Institutional investors placed the heaviest orders in Tonbo Imaging India Limited’s initial public offering, pushing demand to 135.9 times the shares available in a sale that will raise no new capital for the company.
National Stock Exchange of India Limited (NSE) data put qualified institutional buyers’ subscription at 293.56 times their reserved portion when bidding ended Oct. 19. Non-institutional investors applied for 170.94 times their portion, while retail investors applied for 31.07 times theirs.
The offering’s price band was ₹665 to ₹700 a share. At the upper limit, the sale of up to 12,174,046 shares totals ₹852.18 crore (₹8.52 billion). Existing shareholders are selling all the shares, so Tonbo receives no IPO proceeds. The sellers receive net proceeds after their share of offer expenses and relevant taxes.
Tonbo describes itself in its securities filing as a defense electronics original equipment manufacturer. Its products include thermal imaging cores, weapon sights, targeting systems and missile seekers. The company reported more than 28,000 systems deployed across 24 countries as of June 30, 2026.
For the financial year ended March 31, 2026, total income was ₹3.70 billion, about 22% lower than ₹4.74 billion in the preceding year. Restated after-tax profit was ₹508.8 million, against ₹727.6 million in fiscal 2025.
Unofficial grey-market trackers displayed different premiums. IPO360 recorded ₹514 a share on Oct. 19, while IPOWiz displayed ₹501. Those figures are indications outside the exchanges and do not establish the price at which Tonbo shares will open.
Tonbo’s prospectus schedules finalization of allotment for on or about Oct. 21. Refunds or the release of blocked funds, along with credits to investors’ demat accounts, are due on or about Oct. 22. Trading on BSE Limited (BSE) and NSE is scheduled to begin on or about Oct. 23.
