Tonbo Imaging IPO

Tonbo Imaging India IPO is set to enter the Indian primary market on October 15, 2026 and will remain open for subscription until October 19, 2026. The mainboard IPO is an Offer for Sale (OFS) of up to 12,174,046 equity shares with a face value of ?2 each, at a price band of ?665 to ?700 per share. The issue is expected to raise approximately  ?852.18 crore, with the shares proposed to be listed on the BSE and NSE.

JM Financial Limited and IIFL Capital Services Limited are managing the issue, while KFin Technologies Limited is the registrar. The selling shareholders include the company's promoters, promoter group entities and existing investors.

As the IPO is entirely an OFS, the proceeds will go to the selling shareholders after deducting applicable expenses and taxes. Tonbo Imaging India Limited will not receive any proceeds from the issue.

Tonbo Imaging India Limited

Tonbo Imaging India is a defence electronics original equipment manufacturer (“OEM”) engaged in the design, development and supply of advanced electro-optical and infrared (“EO/IR”) imaging systems, embedded vision systems and electronic solutions for defence, surveillance, reconnaissance, targeting and fire control applications. Its product portfolio includes thermal imaging cores, weapon sights, handheld thermal imaging binoculars, targeting systems, missile seekers, fire control systems and missile guidance systems.

As per the F&S Report, Tonbo Imaging India was the largest manufacturer, by sales value, of thermal imaging systems supplied to government and defence agencies in India during April 2024 to March 2026. The Company also accounted for 94% of India's thermal imaging exports by units shipped between FY2024 and FY2026, positioning it as the country's largest exporter of thermal imaging systems by volume.

As of June 30, 2026, the Company had deployed over 28,000 systems across 24 countries, serving global militaries, law enforcement and homeland security agencies, and defence OEMs. Its products are designed and developed in India and are free from US International Traffic in Arms Regulations (“ITAR”) restrictions, providing greater flexibility in serving international markets.

The Company has developed in-house technology capabilities and, pursuant to intellectual property assignment agreements dated March 11, 2024, acquired ownership of 100% of its intellectual property from CEAQ Singapore. It is a supplier under the Indigenously Designed, Developed and Manufactured (“IDDM”) category under India's Defence Acquisition Procedure 2020, aligning its operations with the country's focus on indigenous defence manufacturing.

Tonbo Imaging India operates an asset-light manufacturing model, focusing on product design, research and development (“R&D”) and intellectual property ownership, while outsourcing manufacturing to certified electronics manufacturing services partners.

As of June 30, 2026, its Bengaluru R&D centre employed 130 engineers working on technologies across infrared imaging, night vision, computer vision, precision stabilisation and autonomous fire control.