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Tonbo Imaging India

Issue -

Market attention score 32 (how ranked)

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Opens

15 Oct 2026

Closes

19 Oct 2026

Allotment

21 Oct 2026

Listing

23 Oct 2026

Overview

Tonbo Imaging India IPO is a book build issue of 1.22 crore shares. The issue is entirely an offer for sale of 1.22 crore shares.

Tonbo Imaging India IPO opens for subscription on Oct 15, 2026 and closes on Oct 19, 2026. The allotment for the Tonbo Imaging India IPO is expected to be finalized on Oct 21, 2026. Tonbo Imaging India IPO will list on NSE and BSE with a tentative listing date fixed as Oct 23, 2026.

Tonbo Imaging India IPO is set issue price band at [.] to [.] per share.

JM Financial Ltd. is the book running lead manager and Kfin Technologies Ltd. is the registrar of the issue.

Refer to Tonbo Imaging India IPO RHP for detailed Information.

Issue details

IPO Date

15 to 19 Oct, 2026

Listing Date

Fri, Oct 23, 2026

Face Value

₹2 per share

Sale Type

OFS only

Issue Type

Bookbuilding IPO

Listing At

BSE, NSE

Issue reservation

Investor CategoryShares
QIBNot more than 50% of the Offer
RetailNot less than 35% of the Offer
NIINot less than 15% of the Offer

About the company

Incorporated in December 2003, Tonbo Imaging India Limited is a global defence electronics original equipment manufacturer (OEM) engaged in the design, development, and manufacturing of advanced electro-optic, infrared (EO/IR), embedded vision, communication, guidance, and surveillance systems for defence and security applications. The company offers a diversified portfolio of battlefield solutions, including thermal imaging systems, weapon sights, missile seekers, fire control systems, missile guidance systems, targeting systems, and handheld thermal imaging devices.

Tonbo serves defence and security organizations across 24 countries with over 28,000 field-deployed systems. The company is India's largest manufacturer of thermal imaging systems for government and defence agencies (FY24–FY26) and the country's largest exporter of thermal imaging systems by volume. Its products are developed using fully owned intellectual property and are free from ITAR (International Traffic in Arms Regulations) restrictions, enabling exports to global markets without geopolitical limitations.

The company operates an innovation-driven business model backed by strong in-house R&D, proprietary technologies, and advanced manufacturing capabilities. As an approved supplier under India's IDDM (Indigenously Designed, Developed and Manufactured) defence procurement framework, Tonbo supports the Government's 'Make in India' and 'Atmanirbhar Bharat' initiatives.

As of June 30, 2026, the company employed 339 permanent employees across product design & development, manufacturing, project management, sales, finance, HR, and management functions.

  • Leading defence electronics OEM with proprietary electro-optic and thermal imaging technologies.
  • Strong in-house R&D capabilities with complete ownership of core intellectual property.
  • Diversified portfolio of battlefield surveillance, targeting, guidance, and imaging solutions.
  • Global presence with 28,000+ deployed systems across 24 countries and ITAR-free export capability.
  • Asset-light, innovation-driven business model supported by healthy financial performance.
  • Experienced management team with deep expertise in defence technology and product development.

Financials

Metric30 Jun 202631 Mar 202631 Mar 202531 Mar 2024
Assets782.87782.50726.36574.68
Total Income37.32369.94474.39431.90
Profit After Tax-17.7450.8872.7668.54
EBITDA-13.04104.62139.06112.32
NET Worth538.54553.16490.14230.13
Reserves and Surplus527.08541.70489.41168.99
Total Borrowing129.72116.0678.1496.36

Amounts in ₹ Crore (restated)

Key performance indicators

KPIJun 30, 2026Mar 31, 2026
ROE-3.25%9.75%
ROCE-4.31%14.54%
RoNW-3.25%9.75%
PAT Margin-47.52%13.75%
EBITDA Margin-36.21%28.85%
NAV94.0196.57

Valuation

Valuation Metric

Pre IPO

EPS (₹)

8.88

Shareholding

CategoryPre IPOPost IPO
Promoter and Promoter Group18.58%15.72%
Public81.42%84.28%
Total100%100%

Objects of the issue

  1. ROE — -3.25%
  2. ROCE — -4.31%
  3. RoNW — -3.25%
  4. PAT Margin — -47.52%
  5. EBITDA Margin — -36.21%
  6. NAV — 94.01

Intermediaries

Registrar

Kfin Technologies Ltd.

Lead manager(s)

JM Financial Ltd., IIFL Capital Services Ltd.

FAQs

How to apply in Tonbo Imaging India IPO through Zerodha?+

Zerodha customers can apply online in Tonbo Imaging India IPO using UPI as a payment gateway. Zerodha customers can apply in Tonbo Imaging India IPO by login into Zerodha Console (back office) and submitting an IPO application form. Steps to apply in Tonbo Imaging India IPO through Zerodha Visit the Zerodha website and login to Console. Go to Portfolio and click the IPOs link. Go to the ' Tonbo Imaging India IPO ' row and click the 'Bid' button. Enter your UPI ID, Quantity, and Price. Submit IPO application form. Visit the UPI App (net banking or BHIM ) to approve the mandate. Visit Zerodha IPO Application Process Review for more detail.

When Tonbo Imaging India IPO will open?+

The Tonbo Imaging India IPO opens on Thu, Oct 15, 2026 and closes on Mon, Oct 19, 2026.

What is the lot size of Tonbo Imaging India IPO?+

Tonbo Imaging India IPO lot size and the minimum order quantity is not available at this time. Please check again later.

How to apply for Tonbo Imaging India IPO?+

You can apply in Tonbo Imaging India IPO online using either UPI or ASBA as a payment method. ASBA IPO application is available in the net banking of your bank account. UPI IPO Application is offered by brokers who don't offer banking services. Read more detail about applying IPO online through Zerodha , Upstox , 5Paisa , Nuvama , HDFC Bank , and SBI Bank .

When is Tonbo Imaging India IPO allotment?+

The finalization of Basis of Allotment for Tonbo Imaging India IPO will be done on Wednesday, October 21, 2026 , and the allotted shares will be credited to your demat account by Thu, Oct 22, 2026 . Check the Tonbo Imaging India IPO allotment status .

When is Tonbo Imaging India IPO listing date ?+

The Tonbo Imaging India IPO listing date is not yet announced. The tentative date of listing is Fri, Oct 23, 2026 .

Aggregated from public IPO filings. GMP is unofficial grey-market chatter, not advice.