Tonbo Imaging India Limited shares stood about 90% above the ₹700 IPO price in Monday trading, Mint reported, while company filings showed annual revenue and profit had fallen.
In a report published at 1:29 a.m. ET (05:29 UTC) on Oct. 26, Mint said the stock had gained more than 17% during the session. The comparison with the IPO price was an intraday reading, not a closing return.
Trading began Oct. 23. On its first day, Tonbo opened at ₹1,162 on the Bombay Stock Exchange (BSE) and ₹1,160 on the National Stock Exchange of India (NSE), according to EconoTimes’ report on the market debut. Those opening prices were about 66% and 65.7% above the ₹700 offer price.
The prospectus says the ₹852.18 crore offering consisted of up to 12,174,046 shares sold by existing shareholders. Because the IPO was entirely an offer for sale, Tonbo received no proceeds. The filing listed increased visibility for the company and a public market for existing shareholders’ shares among the expected benefits of listing.
Mint reported, citing NSE data, that the issue drew bids for 135.90 times the shares on offer. Qualified institutional buyers subscribed 293.56 times their allocation, non-institutional investors 170.94 times and retail investors 31.07 times.
The prospectus reported consolidated revenue from operations of ₹3,626.48 million in fiscal 2026, ended March 31, 2026, down from ₹4,690.80 million a year earlier. Restated profit after tax declined to ₹508.80 million from ₹727.57 million in fiscal 2025.
As of June 30, 2026, Tonbo reported 36 confirmed orders valued at ₹3,142.40 million: 30 domestic orders worth ₹2,318.72 million and six overseas orders worth ₹823.68 million. The prospectus cautioned that the orders might not generate revenue on schedule or result in profits.
The company makes sensing, communications, data-processing and guidance equipment for applications that include surveillance, reconnaissance, targeting and control. Its listed products include thermal imaging cores, weapon sights and missile-guidance systems.
