About Tonbo Imaging India IPO
The Tonbo Imaging India Ltd. filed its DRHP on December 22, 2025. The IPO is entirely an Offer for Sale (OFS) of up to 18,085,246 equity shares with a face value of ₹2 each, no fresh issue and 100% book-built issue. The details about the price band, lot size, subscription dates, and listing details have not been announced.
JM Financial Ltd. and IIFL Capital Services Ltd. are the Book Running Lead Managers (BRLM) handling the public issue. KFin Technologies Limited serves as the Registrar, managing allotments and refunds for the Tonbo Imaging India IPO.
Company Background
Tonbo Imaging India Ltd. was incorporated in 2003 as "Sarnoff Innovative Technologies Private Limited", based in Bengaluru. After working for over 20 years in the market, this company evolved from a private company to a publicly listed company in September 2025.
The company has transitioned from a specialized research entity to a global Original Equipment Manufacturer (OEM). Tonbo Imaging India Ltd.'s name and technology are inspired by the dragonfly's sophisticated vision system. Over the years, it has built a reputation for developing an independent intellectual property (IP), which allows it to compete effectively on the global stage.
Operations & Product Range
Tonbo Imaging India Limited builds high-tech cameras and imaging systems for defense and industrial use. They operate in a diverse range of products, from thermal binoculars to missile seekers, that are built to be compact and energy-efficient (Low-SWaP). As their technology is exempt from US export regulations (ITAR), it is easy to sell and ship their advanced tools to global customers.
Facilities & Capacity
Tonbo Imaging India Limited follows an "asset-light" model, focusing mainly on research and design. While their Bengaluru facility focuses on development, they outsource mass manufacturing to specialized partners. This approach helps them grow quickly without bearing too much cost in factories. They are currently expanding their testing facilities to handle a growing order book of over ₹266 crore.
Brands & Market Presence
The "Tonbo" brand is synonymous with high-end thermal imaging and sensor fusion. The company has a significant domestic and international footprint, having deployed over 20,000 systems across 24 countries, including the USA, Israel, and several NATO nations.
In India, it is a leading supplier to the government and defense agencies. Notably, the company accounted for approximately 93% of India's thermal imaging export volumes by units in Fiscal 2024 and 2025. This strong market presence is backed by various certifications and its role in critical national security missions.
Revenue Streams & Business Model
Tonbo Imaging India Limited earns money by selling systems directly to militaries, supplying parts to large manufacturers, and making components for global brands. Their revenue grew significantly from ₹96.83 crore in FY23 to ₹469.08 crore in FY25. While most of their sales come from exports, they have also achieved important contracts within India.
Management & Shareholding
Promoters & Shareholding
The promoters of the company are: Mr. Arvind Kondangi Lakshmikumar, Mr. Ankit Kumar, and Ms. Cecilia D'Souza. Mr. Arvind Lakshmikumar, the MD and CEO, holds a doctoral degree from Carnegie Mellon University and has over two decades of experience in imaging technologies.
Both Mr. Ankit Kumar (CBO) and Ms. Cecilia D'Souza (CCO) have 20 years of experience in their respective domains of research and finance.
Before the Tonbo Imaging India Limited IPO, the promoters and early investors held the majority of the equity, with the current OFS providing a partial exit for several venture capital backers.
Board & Key Management
The team is supported by a structured Board of Directors of visionary leaders. Ms. Sonal Shrivastava serves as the Chairman, while the board also includes Nominee Directors from key investor groups like Artiman Partners and independent directors who provide oversight on corporate governance.
Tonbo Imaging India IPO Details
| Detail | Description |
|---|---|
| IPO Date | 15 to 19 Oct, 2026 |
| Listing Date | 23 Oct, 2026 |
| Face Value | ₹ 2 per Equity Share |
| Issue Price Band | ₹ 665 to ₹ 700 |
| Lot Size | 21 Shares |
| Sale Type | OFS only |
| Total Issue Size | 1,21,74,046 shares (agg. up to ₹ 852 Cr) |
| Offer for Sale | 1,21,74,046 shares of ₹2 (agg. up to ₹ 852 Cr) |
| Issue Type | Bookbuilding IPO |
| Listing At | BSE and NSE |
| Share Holding Pre Issue | 5,72,82,100 shares |
| Share Holding Post Issue | 5,72,82,100 shares |
Tonbo Imaging India IPO Financial Information
Latest Revenue
₹ 36.01 Cr
Profit After Tax
₹ -17.74 Cr
Net Worth
₹ 538.54 Cr
Total Borrowing
₹ 129.72 Cr
| Period Ended | Assets | Revenue | Profit (PAT) | Net Worth | Reserves | Borrowing |
|---|---|---|---|---|---|---|
| 30 Jun 2026(Restated Consolidated) | 782.87 | 36.01 | -17.74 | 538.54 | 527.08 | 129.72 |
| 31 Mar 2026(Restated Consolidated) | 782.50 | 362.65 | 50.88 | 553.16 | 541.70 | 116.06 |
| 31 Mar 2025(Restated Consolidated) | 726.36 | 469.08 | 72.76 | 490.14 | 489.41 | 78.14 |
| 31 Mar 2024(Restated Consolidated) | 574.68 | 428.19 | 68.54 | 230.13 | 168.99 | 96.36 |
| Amount in ₹ Crore | ||||||
Tonbo Imaging India IPO GMP (Grey Market Premium)
“Grey Market Premium” or GMP is defined as the rate at which the IPO's shares are traded in the market before they are officially listed on the stock exchange.
The Tonbo Imaging India IPO GMP is currently trading at ₹470, reflecting the sentiment of unofficial investors before the official listing. This premium suggests a potential listing price of ₹1170, which is 67.14% above the issue price. While the Grey Market Premium is a key indicator of demand and investor appetite, it is important to remember that GMP is highly volatile and should not be the sole factor in your investment decisions.
IPO Estimated Listing Return
Based on the IPO Price of ₹700 (highest price band), the latest uploaded Grey Market Premium (GMP) of ₹470 and a lot size of 21 shares.
Tonbo Imaging India IPO GMP TREND (DAILY UPDATES)
| GMP Date | IPO Price | GMP | Last Updated |
|---|---|---|---|
| 13 Oct 2026 | ₹700 | ₹470 | 13 Oct, 202603:52 PM |
| 12 Oct, 2026 | ₹700 | ₹390 | 12 Oct, 202604:42 PM |
Tonbo Imaging India Key Performance Indicator
| KPI | Values(31 Mar 2026) |
|---|---|
| ROE | 9.75 % |
| ROCE | 14.54 % |
| RoNW | 9.75 % |
| PAT Margin | 13.75 % |
| EBITDA Margin | 28.85 % |
| Price to Book Value | 7.25 |
| Pre IPO | Post IPO | |
|---|---|---|
| EPS (Rs) | 8.88 | [.] |
| P/E (x) | 78.83 | [.] |
IPO Objectives
- • Providing liquidity to the selling shareholders, including the promoters and private equity investors.
- • Achieve the benefits of listing the equity shares on the stock exchanges (BSE and NSE).
- • Enhances the company's brand visibility and provides a public market for its shares in India.
Conclusion
Tonbo Imaging India Limited's IPO marks an important moment for India's defense-tech sector as it offers investors a stake in a profitable, IP-rich OEM with strong export potential. Although it has not raised any new money, the listing shows the company is ready to scale up its potential, achieving new growth hikes. In the future, the anchor investors are interested in and post-listing momentum to invest in Tonbo Imaging.
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Competitive Strengths
Asset-light model with indigenous IP and advanced miniaturized imaging.
Download regulatory filings
Tonbo Imaging India IPO Timeline
| IPO Open Date | Thu, Oct 15, 2026 |
| IPO Close Date | Mon, Oct 19, 2026 |
| Tentative Allotment | Wed, Oct 21, 2026 |
| Initiation of Refunds | Thu, Oct 22, 2026 |
| Credit of Shares to Demat | Thu, Oct 22, 2026 |
| Tentative Listing Date | Fri, Oct 23, 2026 |
| Cut-off time for UPI mandate confirmation | - |
IPO Lot Size
| Investors | No.of lots | Shares Offered | Max Bid Amount |
|---|---|---|---|
| Individual investors (Retail) (Min) | 1 | 21 | 14,700 |
| Individual investors (Retail) (Max) | 13 | 273 | 1,91,100 |
| S-HNI (Min) | 14 | 294 | 2,05,800 |
| S-HNI (Max) | 68 | 1,428 | 9,99,600 |
| B-HNI (Min) | 69 | 1,449 | 10,14,300 |