Tonbo Imaging India IPO Price: ₹665 to ₹700 per share
IPO Dates: 15 to 19 Oct, 2026
Company Overview
Incorporated in December 2003, Tonbo Imaging India Limited is a global defence electronics original equipment manufacturer (OEM) engaged in designing, developing and manufacturing advanced electro-optic, infrared (EO/IR), embedded vision, communication, guidance and surveillance systems for defence and security applications.
Product Portfolio
The Company’s battlefield solutions include thermal imaging systems, weapon sights, missile seekers, fire control systems, missile guidance systems, targeting systems and handheld thermal imaging devices.
Its product portfolio is divided into three categories:
- Tactical Systems: Focused on imaging, surveillance, reconnaissance and targeting.
- Platform Systems: Include subsystems providing observation and fire control capabilities to aerial, ground and weapon platforms, as well as end platforms designed for threat neutralisation.
- Directed Energy Systems: Include technology components developed to counter drone swarm threats, which are being assembled into a high-power microwave (HPM) platform under the WaveStrike brand.
Global Reach and Market Position
Tonbo serves defence and security organisations across 24 countries, with more than 28,000 field-deployed systems. The Company was India’s largest manufacturer of thermal imaging systems for government and defence agencies during FY24–FY26 and the country’s largest exporter of thermal imaging systems by volume.
Technology and Intellectual Property
The Company operates an innovation-driven business model supported by in-house R&D, proprietary technologies and advanced manufacturing capabilities. Its products are developed using fully owned intellectual property and are free from International Traffic in Arms Regulations (ITAR) restrictions, enabling exports to global markets without geopolitical limitations.
Defence Manufacturing and Government Initiatives
Tonbo is an approved supplier under India’s Indigenously Designed, Developed and Manufactured (IDDM) defence procurement framework. The Company supports the Government’s Make in India and Atmanirbhar Bharat initiatives.
Workforce
As of June 30, 2026, the Company employed 339 permanent employees across product design and development, manufacturing, project management, sales, finance, human resources and management functions.
Key Strengths
- Leading defence electronics OEM with proprietary electro-optic and thermal imaging technologies.
- Strong in-house R&D capabilities and ownership of core intellectual property.
- Diversified portfolio of battlefield surveillance, targeting, guidance and imaging solutions.
- Global presence with over 28,000 deployed systems across 24 countries and ITAR-free export capability.
- Asset-light, innovation-driven business model supported by healthy financial performance.
- Experienced management team with expertise in defence technology and product development.
Bidding Starts In
Tonbo Imaging India Limited IPO Specifics:
| IPO Date | 15 to 19 Oct, 2026 |
| Listing Date | Fri, Oct 23, 2026T |
| Face Value | ₹2 per share |
| Price Band | ₹665 to ₹700 |
| Lot Size | 21 Shares |
| Sale Type | OFS only |
| Issue Type | Bookbuilding IPO |
| Listing At | BSE, NSE |
| 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) |
| Share Holding Pre Issue | 5,72,82,100 shares |
| Share Holding Post Issue | 5,72,82,100 shares |
Tonbo Imaging India Limited IPO Timetable (Important Dates)
| Event | Date |
|---|---|
| IPO Open | Thu, Oct 15, 2026 |
| IPO Close | Mon, Oct 19, 2026 |
| Allotment | Wed, Oct 21, 2026 |
| Refund | Thu, Oct 22, 2026 |
| Credit of Shares | Thu, Oct 22, 2026 |
| Listing | Fri, Oct 23, 2026 |
Tonbo Imaging India Limited IPO Lot Size
Bidders have the opportunity to bid for a minimum of 21 shares, with the option to increase in multiples. The table below outlines the minimum and maximum investment thresholds for both retail investors and High Net Worth Individuals (HNIs), specifying the corresponding number of shares and amounts involved.
| Application | Lots | Shares | Amount |
|---|---|---|---|
| Retail (Min) | 1 | 21 | ₹14,700 |
| Retail (Max) | 13 | 273 | ₹1,91,100 |
| S-HNI (Min) | 14 | 294 | ₹2,05,800 |
| S-HNI (Max) | 68 | 1428 | ₹9,99,600 |
| B-HNI (Min) | 69 | 1449 | ₹10,14,300 |
Tonbo Imaging India Limited IPO Reservation
| Investor Category | Shares |
|---|---|
| QIB | Not more than 50% of the Offer |
| Retail | Not less than 35% of the Offer |
| NII | Not less than 15% of the Offer |
Tonbo Imaging India Limited IPO Financial Information
| Particulars (₹ Crore) | 30 Jun 2026 | 31 Mar 2026 | 31 Mar 2025 | 31 Mar 2024 |
|---|---|---|---|---|
| Assets | 782.87 | 782.50 | 726.36 | 574.68 |
| Total Income | 37.32 | 369.94 | 474.39 | 431.90 |
| Profit After Tax | -17.74 | 50.88 | 72.76 | 68.54 |
| EBITDA | -13.04 | 104.62 | 139.06 | 112.32 |
| NET Worth | 538.54 | 553.16 | 490.14 | 230.13 |
| Reserves and Surplus | 527.08 | 541.70 | 489.41 | 168.99 |
| Total Borrowing | 129.72 | 116.06 | 78.14 | 96.36 |
Key Performance Indicator-Tonbo Imaging India Limited IPO
| KPI | Jun 30, 2026 | Mar 31, 2026 |
|---|---|---|
| ROE | -3.25% | 9.75% |
| ROCE | -4.31% | 14.54% |
| RoNW | -3.25% | 9.75% |
| PAT Margin | -47.52% | 13.75% |
| EBITDA Margin | -36.21% | 28.85% |
| NAV | 94.01 | 96.57 |
| P/B (x) | 7.25 |
| Valuation Metric | Pre IPO | Post IPO |
|---|---|---|
| EPS (₹) | 8.88 | -ve |
| P/E (x) | 78.83 | -ve |
| Market Cap at Offer Price | ₹4,009.75 Cr. | ₹4,009.75 Cr. |
Prospectus Links:
Prospectus: Official documents that provide detailed information about the IPO and the company.
Tonbo Imaging India Limited IPO RHP
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