Defence technology firm Tonbo Imaging's initial public offering (IPO) was oversubscribed 40.82 times by the third day of bidding, according to BSE data accessed at 13:23 IST. Investors placed bids for 34.80 crore shares against the 85.26 lakh shares on offer in the ₹852.1 crore IPO, which is entirely an offer for sale (OFS).
Non-institutional investors (NIIs) led demand, bidding for 18.56 crore shares against the 18.24 lakh shares reserved for them, resulting in an oversubscription of 101.78 times. Within NIIs, bids from investors placing orders above ₹10 lakh reached 12.89 crore shares, oversubscribing that portion 106.03 times. Retail investors placed bids for 8.79 crore shares against 42.56 lakh shares reserved, a subscription of 20.67 times. Qualified institutional buyers (QIBs) placed bids for 7.38 crore shares, oversubscribing their 24.32 lakh share quota 30.37 times, with foreign institutional investors accounting for 5.12 crore shares of this demand.
The surge in subscription marks a sharp increase from the 7.78 times oversubscription recorded at the end of day two. The IPO's strong demand reflects growing investor interest in defence technology firms amid a broader market focus on strategic sectors. Mutual funds showed limited participation, bidding for only 2,478 shares, while the employee portion was subscribed 38.6 times with bids for 5.40 lakh shares against 14,000 shares reserved.
The IPO subscription figures indicate robust investor confidence in Tonbo Imaging ahead of the allotment process. The company’s shares are expected to be allotted following the close of bidding, with the final subscription data to be published by the exchange.