The offer for sale of up to 12.17 million shares opens on October 15. The Bengaluru-based company has deployed more than 28,000 systems across 24 countries.
 "From left: Siva Shankar TS, Chief Financial Officer, and Arvind Lakshmikumar, Managing Director and Chief Executive Officer, Tonbo Imaging India Limited, during an IPO press conference in Mumbai on Monday | Image: Kamlesh Pednekar")
From left: Siva Shankar TS, Chief Financial Officer, and Arvind Lakshmikumar, Managing Director and Chief Executive Officer, Tonbo Imaging India Limited, during an IPO press conference in Mumbai on Monday | Image: Kamlesh Pednekar
Peerzada Abrar Bengaluru
2 min read
Last Updated :
Oct 12 2026 | 9:54 PM
IST
Defence electronics startup Tonbo Imaging India Ltd will open its initial public offering on October 15, 2026, with the bidding window closing on October 19. The anchor investor bidding date is October 14, one working day before the offer opens.
The price band has been set at ₹665 to ₹700 per equity share with a face value of ₹2 each. Investors can bid for a minimum of 21 shares and in multiples of 21 shares thereafter.
The offer comprises entirely an offer for sale of up to 12,174,046 equity shares.
Bengaluru-based Tonbo develops and manufactures sensing, processing, communication and guidance systems for surveillance, reconnaissance, targeting and control. Its product portfolio includes thermal imaging cores, weapon sights, handheld thermal imaging binoculars, targeting systems, missile seekers and fire control systems, offered through its Tactical Systems and Platform Systems verticals. The company is also developing directed energy systems to counter drone swarms. As of June 30, 2026, Tonbo Imaging had deployed over 28,000 systems across 24 countries.
The company is led by its promoters, Arvind Kondangi Lakshmikumar, managing director and chief executive officer, Ankit Kumar and Cecilia D’Souza. Tonbo Imaging designs and develops its products in India, enabling its electro-optics and infrared portfolio to remain free from US International Traffic in Arms Regulations (ITAR) restrictions. Since FY24, the company has owned 100 per cent of the intellectual property used in its products. It follows an asset-light operating model, with design, prototyping and testing undertaken at its Bengaluru R&D centre, while large-scale manufacturing is outsourced to certified electronics manufacturing partners.
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The equity shares of the company are proposed to be listed on BSE Limited and the National Stock Exchange of India Limited.
JM Financial Limited and IIFL Capital Services Limited are the book-running lead managers to the offer.
Tonbo Imaging reported revenue from operations of ₹362.65 crore in FY26, down 22.69 per cent from ₹469.08 crore in FY25, while profit after tax declined to ₹50.88 crore from ₹72.76 crore. The decline was primarily attributed to delays in executing international orders due to the West Asia conflict and the deferment of certain anticipated orders to FY27.
In Q1FY27, revenue from operations stood at ₹36.01 crore, with a net loss of ₹17.74 crore, reflecting lower revenue recognition amid seasonal factors and slower order execution.
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First Published: Oct 12 2026 | 9:16 PM IST