Tonbo Imaging India IPO: dates, price band, lot size and GMP
Tonbo Imaging India IPO opens 15 – 19 Oct 2026 on the Mainboard, price band Band awaited, lot size awaited, no GMP reported yet. Allotment 21 Oct, listing 23 Oct.
Listing date: Tonbo Imaging India IPO is scheduled to list on 23 Oct on NSE, BSE.
Updated 11 Oct 2026, 14:10 IST. Dated dealer references.
BuyUnlistedShares tracks 208 IPOs on its calendar; the Tonbo Imaging India IPO has a price band of Band awaited, a lot of — shares and no grey-market premium reported yet as of 11 Oct 2026.
Key details
| Board | Mainboard |
|---|---|
| Issue dates | 15 – 19 Oct 2026 |
| Price band | Band awaited |
| Subscription | — |
| Registrar | Kfin Technologies Ltd. |
| Lead managers | JM Financial Ltd., IIFL Capital Services Ltd. |
| Status | Upcoming |
Timeline
- Issue opens: 15 Oct
- Issue closes: 19 Oct
- Allotment: 21 Oct
- Refunds: 22 Oct
- Demat credit: 22 Oct
- Listing: 23 Oct
Issue details
| Face value | ₹2 |
|---|---|
| Issue type | Book Build Issue |
| Listing at | NSE, BSE |
| Offer for sale (shares) | 1,21,74,046 |
| Total shares offered | 1,21,74,046 |
| Promoter holding pre-issue | 18.58% |
| Promoter holding post-issue | 15.72% |
| Promoters | Ankit Kumar, Arvind Kondangi Lakshmikumar, Cecilia D’Souza |
| Lead managers | JM Financial Ltd., IIFL Capital Services Ltd. |
| Registrar phone | 040-79615565 |
| Registrar email | tonbo.ipo@kfintech.com |
| Company website | tonboimaging.com |
| Anchor bid date | 14 Oct 2026 |
| Anchor lock-in ends (50%) | 20 Nov 2026 |
| Anchor lock-in ends (remaining) | 19 Jan 2027 |
Reservation
| Category | Share of issue | Shares offered | Basis |
|---|---|---|---|
| QIB | — | — | Not more than 50% of the Offer |
| NII (HNI) | — | — | Not less than 15% of the Offer |
| Retail | — | — | Not less than 35% of the Offer |
Key ratios as of 31 Mar 2026
| EPS (pre-issue) | ₹8.88 |
|---|---|
| EPS (post-issue) | ₹8.88 |
| RoNW | 9.75% |
| RoCE | 14.54% |
| RoE | 9.75% |
| PAT margin | 13.75% |
| EBITDA margin | 28.85% |
| NAV per share | ₹96.57 |
Financials (₹ Cr)
| Metric | 30 Jun 2026 | FY26 | FY25 | FY24 | FY26 vs FY25 |
|---|---|---|---|---|---|
| Assets | 782.87 | 782.5 | 726.36 | 574.68 | +7.7% |
| Total Income | 37.32 | 369.94 | 474.39 | 431.9 | −22% |
| Profit After Tax | −17.74 | 50.88 | 72.76 | 68.54 | −30.1% |
| EBITDA | −13.04 | 104.62 | 139.06 | 112.32 | −24.8% |
| NET Worth | 538.54 | 553.16 | 490.14 | 230.13 | +12.9% |
| Reserves and Surplus | 527.08 | 541.7 | 489.41 | 168.99 | +10.7% |
| Total Borrowing | 129.72 | 116.06 | 78.14 | 96.36 | +48.5% |
About Tonbo Imaging India
Incorporated in December 2003, Tonbo Imaging India Limited is a global defence electronics original equipment manufacturer (OEM) engaged in the design, development, and manufacturing of advanced electro-optic, infrared (EO/IR), embedded vision, communication, guidance, and surveillance systems for defence and security applications. The company offers a diversified portfolio of battlefield solutions, including thermal imaging systems, weapon sights, missile seekers, fire control systems, missile guidance systems, targeting systems, and handheld thermal imaging devices.
Products:
Tonbo serves defence and security organizations across 24 countries with over 28,000 field-deployed systems. The company is India's largest manufacturer of thermal imaging systems for government and defence agencies (FY24-FY26) and the country's largest exporter of thermal imaging systems by volume. Its products are developed using fully owned intellectual property and are free from ITAR (International Traffic in Arms Regulations) restrictions, enabling exports to global markets without geopolitical limitations.
The company operates an innovation-driven business model backed by strong in-house R&D, proprietary technologies, and advanced manufacturing capabilities. As an approved supplier under India's IDDM (Indigenously Designed, Developed and Manufactured) defence procurement framework, Tonbo supports the Government's 'Make in India' and 'Atmanirbhar Bharat' initiatives.
As of June 30, 2026, the company employed 339 permanent employees across product design & development, manufacturing, project management, sales, finance, HR, and management functions.
Peer comparison
| Company | EPS (Basic) | EPS (Diluted) | NAV (₹ per share) | P/E (x) | RoNW (%) | P/BV Ratio | Financial statements |
|---|---|---|---|---|---|---|---|
| Tonbo Imaging India Ltd. (issuer) | 9.19 | 8.88 | 96.57 | — | 9.75% | — | Consolidated |
| Paras Defence And Space Technologies Ltd | 10.93 | 10.93 | 90.02 | 117.88x | — | 14.29 | Consolidated |
| Data Patterns (india) Ltd | 48.47 | 48.47 | 310.08 | 87.29x | 17% | 13.65 | Standalone |
| Astra Microwave Products Ltd | 20.32 | 20.27 | 138.46 | 83.92x | — | 12.33 | Consolidated |
| Zen Technologies Ltd | 21.52 | 21.52 | 209.22 | 73.44x | — | 7.56 | Consolidated |
| Bharat Electronics Ltd | 8.29 | 8.29 | 32.82 | 45.7x | — | 11.81 | Consolidated |
Source: All the financial information for listed industry peer is sourced from the filings made with stock exchanges available on www. bseindia.com for the Financial Year ending March 31, 2026. Source for the Company: Based on the Restated Consolidated Financial Statements for the financial year ended March 31, 2026. Notes: P/E Ratio has been computed based on the closing market price of equity shares on BSE on October 7, 2026, divided by the Diluted EPS. Return on Net Worth (%) for the Company is calculated as Net profit after tax divided by Average Net worth as at year end.
Strengths (per the offer document)
- Diversified defence product portfolio with deployability across all domains — As per the F&S Report, we are a global defence electronics OEM, with a track record of design and delivery of field tested defence systems, designing and developing products primarily catering to…
- Even within each domain, our offerings are diversified by mission objective, range of engagement
- Sound financials with healthy performance — The table below sets forth certain financial metrics of our Company for the three months ended June 30, 2026 and Fiscals 2026, 2025 and 2024, respectively: Particulars As of/ For the three As of/…
Risk factors (as disclosed by the company)
- While we are not dependent on a single customer and we typically have short term — Our customers include global militaries, system integrators who supply to global militaries and procurements by NATO countries, law enforcement and homeland security agencies and other global…
- Our top ten suppliers contributed to a significant portion of our total expenses — A significant portion of our total expenses are towards our ten largest suppliers, and thus we are heavily dependent on them.
- We are dependent on limited global suppliers for critical components and other raw materials — Our advanced electro-optics systems rely on a narrow supplier base for critical components such as uncooled and cooled infrared focal plane arrays, OLED micro displays, high-performance optics, and…
- As a global defence electronics OEM, our business is dependent on exports and the performance of geographies where we supply our products — We have supplied our products to customers across 24 countries as of June 30, 2026.
- We operate in an industry which is highly regulated and are subject to stringent government regulations — We operate in an industry which is highly regulated and our operations, including manufacturing are subject to stringent laws and regulations.
- We are measured against high quality standards and stringent performance requirements by our customers — We are a global defence electronics OEM that designs and develops advanced imaging, processing, and communication systems for surveillance, reconnaissance, targeting, and control.
- We may be required to issue performance bank guarantees for quality defects or delay in delivery, which could adversely affect our reputation, business — Our customers require us to issue performance bank guarantees for such quality and delivery related obligations which can be enforced against us in case of defective or damaged products or delay in…
- Any failure to protect or enforce our rights to own or use trademarks and brand name and identity could have an adverse effect on our business — Our core strength lies in complete ownership of a large portfolio of unrestricted intellectual property with respect to infrared imaging, night vision, computer vision and deep learning, precision…
From the RHP (strengths pages 257–263, risk factors pages 27–37). Headings shortened; the wording is the company’s. Not a recommendation.
Offer documents: DRHP (PDF) · RHP (PDF)
Track this issue
- Tonbo Imaging India IPO GMP today and trend
- Tonbo Imaging India IPO subscription status, day by day
- Tonbo Imaging India IPO allotment status and how to check
Frequently asked questions
When does the Tonbo Imaging India IPO open and close?
The issue is scheduled for 15 – 19 Oct 2026.
What is the Tonbo Imaging India IPO price band?
The price band is Band awaited per share.
When will Tonbo Imaging India list?
The tentative listing date is 23 Oct on the main board.
How do I apply for the Tonbo Imaging India IPO?
Apply through your broker or bank using ASBA or UPI within the issue window; the amount stays blocked in your account until allotment. BuyUnlistedShares does not take applications; it tracks the issue and the unlisted price before it.
Sources
- Draft red herring prospectus (DRHP), Tonbo Imaging India · as filed with SEBI · bseindia.com
- Red herring prospectus (RHP), Tonbo Imaging India · as filed · live.jmfl.com
- Registrar allotment page, Kfin Technologies Ltd. · allotment 21 Oct · ipostatus.kfintech.com
- NSE public issues page · listing 23 Oct · nseindia.com
- BSE public issues page · listing 23 Oct · bseindia.com
- Tonbo Imaging India company website · tonboimaging.com
- BuyUnlistedShares IPO record: GMP, subscription and allotment, dated daily · GMP as of 11 Oct, 06:40 · buyunlistedshares.com
How to cite this page: BuyUnlistedShares, “Tonbo Imaging India IPO”, https://buyunlistedshares.com/ipo/tonbo-imaging-india-ipo, as of 11 Oct 2026.
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Indicative reference price, dated. BuyUnlistedShares is India's premium unlisted shares desk, run by Gayatri Financial Synergy LLP, in the market since 2002. Reviewed by the BuyUnlistedShares desk before publishing. Data as of 11 Oct 2026.
Guides for IPO applicants and pre-IPO holders
- The risks of buying unlisted and pre-IPO shares in India
- Unlisted Shares Lock-In Period: What Every Investor Must Know (2026)
- What Happens to Your Unlisted Shares After the IPO? Lock-In Periods Explained
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