Defence technology firm Tonbo Imaging India has set a price band of ₹665-₹700 per equity share for its ₹852.1 crore offer-for-sale (OFS) initial public offering (IPO). The OFS comprises up to 1.22 crore equity shares with no fresh issue component. The IPO will open for subscription on October 15 and close on October 19, with anchor investor bidding scheduled for October 14, according to inc42.com.
The selling shareholders include promoters and cofounders Arvind Kondangi Lakshmikumar, Ankit Kumar, and Cecilia D’Souza, alongside investors such as CEAQ Technologies and Artiman Partners. The offer size has been reduced from the initially proposed 1.81 crore shares in the draft papers. Tonbo refiled its draft red herring prospectus (DRHP) in August after receiving observations from SEBI last month. Founded in 2003, Tonbo transitioned from an R&D subsidiary to a defence product manufacturer after a promoter buyout in 2012.
Tonbo Imaging specialises in advanced electro-optic and electronic systems, with over 28,000 deployed systems across 24 countries as of June 30, 2026. The company raised ₹175 crore in a Series D round last April from investors including Florintree Advisors, Tenacity Ventures, and EXIM Bank, at a valuation of ₹1,500 crore. Financially, Tonbo reported operating revenue of ₹36 crore and a net loss of ₹17.7 crore in Q1 FY27, reflecting its growth phase in the defence tech sector.
At the upper end of the price band, the IPO values Tonbo Imaging at ₹4,009.8 crore (approximately $480 million). The company’s IPO marks a significant step in its capital-raising journey, with the subscription window set to close on October 19, 2026.
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