Bengaluru defence firm targets $102.5 million through pure offer-for-sale IPO as subscription opens.
Bengaluru-based defence technology firm Tonbo Imaging India opened its public offer for subscription on Thursday, with shares commanding a 71 per cent premium in the grey market. The strong grey market sentiment suggests high expectations for listing gains, though unofficial market indicators may not reflect final performance.
The public issue seeks to raise ₹852.18 crore ($102.5 million) through a complete offer-for-sale (OFS) of 1.22 crore shares. As a result, Tonbo Imaging will receive none of the raised capital, with all proceeds accruing to selling shareholders.
The price band has been set at ₹665 to ₹700 per share. Subscriptions remain open until 19 October 2026, with share allotment expected on 21 October and listings on the BSE and NSE tentatively scheduled for 23 October.
Retail investors must bid for a minimum lot of 21 shares, amounting to an initial outlay of ₹14,700($177) at the top of price band. Prior to public launch, the company secured ₹255 crore (30.7 million) from anchor investors at the upper price limit of ₹700 per share.
Financial results show total income for FY26 fell 22 per cent to ₹370 crore ($44.5 million) from ₹474 crore in FY2025, while the net profit declined 30 per cent to ₹51 crore (6.1 million).
Established in 2003, Tonbo Imaging manufactures advanced electro-optic and infrared surveillance systems, supplying defence clients across 24 countries with over 28,000 active field deployments.
