TONBO IMAGING INDIA IPO
TONBO IMAGING INDIA is a MAINBOARD IPO with a current status of UPCOMING. The price band is 665 - 700. The issue opens on 15 OCT and closes on 19 OCT. The listing date is 23 OCT.
Price Band
665 - 700
Unofficial GMP
₹500
Lot Size
21 shares
Minimum Investment
₹14,700
TONBO IMAGING INDIA IPO GMP
The latest available GMP is ₹500. Grey Market Premium is unofficial, may change frequently and does not guarantee the listing price, listing gains or investment returns.
Estimated Listing Price
₹1200.00
Estimated Gain
+71.4%
TONBO IMAGING INDIA IPO GMP History
425
12 OCT
490
13 OCT
500
14 OCT
TONBO IMAGING INDIA IPO Details
- IPO Type
- MAINBOARD
- Status
- UPCOMING
- Price Band
- 665 - 700
- Issue Size
- ₹852.18 Cr
- Issue Type
- Book Build Issue
- Offer for Sale
- ₹852.18 Cr
- Face Value
- 2 Per Equity Share
- Lot Size
- 21
- Minimum Investment
- 14,700
- Exchange
- BSE , NSE
- Registrar
- Kfin Technologies Ltd.
- Lead Managers
- JM Financial Ltd.
TONBO IMAGING INDIA IPO Dates
- Open Date
- 15 OCT
- Close Date
- 19 OCT
- Allotment Date
- 21 OCT
- Refund Date
- 22 OCT
- Demat Credit Date
- 22 OCT
- Listing Date
- 23 OCT
TONBO IMAGING INDIA IPO Subscription
- QIB
- --
- NII / HNI
- --
- Retail
- --
- Employee
- --
- Total Subscription
- --
TONBO IMAGING INDIA IPO Financials
Revenue
FY2026
₹363.00 Cr
-22.60% vs FY2025
PAT
FY2026
₹50.88 Cr
-30.07% vs FY2025
Total Assets
FY2026
₹783.00 Cr
+7.85% vs FY2025
| Particulars | FY2024 | FY2025 | FY2026 |
|---|---|---|---|
| Revenue | 428 | 469 | 363 |
| Net Profit | 68.54 | 72.76 | 50.88 |
| Total Assets | 575 | 726 | 783 |
TONBO IMAGING INDIA IPO Valuation
- Market Cap (Post IPO)
- ₹4009.75 Cr.
- EPS
- 8.88
- P/E Ratio
- 78.83
- ROE
- -3.25%
- ROCE
- -4.31%
- RONW
- -3.25%
- PAT Margin
- -47.52%
- EBITDA Margin
- -36.21%
TONBO IMAGING INDIA Peer Comparison
| Peer | Revenue | PAT | EPS | P/E | ROE | RONW | Debt / Equity |
|---|---|---|---|---|---|---|---|
| PARAS DEFENCE & SPACE TECHNOLOGIES | 476.57 | -- | ₹10.93 | 117.74x | -- | -- | -- |
| DATA PATTERNS (INDIA) | 924.77 | -- | ₹48.47 | 87.29x | -- | 17.00% | -- |
| BHARAT ELECTRONICS | 27,610.11 | -- | ₹8.29 | 45.70x | -- | -- | -- |
TONBO IMAGING INDIA IPO Market Lot
| Category | Lots | Shares | Investment |
|---|---|---|---|
| Retail Minimum | 1 | 21 | ₹14,700 |
| Retail Maximum | 13 | 273 | ₹1,91,100 |
| Small HNI | 14 | 294 | ₹2,05,800 |
| Big HNI | 69 | 1,449 | ₹10,14,300 |
TONBO IMAGING INDIA IPO Reservation
- QIB
- 50%
- NII / HNI
- 15%
- Retail
- 35%
TONBO IMAGING INDIA Promoter Holding and Anchor Allocation
- Pre-IPO Promoter Holding
- 18.58%
- Post-IPO Promoter Holding
- 15.72%
TONBO IMAGING INDIA Company Overview
1. **Company Background:** Tonbo Imaging India Limited is an Indian defence-electronics company that designs, develops and manufactures advanced imaging, sensing, processing, communication and guidance systems. 2. **Incorporation:** The company was incorporated in December 2003 and was previously known as Tonbo Imaging India Private Limited. 3. **Core Technology:** Its expertise includes electro-optics, infrared (EO/IR) systems, thermal imaging and embedded vision technologies. 4. **Defence Applications:** Its products support surveillance, reconnaissance, targeting, fire control, missile guidance and battlefield situational awareness. 5. **Thermal Imaging:** The company develops thermal imaging cores and systems that help users detect objects using heat signatures, including in darkness and challenging visibility conditions. 6. **Weapon Sights:** Its portfolio includes thermal and electro-optical weapon sights designed for tactical and military applications. 7. **Missile Systems:** Tonbo develops missile seekers and guidance-related systems that support target detection, tracking and guidance applications. 8. **Surveillance Systems:** The company supplies imaging and observation systems for military, homeland security and other surveillance requirements. 9. **Naval Applications:** Its portfolio includes systems for maritime surveillance, search and tracking, fire control and air-defence applications. 10. **Aerial Systems:** Tonbo develops stabilised electro-optical payloads for aerial reconnaissance, observation and targeting. 11. **Vehicle Imaging:** Its systems can support driver and crew visibility in armoured vehicles under low-light and adverse environmental conditions. 12. **OEM Solutions:** It supplies components and technology platforms, including thermal sensors, video-processing boards and embedded processors, to other equipment manufacturers. 13. **Research and Engineering:** Its business relies on specialised engineering, product development, integration and testing capabilities to meet demanding customer requirements. 14. **Customer Markets:** The company serves defence and security customers in India and overseas, including organisations and manufacturers requiring advanced imaging and sensing technology. 15. **IPO Status:** The IPO is scheduled to open on 15 October 2026 and close on 19 October 2026, according to published issue information. 16. **IPO Structure:** The proposed public issue is entirely an Offer for Sale (OFS), meaning existing shareholders are selling shares rather than the company raising fresh equity capital.
TONBO IMAGING INDIA Business Model
1. **Thermal Imaging Systems:** Designs thermal imaging cores and systems that detect heat signatures for military surveillance, observation and target detection. 2. **Electro-Optical and Infrared Systems:** Develops EO/IR solutions combining optical and infrared technologies for day-and-night operations. 3. **Weapon Sights:** Manufactures imaging-based weapon sights that help personnel identify and engage targets in different lighting and visibility conditions. 4. **Handheld Thermal Binoculars:** Provides portable thermal observation equipment for surveillance, reconnaissance and tactical operations. 5. **Missile Seekers:** Develops seeker systems that help detect and track targets for guided weapon applications. 6. **Fire-Control Systems:** Supplies electro-optical systems supporting target observation, tracking and fire-control functions. 7. **Missile Guidance Systems:** Develops technology used in guidance and target-tracking applications for defence platforms. 8. **Naval Surveillance:** Provides systems for maritime observation, search and tracking, fire control and air-defence applications. 9. **Aerial Reconnaissance:** Develops stabilised electro-optical payloads for aircraft and other aerial platforms used in surveillance and reconnaissance. 10. **Armoured Vehicle Imaging:** Manufactures imaging solutions that improve driver and crew awareness in low-light, dusty, smoky and other challenging environments. 11. **Embedded Vision and Processing:** Develops video-processing boards, embedded processors and related electronics used in imaging and sensor systems. 12. **OEM Technology Supply:** Supplies subsystems and technology platforms to equipment manufacturers that integrate them into their own products. 13. **System Integration and Customisation:** Adapts imaging, sensing and processing technologies to specific defence-platform requirements. 14. **Research and Development:** Invests in engineering and product development to improve imaging performance, system integration, reliability and compactness. 15. **Domestic and Export Business:** Serves customers through its Indian operations and international business relationships, subject to defence export controls and customer approvals.
TONBO IMAGING INDIA Objects of the Issue
1. **Thermal Imaging Systems:** Designs thermal imaging cores and systems that detect heat signatures for military surveillance, observation and target detection. 2. **Electro-Optical and Infrared Systems:** Develops EO/IR solutions combining optical and infrared technologies for day-and-night operations. 3. **Weapon Sights:** Manufactures imaging-based weapon sights that help personnel identify and engage targets in different lighting and visibility conditions. 4. **Handheld Thermal Binoculars:** Provides portable thermal observation equipment for surveillance, reconnaissance and tactical operations. 5. **Missile Seekers:** Develops seeker systems that help detect and track targets for guided weapon applications. 6. **Fire-Control Systems:** Supplies electro-optical systems supporting target observation, tracking and fire-control functions. 7. **Missile Guidance Systems:** Develops technology used in guidance and target-tracking applications for defence platforms. 8. **Naval Surveillance:** Provides systems for maritime observation, search and tracking, fire control and air-defence applications. 9. **Aerial Reconnaissance:** Develops stabilised electro-optical payloads for aircraft and other aerial platforms used in surveillance and reconnaissance. 10. **Armoured Vehicle Imaging:** Manufactures imaging solutions that improve driver and crew awareness in low-light, dusty, smoky and other challenging environments. 11. **Embedded Vision and Processing:** Develops video-processing boards, embedded processors and related electronics used in imaging and sensor systems. 12. **OEM Technology Supply:** Supplies subsystems and technology platforms to equipment manufacturers that integrate them into their own products. 13. **System Integration and Customisation:** Adapts imaging, sensing and processing technologies to specific defence-platform requirements. 14. **Research and Development:** Invests in engineering and product development to improve imaging performance, system integration, reliability and compactness. 15. **Domestic and Export Business:** Serves customers through its Indian operations and international business relationships, subject to defence export controls and customer approvals.
TONBO IMAGING INDIA Strengths
1. **Specialised Defence Technology:** Tonbo operates in a specialised segment of defence electronics involving imaging, sensing, target tracking and guidance systems. 2. **Advanced EO/IR Expertise:** Its experience in electro-optics and infrared technology supports applications requiring reliable observation in difficult environmental conditions. 3. **Diversified Product Portfolio:** The company offers thermal imaging cores, weapon sights, binoculars, missile seekers, fire-control systems and guidance-related products. 4. **Multiple Defence Applications:** Its technologies can serve land, naval and aerial platforms, broadening its potential range of applications. 5. **Engineering and Product Development:** In-house design and development capabilities may help the company customise products for specialised customer requirements. 6. **OEM Business Opportunities:** Supplying subsystems to other manufacturers allows Tonbo to participate in products and platforms developed by larger defence-equipment companies. 7. **Technology Integration:** Combining sensors, optics, electronics and embedded processing can provide integrated solutions rather than standalone components. 8. **Defence Modernisation Exposure:** Demand for advanced surveillance, night-vision, targeting and situational-awareness equipment may create opportunities as armed forces modernise their capabilities. 9. **Indigenous Manufacturing Potential:** India's emphasis on domestic defence manufacturing can create opportunities for capable Indian technology suppliers, although procurement outcomes are not guaranteed. 10. **Specialised Entry Barriers:** Technical complexity, testing requirements and customer qualification processes may make some defence-electronics markets harder for new competitors to enter. 11. **International Market Potential:** Tonbo's products address applications relevant to overseas defence and security customers, creating opportunities beyond the domestic market. 12. **Platform-Level Applications:** Products used in vehicles, naval systems, aircraft and guided weapons can become integrated into larger platforms, potentially supporting recurring demand for compatible systems and upgrades. 13. **Research-Driven Business:** Continued investment in imaging, processing and guidance technologies may support product innovation and long-term competitiveness. 14. **Strategic Industry Exposure:** Defence electronics is a strategically important sector, where specialised domestic suppliers may benefit from procurement and technology-development initiatives. 15. **Public-Market Visibility:** Listing may increase public visibility and provide liquidity for shareholders, although it does not itself improve operating performance.
TONBO IMAGING INDIA Risks
1. **Government Procurement Dependence:** Defence procurement decisions, tender outcomes and government spending priorities may significantly affect the timing and volume of orders. 2. **Long Sales Cycles:** Defence products can require extended evaluation, testing, qualification and approval periods before commercial orders are received. 3. **Order Concentration:** Dependence on a limited number of large customers, programmes or contracts could cause revenue fluctuations if orders are delayed or reduced. 4. **Revenue Volatility:** The timing of defence deliveries, project milestones and customer acceptance can lead to uneven revenue recognition between financial periods. 5. **Research and Development Risk:** Advanced imaging and guidance products require continuous technical development. Delays or unsuccessful development programmes may affect competitiveness and profitability. 6. **Technology Obsolescence:** Rapid advances in sensors, optics, processing and competing defence technologies could make existing products less competitive. 7. **Export Restrictions:** Defence exports and transfers of sensitive technology are subject to legal, regulatory and licensing requirements. Restrictions could limit access to international markets. 8. **Geopolitical Risk:** International conflicts, sanctions and changes in defence relationships can affect customer demand, exports and supply chains. 9. **Supply-Chain Dependence:** Shortages or price increases in specialised electronic components, sensors and optical materials may disrupt production or raise costs. 10. **Product Reliability and Liability:** Failure of critical imaging or guidance equipment could result in contractual claims, replacement costs, reputational damage or loss of future orders. 11. **Competition:** The company competes with domestic and international defence-electronics manufacturers, some of which may have greater financial resources, production capacity or established relationships with defence customers. 12. **Manufacturing and Execution Risk:** Failure to meet technical specifications, production schedules or quality standards could delay deliveries and affect customer relationships. 13. **Working-Capital Requirements:** Defence projects may involve long production cycles and delayed payments, potentially increasing working-capital requirements and pressure on cash flow. 14. **Dependence on Skilled Personnel:** Specialist engineers and technical staff are important to product development and execution. Difficulty retaining or recruiting them may affect operations. 15. **Intellectual Property and Cybersecurity:** Protection of proprietary technology, sensitive customer information and engineering systems is important. Infringement or cyber incidents could cause financial and reputational damage. 16. **Regulatory Compliance:** Defence manufacturing, product testing, procurement and exports may involve strict compliance requirements. Non-compliance could lead to penalties or restrictions. 17. **OFS Does Not Fund Growth:** The company will not receive the IPO proceeds directly. Any future expansion, R&D spending or working-capital requirement must be funded through operating cash flows, existing resources or other financing. 18. **Promoter and Investor Selling:** The offer allows existing shareholders to sell shares. Investors should review the reasons for the sale and the post-issue shareholding structure in the RHP. 19. **Valuation Risk:** A technically specialised business may still be an expensive investment if the IPO valuation is high relative to earnings, cash generation, growth and comparable companies. 20. **Execution of Future Opportunities:** Potential benefits from defence modernisation and indigenous manufacturing depend on winning contracts, meeting delivery requirements and converting demand into profitable business.
TONBO IMAGING INDIA Frequently Asked Questions
What is the TONBO IMAGING INDIA IPO price band?
The TONBO IMAGING INDIA IPO price band is 665 - 700.
What is the latest TONBO IMAGING INDIA IPO GMP?
The latest available TONBO IMAGING INDIA IPO GMP in the IPOWEB database is ₹500. GMP is unofficial and does not guarantee a listing gain.
When does the TONBO IMAGING INDIA IPO open and close?
The TONBO IMAGING INDIA IPO opens on 15 OCT and closes on 19 OCT.
When is the TONBO IMAGING INDIA IPO allotment date?
The TONBO IMAGING INDIA IPO allotment date is 21 OCT.
When is the TONBO IMAGING INDIA IPO listing date?
The TONBO IMAGING INDIA IPO listing date is 23 OCT.