Tonbo Imaging India IPO Opens Today; Price Band Fixed at ₹665–₹700 Per Share
Bengaluru, October 15, 2026: Tonbo Imaging India Limited, a Bengaluru-based defence electronics manufacturer specialising in advanced imaging, surveillance and targeting technologies, is opening its Initial Public Offering (IPO) today, Thursday, October 15, 2026. The issue will close on Monday, October 19, 2026.
The company has fixed the price band at ₹665 to ₹700 per equity share, with a face value of ₹2 per share. Investors can bid for a minimum of 21 equity shares and in multiples of 21 shares thereafter. The Anchor Investor Bidding Date was Wednesday, October 14, 2026.
The IPO comprises entirely an Offer for Sale (OFS) of up to 12,174,046 equity shares of ₹2 each. As the issue is entirely an OFS, the proceeds from the sale will go to the selling shareholders, and the company will not receive funds from the offering.
Tonbo Imaging designs, develops and manufactures advanced defence electronics, including sensing, processing, communication and guidance systems used in surveillance, reconnaissance, targeting and control applications. Its product portfolio includes thermal imaging cores, weapon sights, handheld thermal imaging binoculars, targeting systems, missile seekers and fire control systems. These offerings are organised under its Tactical Systems and Platform Systems verticals. The company is also developing directed-energy systems to counter drone swarms.
As of June 30, 2026, Tonbo Imaging had deployed more than 28,000 systems across 24 countries, reflecting its international presence in defence technology markets.
The company is led by its promoters, Arvind Kondangi Lakshmikumar, Managing Director and Chief Executive Officer, Ankit Kumar and Cecilia D’Souza. It develops its products in India, and its electro-optics and infrared portfolio is designed to remain free from US International Traffic in Arms Regulations (ITAR) restrictions. Since fiscal year 2024, the company has owned 100% of the intellectual property used in its products.
Tonbo Imaging follows an asset-light operating model, with product design, prototyping and testing carried out at its Bengaluru research and development centre, while large-scale manufacturing is outsourced to certified electronics manufacturing partners.
The equity shares are proposed to be listed on BSE Limited and the National Stock Exchange of India Limited. JM Financial Limited and IIFL Capital Services Limited are the book-running lead managers to the offer.
Red Herring Prospectus (RHP): https://live.jmfl.com/od/UploadedFiles/CA86AB52-0D43-437A-8D1C-6E475C6CEF01.pdf
