Tonbo Imaging IPO Closes Today: Rs 852 Crore OFS, Rs 665-700 Price Band
The Tonbo Imaging IPO closes on Monday, October 19, 2026. The Bengaluru defence electronics company is selling shares worth Rs 852.18 crore at a price band of Rs 665 to Rs 700 per share. The issue is entirely an offer for sale (OFS), so Tonbo itself receives no proceeds. Shares are tentatively set to list on the BSE and NSE on October 23.
Tonbo Imaging IPO: key terms
| Reading | Detail | Signal |
|---|---|---|
| Issue size | Rs 852.18 crore, about 1.22 crore shares | Entirely OFS |
| Price band | Rs 665 to Rs 700 | Face value Rs 2 |
| Valuation | About Rs 4,010 crore at upper band | OFS is about 21.3% of it |
| Lot size | 21 shares, Rs 14,700 at upper band | Minimum retail bid |
| Anchor raise | Rs 255.36 crore | Before the public issue |
JM Financial is the lead manager and KFin Technologies the registrar. The offer is by promoter and investor selling shareholders. The first day's bidding was fully subscribed at about 3.99 times, according to one report.
From imaging to defence electronics
Arvind Lakshmikumar, who had led Sarnoff Corporation's Indian operations, took over the business through a management buyout in 2008 when Sarnoff exited India. The company built electro-optic systems from its work in imaging, robotics and computer vision, including thermal imaging and night-vision equipment used by Indian security forces. It makes thermal imaging cores, weapon sights, binoculars, targeting, fire-control and missile-guidance systems.
Lakshmikumar said in interviews that Tonbo's night-vision gear featured in the 2016 Uri strikes and that it supplied thermal and target-tracking systems for ZU-23 guns used against drones in Operation Sindoor in May 2025. He also said the company holds about 65% of India's thermal weapon sights market. These are his claims. An industry report cited in the offer document describes Tonbo as India's largest exporter of thermal imaging systems, with 94% of such exports by volume.
Wave Strike and the order book
Tonbo is developing Wave Strike, a high-power microwave system meant to disable drone swarms. Lakshmikumar described a potential 11-system opportunity at about Rs 200 crore each in India, which is Rs 2,200 crore at Indian pricing. He said it has minimum order quantities and letters of intent from the Indian Navy and European customers. This is a potential opportunity, not secured revenue. Tonbo's order book is Rs 314.24 crore, made up of Rs 231.87 crore from 30 domestic orders and Rs 82.37 crore from six overseas orders.
Financials
FY25 revenue was Rs 469 crore, with about 65% from overseas, per the draft offer document. For the quarter ended June 2026, Tonbo reported revenue of Rs 36 crore and a net loss of Rs 17.7 crore. The report suggests higher raw material costs and larger finished-goods inventories may have contributed.
What to Watch
- October 21, 2026: expected basis of allotment.
- October 22, 2026: refunds and credit of shares to demat accounts.
- October 23, 2026: tentative listing on BSE and NSE.
