Tonbo Imaging Sets IPO Price Band at ₹665 to ₹700 per Share Ahead of October 15 Launch

Bengaluru-based defence electronics manufacturer Tonbo Imaging India Limited has finalised the key parameters for its upcoming initial public offering (IPO). The company has fixed a price band of ₹665 to ₹700 per equity share of face value ₹2 for the ₹852.18 crore issue, which will open for public bidding on Thursday, October 15, 2026, and close on Monday, October 19, 2026.

The initial share sale is structured entirely as an Offer for Sale (OFS) of 1.22 crore (12,174,046) equity shares by its promoters and early-stage investors, with no fresh capital issue component. Consequently, Tonbo Imaging will receive no proceeds from the offering, and the entire sum raised will accrue to the selling shareholders.

Issue Structure and Key Dates

Retail individual investors can bid for a minimum of 21 equity shares and in multiples of 21 shares thereafter. At the upper price band of ₹700, a single retail lot translates to an investment of ₹14,700.

Key Offer Details and Tentative Timetable:

• Price Band: ₹665 to ₹700 per share
• Lot Size: 21 equity shares
• Issue Open Date: October 15, 2026
• Issue Close Date: October 19, 2026
• Basis of Allotment: October 21, 2026
• Initiation of Refunds: October 22, 2026
• Credit of Shares to Demat Accounts: October 22, 2026
• Expected Listing Date: October 23, 2026 (BSE and NSE)

In terms of quota reservation, 50% of the net issue has been allocated to Qualified Institutional Buyers (QIBs), 35% is reserved for retail individual investors, and the remaining 15% is earmarked for Non-Institutional Investors (NIIs).

Selling Shareholders

The shares offered under the OFS include divestments by company promoters Arvind Kondangi Lakshmikumar, Cecilia D'Souza, and Ankit Kumar. Additional selling shareholders include Vinimaya Advisory LLP, CEAQ Technologies Pvt Ltd, CEAQ Technologies Pte Ltd, Timothy Guy Mitchell, Artiman Partners LLC, Ramesh Radhakrishnan, and Amit Dilip Shah.

JM Financial Limited and IIFL Capital Services Limited are acting as the book-running lead managers for the offering, while KFin Technologies Limited is the registrar to the issue.

Business Profile and Market Context

Originally incorporated in 2003, Tonbo Imaging operates as an original equipment manufacturer (OEM) in defence electronics. The company designs, develops, and manufactures advanced sensing, processing, communication, and guidance systems used across surveillance, reconnaissance, targeting, and battlefield control applications. Its product catalogue spans thermal imaging cores, handheld binoculars, weapon sights, missile seekers, and automated fire control systems, catering to global defence establishments, homeland security entities, and aerospace OEMs.

The listing comes amid sustained domestic investor demand for homegrown aerospace and defence technology players, supported by the central government's indigenous manufacturing and export push.

Tags: Tonbo Imaging India IPO BSE NSE Defence Electronics SEBI