Tonbo Imaging’s initial public offering (IPO) has garnered strong investor interest, achieving a 6.29 times subscription rate by 1:30 PM on October 16, according to BSE data. The Bengaluru-based defence technology company has fixed its price band between ₹665 and ₹700 per share, valuing the firm at around ₹4,010 crore at the upper end. The offer-for-sale comprises 1.22 crore equity shares by existing shareholders, with the IPO set to close on October 19.
Founded in 2003, Tonbo Imaging specialises in advanced imaging and sensing systems for defence and security applications. Its product portfolio includes thermal imaging systems, weapon sights, missile seekers, and high-power microwave systems designed to counter drone swarms. The company has deployed over 28,000 systems across 24 countries, establishing a footprint in both domestic and international defence markets. Investors can bid for a minimum of 21 shares, amounting to an investment of ₹14,700 at the upper price band.
The IPO comes amid rising geopolitical tensions and increased demand for advanced defence technologies globally, including thermal imaging and missile guidance systems. Tonbo Imaging’s focus on counter-drone technology positions it in a niche segment of the defence sector. The company’s valuation and strong subscription reflect investor confidence in India’s growing defence tech industry, which is witnessing increased government and private sector interest.
Tonbo Imaging is expected to list on the BSE and NSE on October 23, marking a significant milestone for the company and providing investors access to a specialised defence technology firm valued at over ₹4,000 crore.