Amid rising interest in defence tech, Tonbo Imaging files a pure OFS IPO, enabling shareholder exits while showcasing global deployments and profitability to broaden market visibility.
Tonbo Imaging India Ltd, a global defence electronics manufacturer, has filed its draft red herring prospectus (DRHP) with the Securities and Exchange Board of India (SEBI) to raise funds through an initial public offering (IPO).
The share sale will be entirely an offer for sale, with up to 18.1 million equity shares being divested and no fresh equity being issued.
The largest share in the offer will come from investor CEAQ Technologies, which plans to sell up to 15 million shares through its Indian and Singapore entities. Other shareholders participating in the sale include Artiman Partners, Timothy Guy Mitchell, Amit Dilip Shah and Ramesh Radhakrishnan.
Promoters and co-founders Arvind Kondangi Lakshmikumar, Ankit Kumar and Cecilia D’Souza, along with promoter group entity Vinimaya Advisory LLP, will together offload around 2.3 million shares.
According to the draft prospectus, the public listing is expected to improve Tonbo Imaging’s market visibility, strengthen its brand, offer liquidity to existing shareholders and establish a wider public market for its equity in India.
JM Financial and IIFL Capital Services will act as the book-running lead managers for the issue, while KFin Technologies has been appointed registrar. The company plans to list its shares on both the National Stock Exchange and the BSE.
Tonbo Imaging designs and manufactures advanced electro-optics and defence technology systems for surveillance, reconnaissance, targeting, and battlefield control. Its portfolio includes weapon sights, helmet-mounted systems, observation and long-range surveillance platforms, target acquisition and fire control solutions, EOIR search-and-track capabilities, driver vision aids, and enhanced vision systems that enable greater operational autonomy.
The company services customers in India and overseas and has deployed more than 20,000 systems across 24 countries as of June 2025. For the first quarter of FY26, it reported a consolidated net profit of ₹54 million on revenue of ₹687 million. In FY25, revenue stood at ₹4.69 billion, with a net profit of ₹728 million, alongside international expansion through new subsidiaries in Armenia and Australia.
