Tonbo Imaging India Limited shares opened as much as 66% above the ₹700 IPO price on Oct. 23, marking a sharp first-day gain for investors while delivering no new capital to the company.
Shares opened at ₹1,162 on Bombay Stock Exchange (BSE) and ₹1,160 on National Stock Exchange of India (NSE). Those prices were 66% and 65.71% above the issue price, respectively.
The debut exceeded the prelisting grey-market indications. Business Standard reported a ₹450-per-share premium, implying a price about 64.3% above the issue price, while Parasram India logged ₹441 the prior evening. These informal estimates are not exchange prices.
Tonbo’s IPO comprised 12,174,046 existing shares sold at ₹700 apiece through an offer for sale, totaling ₹8.52 billion (₹852.18 crore). The prospectus says the selling shareholders receive the proceeds after their share of offer expenses and taxes; Tonbo receives none. The filing said the listing was expected to improve the company’s visibility and brand image while giving existing shareholders liquidity.
Reports gave different subscription totals. Upstox, citing NSE data, reported demand of 135.90 times the shares on offer when bidding closed Oct. 19. The Economic Times reported 132.81 times in its listing-day story; the reports did not explain the difference. EconoTimes previously covered the heavy demand in its report on institutional bidding for the IPO.
Tonbo’s prospectus reports consolidated total income of ₹3,699.39 million for fiscal 2026, ended March 31, 2026, down from ₹4,743.90 million the prior year. Consolidated profit after tax fell to ₹508.80 million from ₹727.57 million. Tonbo attributed part of the revenue decline to international order delays amid the West Asia conflict and orders shifted to fiscal 2027. Tonbo said the conflict had delayed a ₹514.41 million customer order. The order remained in its order book as of June 2026, and the company expected to execute it in fiscal 2027, though it gave no specific date. Tonbo’s defense and security portfolio includes thermal imaging equipment and systems for surveillance, targeting and guidance.
