Defence tech company Tonbo Imaging made a strong stock market debut, listing at ₹1,162 on the BSE, a 66% premium to its issue price of ₹700 per share.
On the NSE, the stock debuted at ₹1,160, translating into a listing gain of 65.71%. The company commanded a market capitalisation of ₹6,656.18 Cr on the BSE at its listing price.
The debut followed strong investor demand for Tonbo’s ₹852 Cr IPO, which was open for subscription from October 15 to October 19 at a price band of ₹665-₹700 per share.
The public issue was subscribed 135.9X, attracting bids for 115.87 Cr shares against the 85.26 Lakh shares on offer.
The IPO comprised entirely an offer for sale (OFS) of around 1.22 Cr shares by existing shareholders, with no fresh issue component. Consequently, Tonbo will receive no proceeds from the public offering.
Ahead of the bidding, the company secured ₹255.4 Cr from anchor investors, allotting 36.5 Lakh shares to 43 investors at ₹700 apiece. Participants included SBI Mutual Fund, Goldman Sachs, BlackRock, and WhiteOak Capital.
(The story will be updated soon)
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