Defence electronics startup Tonbo Imaging India Ltd's initial public offering (IPO) was fully subscribed across all investor categories within hours of opening on Thursday, October 15, 2026. By 5 pm, the issue was subscribed 4 times overall, led by strong demand from non-institutional investors (5.96 times), employees (6.51 times), qualified institutional buyers (3.92 times) and retail investors (3.20 times).
Ahead of the IPO, the Bengaluru-based company raised ₹255.36 crore through its anchor book, allotting 36,48,013 equity shares to institutional investors. Participants included leading domestic mutual funds and insurance companies, alongside global investors such as Goldman Sachs, BlackRock, Allianz Global Investors and The Prudential Assurance Company.
Tonbo Imaging is a global defence electronics original equipment manufacturer (OEM) with systems deployed across 24 countries. Several brokerage houses, including SBI Cap Securities, ICICI Direct and Ventura Securities, have assigned a "Subscribe" rating to the IPO. The issue closes on Monday, October 19, 2026.
Ahead of its IPO, Tonbo has seen secondary transactions worth over ₹413 crore at ₹700 per equity share, valuing the company at approximately ₹4,000 crore on a fully diluted basis.
The shares were transferred by existing investors CEAQ Singapore and CEAQ India to a group of marquee domestic and international institutions, including Amansa Investments, Malabar India Fund, SBI Emergent India Fund, SBI Optimal Equity Fund, HDFC Life Insurance Company, Susquehanna Asia Technology, Valuequest Founders Conviction and 360 ONE Multi-Stage Defence and Space Fund. All transactions were executed in cash on September 29–30, 2026.
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Amansa Investments was the largest buyer, acquiring 24.32 lakh shares. The ₹700 price matches the upper end of the IPO price band of ₹665–₹700 per share. The IPO is an offer for sale by existing shareholders, and Tonbo Imaging will not receive any proceeds from it.
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 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.
Tonbo 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.