Tonbo Imaging India
LIVEIPO Date: 15 Oct - 19 Oct 2026
Listing Date: 23 Oct 2026
Price Range
₹665 to ₹700
Issue Size
852 Cr
Min Investment
₹13,965
Min Application
21 Shares
Schedule of Tonbo Imaging India
Issue open date
15 Oct 2026
Issue close date
19 Oct 2026
UPI mandate deadline
19 Oct 2026 (5 PM)
Allotment finalization
21 Oct 2026
Share credit
22 Oct 2026
Listing date
23 Oct 2026
Mandate end date
3 Nov 2026
Issue size
| Funds Raised in the IPO | Amount |
|---|---|
| Overall | 852 Cr |
| Fresh Issue | 0 Cr |
| Offer for Sale | 1.22 Cr |
Allotment DetailsNew
| Allotment Timeline | Details |
|---|---|
| Allotment Date | 21 Oct 2026 |
| Allotment Link | {Link} |
Grey Market Premium
NewGrey Market Premium (GMP) is the premium at which the shares are traded in the grey market. It gives a fair idea about the listing price of the IPO shares. The GMP can be positive or negative based on the demand and supply of the shares in the grey market.
| Date | IPO Price | GMP | Est. Listing Price |
|---|---|---|---|
| 16 Oct 2026Latest | ₹700 | ₹500 | ₹1200(+71.43%) |
| 15 Oct 2026 | ₹700 | ₹500 | ₹1200(+71.43%) |
| 14 Oct 2026 | ₹700 | ₹500 | ₹1200(+71.43%) |
| 13 Oct 2026 | ₹700 | ₹490 | ₹1190(+70%) |
| 12 Oct 2026 | ₹700 | ₹425 | ₹1125(+60.71%) |
| 11 Oct 2026 | ₹700 | ₹0 | ₹700(0%) |
Performance Tonbo Imaging India
| Issue Price | Listing Gain | Current Market Price | P/L |
|---|---|---|---|
| ₹665 to ₹700 | .... | .... | .... |
About Tonbo Imaging India
Tonbo Imaging India Limited is a Bengaluru-based defence electronics company that designs and manufactures advanced imaging, processing, communication, and guidance systems for military and security applications. Its products include thermal imaging devices, weapon-mounted sights, handheld thermal binoculars, targeting systems, missile seekers, and fire-control systems. The company operates through two primary business segments: Tactical Systems and Platform Systems, supplying integrated electro-optical and infrared technologies for land, air, and naval platforms. Its customers include defence forces, homeland security agencies, and system integrators in India and international markets.
| Founded in | 2003 |
| Managing director | Sonal Shrivastava |
| Parent organization |
Financial Overview
Strengths
5- 1
Specialised defence technology. Tonbo develops advanced electro-optical and infrared systems for surveillance, reconnaissance, targeting, and battlefield awareness. These specialised technologies can create technical barriers to entry for competitors.
- 2
Integrated product capabilities. Its portfolio ranges from individual thermal imaging components and weapon sights to sophisticated targeting, fire-control, and platform-integrated systems.
- 3
Exposure to defence modernisation. Increasing demand for advanced surveillance, night-vision, targeting, and battlefield-awareness equipment provides potential opportunities in India's defence sector and international markets.
- 4
Established technical expertise. The company combines optical engineering, infrared imaging, embedded vision, and image-processing capabilities to develop products for demanding military environments.
- 5
International market experience. Tonbo has supplied specialised systems to customers in international defence markets, giving it experience beyond India's domestic procurement ecosystem.
Risks
5- 1
Revenue decline. Revenue fell from approximately ₹469.1 crore in FY2025 to ₹362.6 crore in FY2026, a decline of around 22.7%. This highlights the volatility of the company's order-driven business.
- 2
High customer concentration. The company's five largest customers contributed approximately 53% of FY2026 revenue. Losing a major customer or experiencing delayed orders could significantly affect its financial performance.
- 3
Dependence on defence tenders. Government procurement involves lengthy tendering processes, technical evaluations, budget approvals, and contract negotiations. Delays or cancellations can reduce revenue visibility and disrupt production planning.
- 4
International revenue volatility. The company's geographic revenue mix changed considerably between FY2025 and FY2026. European markets contributed a large share of revenue in FY2025, while India accounted for approximately 93.1% in FY2026. This indicates exposure to changes in international defence orders.
- 5
Working-capital pressure. Working-capital days increased to approximately 517 days in FY2026, indicating that cash can remain tied up in receivables, inventory, and contract execution for extended periods. This may put pressure on liquidity and operating cash flow.
Subscription Figures
| Category | Subscription (No. of times) |
|---|---|
| Qualified Institutional Buyers (QIBs) | 3.95 |
| Non-Institutional Investors (NIIs) | 14.35 |
| Retail Individual Investors (RIIs) | 7.14 |
| Employee | 13.15 |
| Total | 7.78 |