Tonbo Imaging raises Rs 255 Cr from anchor investors ahead of IPO

New Update

Bengaluru-based defence technology startup Tonbo Imaging has raised Rs 255.36 crore from anchor investors ahead of its initial public offering (IPO), which opens for subscription on October 15.

The company allotted 36.48 lakh equity shares at Rs 700 per share, the upper end of its IPO price band. The anchor book saw participation from global investors such as BlackRock, Goldman Sachs, Temasek Holdings, Allianz Global Investors and Prudential, along with domestic mutual funds and insurance companies. SBI Mutual Fund, HDFC Mutual Fund and ICICI Prudential Mutual Fund were among the domestic investors.

Tonbo Imaging has fixed a price band of Rs 665-700 per share for its Rs 852.2 crore IPO, which will close on October 19. The public issue comprises an offer for sale (OFS) of around 1.22 crore shares by existing shareholders, with no fresh issue component.

Founded by Ankit Kumar, Arvind Kondangi Lakshmikumar and Cecilia D'Souza, Tonbo Imaging develops imaging and surveillance systems for defence and security applications. Its products include thermal imaging systems, weapon sights, targeting systems, missile seekers and fire control systems.

The company supplies its products to government and defence agencies and operates in the defence electronics segment, which has gained attention amid India's push to strengthen domestic defence manufacturing. 

JM Financial and IIFL Capital Services are managing the IPO. The company's shares are proposed to be listed on the BSE and NSE.

Tonbo Imaging’s revenue fell 22.7% to Rs 362.65 crore in FY26, while net profit declined 30% to Rs 50.88 crore. In the June quarter of FY27, it reported a loss of Rs 17.74 crore on revenue of Rs 36.01 crore.