
Tonbo Imaging India Limited IPO Details
MainboardListed
EQGMP TodayLive
₹452(+64.6%)
Est. Listing: ₹1,152
7-Day Trend
7 days ago: ₹316Latest: ₹452
Price Band₹665 - ₹700Lot: 21 Shares
Min Outlay₹13,965Retail Category
Closes On19 Oct 2026Bidding Deadline
Total Demand135.91xSubscription Book
Tonbo Imaging India Limited IPO DetailsCore Specs
IPO Bidding Dates | 15 Oct 2026 to 19 Oct 2026 |
Allotment Date | 21 Oct 2026 |
Listing Date | 23 Oct 2026 |
Issue Price Band | ₹665 - ₹700 |
Market Lot Size | 21 Shares |
Face Value | ₹2 per share |
Total Issue Size | 1,21,74,046 Shares (₹852.18 Cr) |
Fresh Issue | - |
Offer For Sale (OFS) | 1,21,74,046 Shares (₹852.18 Cr) |
Listing Exchange(s) | NSE, BSE |
Pre-Issue Shares | 5,72,82,100 |
Post-Issue Shares | 5,72,82,100 |
Lot(s) Distribution
| Application | Lots | Shares | Amount (₹) |
|---|---|---|---|
| Retail (Min) | 1 | 21 | ₹14,700 |
| sHNI (Min) | 14 | 294 | ₹2,05,800 |
| bHNI (Min) | 69 | 1,449 | ₹10,14,300 |
Company Financials (In Crores)
| Period Ended | Jun-26 | Mar-26 | Mar-25 | Mar-24 |
|---|---|---|---|---|
| Assets | 782.87 | 782.50 | 726.36 | 574.68 |
| Revenue | 37.32 | 369.94 | 474.39 | 431.90 |
| Net Worth | 538.54 | 553.16 | 490.14 | 230.13 |
| Borrowing | 129.72 | 116.06 | 78.14 | 96.36 |
| PAT | -17.74 | 50.88 | 72.76 | 68.54 |
| Reserves | 527.08 | 541.70 | 489.41 | 168.99 |
Key Performance Indicators (KPI)
| Metric | Jun-26 | Mar-26 | Mar-25 | Mar-24 |
|---|---|---|---|---|
| ROCE (%) | -4.31 | 14.54 | 27.41 | 67.76 |
| RONW (%) | -3.25 | 9.75 | 20.20 | 52.72 |
| EPS (₹) | -3.20 | 9.19 | 13.38 | 62.61 |
| P/E Ratio | - | 78.83 | - | - |
About Tonbo Imaging India Limited
Tonbo Imaging India Limited, incorporated in 2003, is a defence technology company engaged in designing and developing advanced sensing, imaging, communication, and guidance systems used in surveillance, reconnaissance, targeting, and control applications. The company focuses on miniaturised and modular technologies and offers products across three key segments—tactical systems for soldiers and security forces, platform systems integrated into land, air, and weapon platforms, and directed energy systems such as high-power microwave solutions for counter-drone operations. Its solutions are used in applications like remote weapon stations, missile seekers, situational awareness, and armoured vehicle vision systems. Tonbo follows an asset-light model by retaining core design and intellectual property while outsourcing manufacturing to EMS partners, enabling scalability and efficiency. With a global presence, the company has supplied its products to 24 countries, including India, the USA, UAE, and South Korea, supported by a skilled workforce of 293 employees as of June 2025.
Strengths & Growth Drivers
- Proprietary Technology & Intellectual Property: Since FY2024, the Company has owned 100% of its intellectual property across optics, embedded software and electronics. Its technologies include proprietary video engines, AI-powered image processing and sub-5 µrad gimbal stabilisation, allowing it to maintain control over its technology roadmap.
- Asset-Light, R&D-Focused Business Model: The Company focuses on in-house core design and intellectual property development while outsourcing manufacturing to certified EMS partners. This supports capital efficiency and greater focus on innovation, backed by an R&D centre employing 133 engineers as of March 31, 2026.
- Global Market Presence & Product Acceptance: As a global defence electronics OEM, the Company has deployed over 28,000 tactical systems across 24 countries. Its products have gained acceptance in advanced defence markets, including the EU, US and Israel, and it was India’s largest exporter of thermal imaging systems during FY2024–FY2026.
Risk Factors
- Cyclical & Tender-Based Revenue: The Company’s business is influenced by geopolitical developments, government budget cycles and tender-based procurement, making revenue less predictable. Revenue from operations declined from ₹4,690.80 million in FY2025 to ₹3,626.48 million in FY2026, mainly due to delays in international orders.
- High Customer Concentration: The Company relies on short-term, non-recurring tender-based contracts, with the top five customers contributing 86.36% of revenue and the largest customer accounting for 57.07% in FY2025. Any failure to secure repeat orders or retain major customers could adversely affect revenue and business performance.
- Dependence on Key Suppliers: The top 10 suppliers accounted for 68.77%, 35.46% and 67.49% of total expenses in FY2026, FY2025 and FY2024, respectively. The absence of long-term supplier agreements increases the risk of supply disruptions, which could affect operations and financial results.
Company Promoters
- Ankit Kumar
- Arvind Kondangi Lakshmikumar
- Cecilia D’Souza
Lead Manager(s)
Jm Financial Limited, IIFL Capital Services Limited
Current GMP Today+₹452Live Unofficial Premium
Estimated Listing Price₹15152.00Cap Price (₹14700) + GMP (₹452)
Estimated Listing Gain+3.1%Expected ROI per Share
Tonbo Imaging India Limited Daily GMP Trend HistoryLive Daily Trend
| GMP Date | IPO Price | GMP (₹) | Est. Listing Price | Expected Gain (%) | Last Updated |
|---|---|---|---|---|---|
| 30 Oct 2026 | ₹700 | +₹452 | ₹1152.00 | +64.6% | 08:21 AM |
| 23 Oct 2026 | ₹700 | +₹452 | ₹1152.00 | +64.6% | 06:37 PM |
| 22 Oct 2026 | ₹700 | +₹450 | ₹1150.00 | +64.3% | 06:32 PM |
| 21 Oct 2026 | ₹700 | +₹512 | ₹1212.00 | +73.1% | 06:34 PM |
| 20 Oct 2026 | ₹700 | +₹515 | ₹1215.00 | +73.6% | 06:32 PM |
| 19 Oct 2026 | ₹700 | +₹510 | ₹1210.00 | +72.9% | 04:37 AM |
| 18 Oct 2026 | ₹700 | +₹515 | ₹1215.00 | +73.6% | 11:59 AM |
| 17 Oct 2026 | ₹700 | +₹505 | ₹1205.00 | +72.1% | 04:30 AM |
| 16 Oct 2026 | ₹700 | +₹500 | ₹1200.00 | +71.4% | 04:28 AM |
| 15 Oct 2026 | ₹700 | +₹495 | ₹1195.00 | +70.7% | 04:36 AM |
| 14 Oct 2026 | ₹700 | +₹500 | ₹1200.00 | +71.4% | 04:28 AM |
| 13 Oct 2026 | ₹700 | +₹475 | ₹1175.00 | +67.9% | 04:23 AM |
| 12 Oct 2026 | ₹700 | +₹265 | ₹965.00 | +37.9% | 04:38 AM |
| 12 Oct 2026 | ₹700 | +₹295 | ₹995.00 | +42.1% | 05:22 AM |
| 12 Oct 2026 | ₹700 | +₹340 | ₹1040.00 | +48.6% | 06:36 AM |
| 12 Oct 2026 | ₹700 | +₹400 | ₹1100.00 | +57.1% | 09:51 AM |
| 11 Oct 2026 | ₹700 | +₹185 | ₹185.00 | +26.4% | 02:51 PM |
| 11 Oct 2026 | ₹700 | +₹250 | ₹250.00 | +35.7% | 02:58 PM |
| 10 Oct 2026 | ₹700 | ₹0 | ₹0.00 | 0.0% | 03:15 PM |
| 15 Apr 2026 | ₹700 | ₹0 | ₹0.00 | 0.0% | 08:19 AM |
Subscription Details (No. of Shares)Live Demand Book
| Category | Shares Offered | Shares Applied | Subscription Demand |
|---|---|---|---|
| QIB | 24,32,010 | 71,39,33,115 | 0x |
| NIB | 18,24,007 | 31,18,05,858 | 0x |
| HNIs(10L +) | 12,16,005 | 22,46,27,487 | 0x |
| HNIs (2-10L) | 6,08,002 | 8,71,78,371 | 0x |
| RETAIL | 42,56,016 | 13,22,40,780 | 0x |
| EMPLOYEES | 14,000 | 7,60,851 | 0x |
Day Wise Subscription Details
| Day | Date | QIB (x) | NII (x) | Retail (x) | Total (x) |
|---|---|---|---|---|---|
| Day 1 | - | 0x | 0x | 0x | 0x |
| Day 2 | - | 0x | 0x | 0x | 0x |
| Day 3 | - | 0x | 0x | 0x | 0x |
IPO Reservation Breakup
| Investor Category | Shares Offered | Allocation (%) |
|---|---|---|
| Anchor | 36,48,013 | 29.97% |
| QIB | 24,32,010 | 19.98% |
| HNI | 18,24,007 | 14.98% |
| RETAIL | 42,56,016 | 34.96% |
| Employee | 14,000 | 0.11% |
Official IPO Documents & Filings
Red Herring Prospectus (RHP)
Complete issue guidelines, risks, financials, and company profile.
Draft Red Herring (DRHP)
Initial draft submitted to SEBI before price discovery.
Tonbo Imaging India Limited IPO Review & FAQ
Everything you need to know about IPO GMP, Kostak, and listing expectations.
As of today, Tonbo Imaging India Limited IPO Grey Market Premium (GMP) is trading at ₹452 per share. With an issue cap price of ₹700, the expected listing price is ₹1,152 (+64.6% gain).
UPCOMING15 OCT
OPEN15 OCT
CLOSE19 OCT
LISTED23 OCT
Quick NavigationAuto-Synced
Issue Key Information
Allotment StatusPrice Band₹665 - ₹700
Issue Cap Price₹700
Market Lot Size21 Shares
Min Retail Outlay₹13,965
Total Issue Size₹852.18 Cr
Listing ExchangesNSE, BSE
RegistrarKfin Technologies Limited
IPO Lot & Return Calculator
1 Lot(s)
Total Shares Applied:21 shares
Required Investment (At Cap):₹14,700
Expected Listing Gain (@ GMP):+₹9,492
Estimated Portfolio Value:₹24,192