Defence tech startup Tonbo Imaging’s IPO was fully subscribed within hours of opening for bidding, with demand led by non-institutional investors (NIIs).
The public issue received bids for 1.26 Cr shares against 85.26 Lakh shares on offer, translating into an overall subscription of 1.47X as of 13:06 IST.
The NII portion was subscribed 2.73X, receiving bids for 49.82 Lakh shares against an allocation of 18.24 Lakh shares. Within this category, the portion for applications above ₹10 Lakh was subscribed 1.92X, while that for applications above ₹2 Lakh and up to ₹10 Lakh was booked 4.36X.
Qualified institutional buyers (QIBs) bid for just 7,707 shares against the 24.32 Lakh shares reserved for them.
Meanwhile, retail investors bid for 75.07 Lakh shares against their allocation of 42.56 Lakh shares, subscribing to their portion 1.76X. The employee portion was booked 3.93X, attracting bids for 55,083 shares against 14,000 shares on offer.
The opening-day demand follows Tonbo’s ₹255.4 Cr anchor allocation ahead of the public issue. The startup allotted 36.5 Lakh shares to 43 anchor investors at ₹700 apiece.
Domestic mutual funds accounted for 57.7% of the anchor allocation, with 12 funds participating through 25 schemes. Other anchor investors included Goldman Sachs, BlackRock, WhiteOak Capital, Aranda Investments, and Allianz.
Tonbo has set a price band of ₹665–₹700 per share for its ₹852.1 Cr IPO, which will close on October 19. The issue comprises an OFS of up to 1.2 Cr shares, meaning the startup will receive no proceeds.
Selling shareholders include cofounders Arvind Kondangi Lakshmikumar, Ankit Kumar, and Cecilia D’Souza, alongside CEAQ Technologies and Artiman Partners.
Inside Tonbo’s Defence Tech Business
Tonbo develops imaging and sensor systems for surveillance, reconnaissance, targeting, and other military applications. Its products include thermal weapon sights, driver-vision systems, fire-control systems, and missile seekers.
The startup outsources manufacturing to partners such as Kaynes Technology and Avalon Technology, while handling prototype development, system integration, and qualification testing in-house.
The IPO comes after a decline in Tonbo’s annual revenue and profit. Operating revenue fell 22.7% to ₹362.6 Cr in FY26 from ₹469.1 Cr in FY25, while net profit dropped 30.2% to ₹50.8 Cr from ₹72.8 Cr.
In Q1 FY27, Tonbo reported an operating revenue of ₹36 Cr and a net loss of ₹17.7 Cr.
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