Tonbo Imaging India IPO ends with 135.90 times subscription
The qualified institutional buyers' (QIB) portion was subscribed 293.56 times, while the non-institutional investors' (NII) category was subscribed 170.94 times. The retail individual investors' (RII) segment was subscribed 31.07 times.
The issue opened for bidding on 15 October 2026 and closed on 19 October 2026. The price band of the IPO is fixed between Rs 665 and 700 per share.
The offer comprised only an offer for sale (OFS) of 1,21,74,046 equity shares of Rs 2 each. The OFS comprised the 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; and Vinimaya Advisory LLP: 3,39,700 shares] and 98,74,346 equity shares by investor selling shareholders.
Ahead of the IPO, Tonbo Imaging India (TIIL) raised Rs 255.36 crore from anchor investors on Tuesday, 14 October 2026. The board allotted 36.48 lakh shares at Rs 700 each to 43 anchor investors. The promoter and promoter group shareholding was 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 the former accounting for 58.37% of revenue from operations in FY26 and the latter about 39.93%. Its tactical systems include Arjun, Spartan, Bloodhound, etc., for armed and police forces in combat situations, including counterinsurgency and anti-terror operations.
As of June 30, 2026, it has been supplied to 24 countries, including India, Armenia, Romania, Slovenia, the USA, Morocco, South Korea, the UAE, the 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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