Shares of Tonbo Imaging India, a defence electronics maker, on Friday listed with a premium of 66% against the issue price of Rs 700.
The stock made its debut at Rs 1,162 apiece, registering a premium of 66% from the issue price on the BSE.
Later, it traded at Rs 1,059.05, down 8.86% from its listing price, still maintaining a premium of 51.28% over its issue price.
On the NSE, the shares opened at Rs 1,160 apiece, a jump of 65.71% over the issue price. It was later trading at Rs 1,058.30, down by 3.64% from the opening level, but 51.18% higher than the issue price.
Following the listing, the company's market capitalisation stood at Rs 6,191.91 crore on the BSE and Rs 6,060.45 crore on the NSE.
The broader equity market was trading in the red, with the BSE Sensex falling 409.06 points, or 0.56%, to 72,840.33, while the NSE Nifty dropped 173.65 points, or 0.77%, to 22,514.
The Rs 852.18-crore initial public offering (IPO) was subscribed nearly 136 times on the final day of bidding on Monday. The public issue was fully subscribed on the first day of bidding on Thursday last week.
The issue comprises an offer-for-sale (OFS) of 1.22 crore equity shares by promoters and existing shareholders, with no fresh issue component.
Since the IPO is entirely an OFS, the company will not receive any proceeds from the issue.
The price band for the IPO has been fixed at Rs 665-700 per share.
The Bengaluru-based Tonbo Imaging designs and manufactures sensing, processing, communication and guidance systems used in surveillance, reconnaissance, targeting and control applications.
Its product portfolio includes thermal imaging cores, weapon sights, targeting systems, missile seekers, fire control systems and missile guidance systems.
As of June 30, 2026, the company has deployed over 28,000 tactical systems and served customers across 24 countries.
According to the F&S Report, Tonbo Imaging competes with the likes of Epirus and Teledyne FLIR (US), Hensoldt (Germany), Theon International, and Controp (Israel), which represent established players in electro-optical/ infrared, thermal imaging, and advanced defence electronics in the global market.