Tonbo Imaging India IPO subscribed 3.99 times
The issue opened for bidding on 15 October 2026 and will close on 19 October 2026. The price band of the IPO is fixed between Rs 665 and 700 per share. An investor can bid for a minimum of 21 equity shares and multiples thereof.
The offer comprises only OFS of 1,21,74,046 equity shares of Rs 2 each. The OFS comprises sale of 22,99,700 equity shares by the promoters/promoter group [ Arvind K Lakshmikumar 11,50,000 shares, Ankit Kumar 5,80,000 shares, Cecilia D?souza 2,30,000 shares, Vinimaya Advisory LLP 3,39,700 shares], 98,74,346 equity shares by investor selling shareholders.
Ahead of the IPO, Tonbo Imaging India (TIIL), on Tuesday, 14 October 2026, raised Rs 255.36 crore from anchor investors. The board allotted 36.48 lakh shares at Rs 700 each to 43 anchor investors. The promoter and promoter group shareholding is expected to decline to 15.72% after the IPO from 18.58% before the issue.
Tonbo Imaging India (TIIL), founded by technologists Arvind KL, Ankit Kumar and Cecilia D?Souza, is a global defence electronics original equipment manufacturer (?OEM?). It design, develop and manufacture sensing, processing, communication and guidance systems for surveillance, reconnaissance, targeting, and control.
Portfolio of products of the company span the electromagnetic spectrum ? visible imaging based on what the human eye can see, to long wave infrared and multi-sensor imaging which are based on heat signatures of objects emitting infrared radiation. It has developed a product portfolio including thermal imaging cores, weapon sights, hand-held thermal imaging binoculars, targeting systems, missile seekers, fire control systems, missile guidance systems amongst others to enable autonomy on the battlefield.
Its products are divided into tactical systems and platform systems with former accounting for 58.37% of revenue from operations in FY26 and latter about 39.93%. Its tactical systems include Arjun, Spartan and Bloodhound etc., for armed and police forces in combat situations including counter insurgency and anti-terror operations.
As of June 30, 2026, it has supplied to 24 countries including India, Armenia, Romania, Slovenia, USA, Morocco, South Korea, UAE, Philippines, Singapore, North Macedonia, Australia and Taiwan.
The firm reported a consolidated net loss of Rs 17.74 crore and sales of Rs 36.01 crore for the three months ended on 30th June 2026.
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