Defence tech startup Tonbo Imaging has received approval from the Securities and Exchange Board of India (SEBI) for its initial public offering (IPO), which includes an offer for sale (OFS) of up to 1.81 crore equity shares, according to inc42.com. The Bengaluru-based company initially filed its draft red herring prospectus (DRHP) in December 2025 and secured SEBI approval in July 2026, followed by a fresh filing in August with a largely unchanged offer size.
The startup’s three cofounders—Arvind Kondangi Lakshmikumar, Ankit Kumar, and Cecilia D’Souza—plan to sell part of their holdings through the IPO, alongside a promoter group shareholder and existing investors, inc42.com reported. Tonbo Imaging’s backers include Qualcomm Ventures, Artiman, Celesta, Edelweiss Value and Growth Fund, HBL Engineering, Tenacity Ventures, Export-Import Bank of India, and Florintree. The company’s latest SEBI observations on the IPO papers were issued on September 21.
Founded in 2003 and pivoting to defence-focused product manufacturing in 2012, Tonbo Imaging raised ₹175 crore in its Series D round in April 2025 at a valuation of ₹1,500 crore, per inc42.com. A Frost & Sullivan report cited in the DRHP states Tonbo was the largest manufacturer by sales value of thermal imaging systems supplied to Indian government and defence agencies during FY24-FY26, accounting for 94.3% of India’s thermal imaging market.
The IPO marks a significant step for Tonbo Imaging’s expansion in the defence technology sector. The company’s fresh draft papers were filed in August 2026, and SEBI’s observations came on September 21, 2026, setting the stage for the public offering.