Tonbo Imaging India IPO

Lot size and investment

Reservation

QIB

60,80,023 shares (50.00% of the Offer)

NII

18,24,007 shares (15.00% of the Offer)

Retail

42,56,016 shares (35.00% of the Offer)

Employee

14,000 shares (0.11% of the Offer)

Current GMP

₹450

▲+64.29%

Estimated listing price

₹1,150

Issue price ₹700

Highest

₹516

16 Oct

Lowest

₹275

11 Oct

GMP by day (₹ per share)

Subject to sauda

₹7,100 retail · ₹99,400 HNI

GMP is an unofficial indicator from an unregulated market. It is shown for information only and is not a prediction of the listing price or a recommendation to apply.

P/E Ratio

-ve

EPS (₹)

-ve

RoE

-3.25%

RoCE

-4.31%

RoNW

-3.25%

PAT Margin

-47.52%

EBITDA Margin

-36.21%

NAV (₹)

94.01

Separate pre- and post-issue P/E are not available for this IPO; the P/E shown is as disclosed for the issue.

Peers are other recent IPOs from the same industry, closest in issue size. Ratios are as disclosed at the time of each issue. This is not the listed-peer table from the offer document.

How Tonbo Imaging India plans to use the money raised, as stated in the offer document.

1. Offer for sale by the selling shareholders. The company receives no proceeds from the offer

Tonbo Imaging India Limited works in the EO/IR systems segment of defence electronics. It designs, develops and manufactures sensing, processing, communication and guidance systems used for surveillance, reconnaissance, targeting and control. The company is based in Bengaluru, Karnataka. The products fall in two main groups. Tactical systems cover imaging, surveillance, reconnaissance and targeting, for example hand-held multi-sensor imaging systems (Bloodhound, Gazehound), driver vision systems (Minion), 360 degree situational awareness systems (WolfPack) and thermal weapon sights (Spartan, Arjun). Platform systems include subsystems such as Avenger S50, the Hummingbird gimbals, AGS30/ELPEOS fire control systems and TRAP missile seekers. The company is also investing in end platforms such as a loitering munition, and has designed a high power microwave platform called WaveStrike to counter drone swarms. Customers include NATO forces, US Special Operations Command, law enforcement and homeland security agencies and other global defence OEMs. The company also serves the armed forces, police and paramilitary forces. It reports a single segment. In FY2026, 93.06% of revenue from operations came from India. In FY2025, Europe gave 65.34% of revenue and India gave 33.49%. The business is asset light. The company makes pilot engineering units at its R&D centre in Bengaluru and outsources large-scale manufacturing to electronic manufacturing service partners under non-exclusive agreements. It currently works with Kaynes Technology India Limited and Avalon Technology and Services Private Limited. The three promoters, Arvind Kondangi Lakshmikumar (Managing Director and CEO), Ankit Kumar (Executive Director and Chief Business and Revenue Officer) and Cecilia D'Souza (Executive Director and Chief Commercial Officer), each have over 21 years of experience. In FY2026 the company split revenue between tactical products (Rs 211.68 crore), platform products (Rs 144.81 crore) and others (Rs 1.20 crore).

Promoters and shareholding

Ankit Kumar, Arvind Kondangi Lakshmikumar and Cecilia D'Souza

Promoter holding, pre-issue

18.58%

Promoter holding, post-issue

14.56%