Tonbo Imaging IPO: Price Band ₹665–700, Dates, GMP & Review
Tonbo Imaging's mainboard IPO is set to open for subscription on October 15, 2026, and the company has now fixed its price band at ₹665–700 per share. The Bengaluru-based defence-electronics maker is launching a pure offer-for-sale (OFS) of 1.21 crore shares worth up to ₹852 crore — a rare chance for retail investors to buy into India's largest thermal-imaging defence supplier. Here is everything you need to know: dates, lot size, financials, valuation and the grey market buzz.
Tonbo Imaging IPO details at a glance
| Detail | Information |
|---|---|
| Price band | ₹665–700 per share |
| Face value | ₹2 per share |
| Issue type | 100% offer for sale (no fresh issue) |
| OFS size | 1,21,74,046 shares (~₹852 crore at upper band) |
| Lot size | 21 shares |
| Minimum investment (retail) | ₹14,700 (one lot at upper band) |
| Reservation | QIB ~50% · Retail ~35% · HNI ~15% · Employee 14,000 shares |
| Lead managers | JM Financial, IIFL Capital Services |
| Registrar | KFin Technologies |
| Listing | BSE + NSE |
Tonbo Imaging IPO dates and schedule
| Event | Date (tentative) |
|---|---|
| Anchor investor allocation | October 14, 2026 |
| IPO opens | October 15, 2026 |
| IPO closes | October 19, 2026 |
| Allotment finalisation | October 21, 2026 |
| Listing on BSE & NSE | October 23, 2026 |
What does Tonbo Imaging do?
Tonbo Imaging India, founded in 2003 and headquartered in Bengaluru, is a defence-electronics original equipment manufacturer. It designs and builds sensing, processing, communication and guidance systems — including thermal-imaging cores, weapon sights, hand-held thermal binoculars, targeting systems, missile seekers, fire-control systems and missile-guidance systems for surveillance, reconnaissance and battlefield autonomy.
According to a Frost & Sullivan report cited in its filings, Tonbo is India's largest thermal-imaging manufacturer for defence by sales value and accounts for 94.3% of India's thermal-imaging exports by volume. As of March 2026, it had more than 28,000 systems deployed across 24 countries.
Its backers include Qualcomm Ventures, Artiman, Celesta, Edelweiss Value and Growth Fund, HBL Engineering, Tenacity Ventures, Export-Import Bank of India and Florintree. The promoters are Arvind Kondangi Lakshmikumar, Ankit Kumar and Cecilia D'Souza.
Pure OFS — no money goes to the company
This IPO is a 100% offer for sale: no fresh shares are being issued, and none of the proceeds go into the company. Selling shareholders — promoters and early investors — are cashing out part of their stakes. That is not inherently bad, but it means investors are buying the story purely on the business itself, not on a funded expansion plan.
Financials: the declining top line investors must notice
The honest bear point on Tonbo is its recent financial trajectory — revenue and profit both fell in FY26 after two years of growth:
| Metric (₹ crore) | FY24 | FY25 | FY26 | Q1 FY27 |
|---|---|---|---|---|
| Revenue | 428.19 | 469.08 | 362.65 | 36.01 |
| Net profit / (loss) | 68.54 | 72.76 | 50.88 | (17.74) |
| PAT margin | 16.01% | 15.51% | 14.03% | Negative |
FY26 revenue fell 22.7% and net profit fell 30% year-on-year, and Q1 FY27 was loss-making (₹17.74 crore loss on ₹36.01 crore revenue) on higher raw-material costs and inventory build-up. Defence ordering cycles are lumpy — quarterly numbers swing — but investors should read the RHP's risk factors and understand this is not a smoothly growing earnings machine right now.
Valuation: ~76x earnings vs peers
On a basic EPS of ₹9.19, the upper band of ₹700 values Tonbo at a P/E of roughly 76x FY26 earnings, implying a market capitalisation of about ₹4,010 crore. How that compares with listed defence-electronics peers:
| Company | P/E |
|---|---|
| Tonbo Imaging (at ₹700) | ~76x |
| Paras Defence | ~118x |
| Data Patterns | ~91x |
| Astra Microwave | ~91x |
| Zen Technologies | ~77x |
| Bharat Electronics | ~47x |
Peer P/Es are tracker-reported and move daily; Tonbo sits below Paras Defence and Data Patterns but well above Bharat Electronics — rich absolute valuation, partly reflecting its export-led niche and the premium the market pays for defence IP.
Tonbo Imaging IPO GMP today
Grey market trackers are quoting a GMP of around ₹270 per share (about 38.6% over the upper band) ahead of the October 15 opening. GMP is unofficial, market-reported data — it is not a SEBI-regulated figure, it can change daily, and it should never be the sole reason to subscribe. Also see: Fusion CX IPO opens Oct 14 and Zetwerk IPO, also opening Oct 15, for this week's IPO pipeline.
Key strengths
- Market leader in a strategic niche: India's largest thermal-imaging maker for defence, with 94.3% of the country's thermal-imaging exports.
- Export footprint: 28,000+ systems deployed across 24 countries — rare global validation for an Indian defence OEM.
- Strong investor backing, including Qualcomm Ventures and marquee domestic funds.
- Healthy FY26 EBITDA margin (~29%) and low balance-sheet leverage.
Key risks
- Declining revenue and profit in FY26, and a loss-making Q1 FY27 — the trajectory going into the IPO is negative.
- Pure OFS: all money goes to selling shareholders; no fresh capital for growth or debt reduction.
- Lumpy defence ordering cycles make earnings volatile quarter to quarter.
- Rich valuation (~76x FY26 earnings) leaves little room for error if execution disappoints.
Frequently asked questions
What is the Tonbo Imaging IPO price band?
The price band is ₹665–700 per equity share of face value ₹2.
When does the Tonbo Imaging IPO open and close?
It opens October 15, 2026 and closes October 19, 2026. Anchor allocation is expected on October 14.
What is the Tonbo Imaging IPO lot size?
One lot is 21 shares, so the minimum retail application is ₹14,700 at the upper band of ₹700.
When will Tonbo Imaging list?
The tentative listing date is October 23, 2026 on both BSE and NSE; allotment is expected on October 21.
Is Tonbo Imaging a fresh issue or an OFS?
It is a 100% offer for sale of 1,21,74,046 shares (worth up to ~₹852 crore) — no fresh shares are issued.
What is Tonbo Imaging's GMP today?
Trackers quote roughly ₹270 (about 38.6% over the ₹700 upper band). This is unofficial grey-market data and can change; it is not a listing-price guarantee.
Conclusion
The Tonbo Imaging IPO offers exposure to a genuine defence-tech niche leader — India's dominant thermal-imaging supplier with a real export story — at a rich ~76x earnings valuation, coming off a year of declining revenue and profit. The fresh price band (₹665–700), the ₹270 grey-market premium, and the October 23 listing date give investors clear markers to watch. With three large IPOs (Zetwerk, Bonfiglioli Transmissions, Sahajanand Medical) opening in the same window, subscription momentum will be worth tracking. As always: read the RHP, size your position to your risk appetite, and treat GMP as sentiment — not advice.