Defence technology startup Tonbo Imaging has secured ₹255.4 crore from 43 anchor investors ahead of its initial public offering (IPO), according to BSE data. The startup allotted 36.5 lakh equity shares at ₹700 apiece, the upper band of its IPO price range. The IPO bidding is scheduled to begin on October 15 and close on October 19.
The anchor investor round saw participation from 12 domestic mutual funds, which acquired 57.7% of the shares allotted to anchors through 25 schemes. Notable domestic investors included SBI Infrastructure Fund, Axis Mutual Fund, HDFC Mutual Fund, Kotak Mahindra Services Fund, Mirae Asset, and Canara Robeco Mutual Fund. International investors such as Goldman Sachs, BlackRock, WhiteOak Capital, Aranda Investments, and Allianz also took part in the round.
Tonbo Imaging’s public issue consists entirely of an offer for sale (OFS) of up to 1.22 crore equity shares, with no fresh issue component. The IPO price band is set between ₹665 and ₹700 per share, valuing the company at ₹4,009.8 crore (approximately $480 million) at the upper end. The startup, founded in 2012 by Arvind Lakshmikumar, Ankit Kumar, and Cecilia D’Souza, received SEBI approval in July and refiled its draft red herring prospectus in August.
The company’s IPO is expected to raise ₹852 crore, with the anchor investor allotment completed ahead of the public issue. The bidding opens on October 15, marking a key milestone for Tonbo Imaging’s public market debut.