Bengaluru-based defence electronics company aims to raise up to ₹852.18 crore through an offer for sale
shares to be listed on BSE and NSE
Bilkul Bazaar
Ahmedabad
Tonbo Imaging India Limited, a Bengaluru-based manufacturer of advanced defence electronics and electro-optical systems, will open its initial public offering (IPO) for subscription on Thursday, October 15, 2026. The company has fixed the price band at ₹665 to ₹700 per equity share of face value ₹2 each. The issue will close on Monday, October 19, while bidding by anchor investors is scheduled for Wednesday, October 14.
The IPO comprises an offer for sale (OFS) of up to 12,174,046 equity shares, aggregating to approximately ₹852.18 crore at the upper end of the price band. As the issue is entirely an OFS, the proceeds will go to the selling shareholders, and the company will not receive funds directly from the offering.
Investors can bid for a minimum of 21 equity shares and in multiples of 21 shares thereafter. At the upper end of the price band, the minimum investment for one lot will be ₹14,700. The equity shares are proposed to be listed on BSE Limited and the National Stock Exchange of India Limited. JM Financial Limited and IIFL Capital Services Limited are the book-running lead managers to the issue.
Company profile: Advanced defence technology with a global footprint
Founded in 2003, Tonbo Imaging has evolved into a global defence electronics original equipment manufacturer (OEM), designing, developing and manufacturing sensing, processing, communication and guidance systems for surveillance, reconnaissance, targeting and control applications.
Its product portfolio spans thermal imaging cores, weapon sights, handheld thermal imaging binoculars, targeting systems, missile seekers and fire-control systems. The company operates through its Tactical Systems and Platform Systems verticals, catering to defence and security requirements. It is also developing directed-energy technologies to counter drone swarms, an emerging area of defence modernisation.
As of June 30, 2026, Tonbo Imaging had deployed more than 28,000 systems across 24 countries, reflecting its international reach in specialised defence technology markets.
Indigenous design and intellectual property
Tonbo Imaging designs and develops its products in India, with research, development, prototyping and testing activities centred at its Bengaluru facility. According to the company, its electro-optics and infrared product portfolio is structured to remain outside the scope of US International Traffic in Arms Regulations (ITAR) restrictions.
Since fiscal 2024, the company has owned 100% of the intellectual property used in its products. This provides it with ownership of its core technology and product designs. Tonbo follows an asset-light manufacturing model, outsourcing large-scale production to certified electronics manufacturing partners while retaining in-house control over design, prototyping and testing.
The company is led by its promoters, Arvind Kondangi Lakshmikumar, Managing Director and Chief Executive Officer, Ankit Kumar and Cecilia D’Souza.
Financial performance and key considerations
Tonbo Imaging reported revenue from operations of ₹362.65 crore in FY2026, compared with ₹469.08 crore in FY2025, a decline of approximately 22.7%. Profit after tax fell to ₹50.88 crore in FY2026 from ₹72.76 crore in the preceding financial year.
For the April–June 2026 quarter, the company reported revenue from operations of ₹36.01 crore and a net loss of ₹17.74 crore. The weaker performance highlights the importance of order execution and revenue timing in its business. Reported delays in international orders and the deferral of certain expected orders to FY2027 contributed to the pressure on FY2026 performance.
Investors evaluating the IPO may therefore wish to consider the company’s dependence on the timing of defence orders, its ability to convert its international business pipeline into revenue, quarterly earnings volatility and the sustainability of margins alongside its technology capabilities and global deployment record.
IPO schedule at a glance
- Anchor investor bidding: October 14, 2026
- IPO opens: October 15, 2026
- IPO closes: October 19, 2026
- Price band: ₹665–₹700 per equity share
- Lot size: 21 shares
- Minimum investment at the upper price band: ₹14,700
- Issue size: Up to approximately ₹852.18 crore
- Issue structure: Entirely an offer for sale
- Proposed listing: BSE and NSE
- Book-running lead managers: JM Financial Limited and IIFL Capital Services Limited
The IPO offers public-market investors an opportunity to gain exposure to India’s defence electronics sector through a company with specialised sensing and guidance technologies and an established international footprint. However, its recent revenue and profit declines, along with the absence of a fresh-issue component, remain important factors to assess before making an investment decision.
Disclaimer: This article is for information purpose only and is not investment advice. Please read the IPO documents carefully before investing.