.96x+8.39x+156.59x170.9x+3.20x+3.92x+23.94x31.1xOverall+4.00x+3.78x+128.12x135.9x
Shares & amount
CategorySubscriptionShares OfferedShares BidAmt ₹ CrQIB293.6x57.76 L169.56 Cr1,18,691.37NII170.9x17.33 L29.62 Cr20,734.81Retail31.1x40.43 L12.56 Cr8,792.88Total135.9x1.22 Cr165.45 Cr1,10,020.56
Reports
Offer Details
Terms
Issue Size₹852 Cr1.22 Cr shares
Offer for Sale₹852 Cr
Face Value₹2
Lot Size21 shares
ReservationQIB 50% · NII 15% · RETAIL 35%
Application Sizes
Retail₹14,7001-13 lots
sNII₹2,05,800from 14 lots
bNII₹10,14,300from 69 lots
Managers & Registrar
Lead ManagerJM Financial Limited
Co-ManagerIIFL Capital Services Limited
RegistrarKFin Technologies Ltd
Ownership & Proceeds
Offer for Sale
Selling ShareholderShares OfferedAmt ₹ CrArvind Kondangi LakshmikumarPRMTR11,50,00080.50Ankit KumarPRMTR5,80,00040.60Cecilia D'SouzaPRMTR2,30,00016.10Vinimaya Advisory LLPPRMTR3,39,70023.78CEAQ IndiaOTH49,98,100349.87CEAQ SingaporeOTH41,55,096290.86Timothy Guy MitchellOTH2,08,70014.61Artiman Partners LLCOTH1,97,35013.81Amit Dilip ShahOTH84,6005.92Ramesh RadhakrishnanOTH80,0005.60Artiman Ventures Select 2014 L.P.OTH69,4004.86Artiman Ventures Select 2014 Principals Fund L.P.OTH1,1000.08Tiruvidaimarudhur Srivatsan Sivashankar and Meera SivashankarOTH80,0005.60Total1,21,74,046852.18
Shareholding
CategoryPre IPOPost IPOPromoter Group18.57%14.57%Public81.43%85.43%
Objects of the Issue
- Listing the Equity Shares on the Stock Exchanges.
Anchor Book
Bid Date14-Oct-2026Bid Price₹700Shares36,48,013Amount₹255 CrMutual Funds57.72% of the book30-day lock-in19-Nov-202690-day lock-in18-Jan-2027
Financials
Profit & Loss
| Financial Year | FY24 | FY25 | FY26 |
|---|---|---|---|
| RevenueCr | 428 | 469 | 363 |
| Operating ProfitCr | 112 | 139 | 105 |
| OPM% | 26.2 | 29.6 | 28.9 |
| PBTCr | 95 | 99 | 70 |
| PATCr | 69 | 73 | 51 |
| EPS | - | 13 | 9 |
Balance Sheet
| Financial Year | FY24 | FY25 | FY26 |
|---|---|---|---|
| Equity CapitalCr | - | 1 | 11 |
| ReservesCr | - | 489 | 542 |
| BorrowingsCr | - | 88 | 125 |
| Total AssetsCr | - | 726 | 783 |
Cash Flow
| Financial Year | FY24 | FY25 | FY26 |
|---|---|---|---|
| Operating Cash FlowCr | - | -136 | -63 |
| Investing Cash FlowCr | - | -25 | -32 |
| Financing Cash FlowCr | - | 147 | 32 |
| Net Cash FlowCr | - | -14 | -63 |
Strengths & Risks
Strengths · as stated in the DRHP
- Leading defence technology solutions provider with pioneering proprietary technologies.
- Driving innovation in defence electronics through in-house R&D with an asset light business model.
- Among the few defence electronics OEMs with a wide acceptability across the globe.
- Diversified defence product portfolio with deployability across all domains.
- Sound financials with healthy performance.
- Experienced and dedicated promoters and key managerial personnel with extensive domain knowledge.
Strategies · as stated in the DRHP
- Continued investment in R&D to achieve defence modernization through development of new products.
- Continued diversification of product portfolio.
- Pursue strategic partnerships with OEMs.
- Increasing our customer base through expansion into new geographies.
Risks · as stated in the DRHP
- The company's business is cyclical in nature on account of it being geopolitically driven and subject to government budget cycles. Further, tender-based procurement cycle results in poor revenue visibility, which may have an adverse impact on the company's business, financial stability, results of operations, investor confidence, and the ability to secure financing for growth or innovation.
- While the company is not dependent on a single customer and its typically have short term, non recurring contracts with a majority of the company's customers which are based on tenders, some of its customers have contributed significantly to the company's revenue from operations in the three months ended June 30, 2026 and the last three Fiscals. If its customers choose not to source their requirements from the company or to terminate its contracts or purchase orders or tenders, the company's business, cash flows, financial condition and results of operations may be adversely affected.
- The company's top ten suppliers contributed to a significant portion of its total expenses; 164.00%, 68.77 %, 35.46%, and 67.49% of the company's total expenses in the three months ended June 30, 2026 and the Fiscals 2026, 2025 and 2024, respectively. The company is dependent on its top ten suppliers and failures to maintain the company's relationship with its suppliers could adversely affect the company's business, financial condition, results of operations and prospects.
- The company is dependent on limited global suppliers for critical components and other raw materials. The scarcity and cost of such critical components and raw materials could adversely affect its business, financial condition, results of operations and prospects.
- As a global defence electronics OEM, the company's business is dependent on exports and the performance of geographies where its supply the company's products. In Fiscal 2025 and 2024, 65.52% and 48.61% of its revenue from operations was from exports and in particular from exports to Europe. Any adverse changes in the geographies where the company's supply its products could have an adverse impact on the company's business, cash flows, results of operations and financial condition.
- The company operates in an industry which is highly regulated and are subject to stringent government regulations. If the company fails to comply with the applicable regulations and rules prescribed by the Government of India and the relevant statutory or regulatory bodies or fails to obtain, maintain or renew its statutory and regulatory licenses, permits and approvals required for the company's business, its results of operations and cash flows may be adversely affected.