Tonbo Imaging has received SEBI approval for its IPO as the defence electronics maker highlights its proprietary optics, embedded software and electronics IP, global deployment, and strong thermal-imaging export position.
Tonbo Imaging India, a defence electronics original equipment manufacturer (OEM), has received SEBI approval for its proposed initial public offering (IPO), comprising an offer for sale (OFS) of up to 18,085,246 equity shares with a face value of ₹2 each. The OFS includes shares held by promoter, promoter-group, and investor selling shareholders. JM Financial and IIFL Capital Services are the book-running lead managers.
As of 31 March 2026, Tonbo had more than 28,000 systems deployed across 24 countries. Its electronics portfolio includes thermal imaging cores, weapon sights, thermal binoculars, targeting systems, missile seekers, fire-control systems, and missile-guidance systems.
According to the Frost & Sullivan report cited in Tonbo’s DRHP, the company was the largest manufacturer by sales value of thermal imaging systems supplied to government and defence agencies in India during FY24-FY26. It also accounted for 94.3% of India’s thermal imaging exports by units during the period.
Founded in 2003, Tonbo shifted its focus to defence product manufacturing in 2012. The company has owned 100% of its IP since FY24, covering optics, embedded software, and electronics.
Tonbo follows an asset-light manufacturing model, outsourcing production to certified EMS partners including Kaynes Technology India and Avalon Technology, while retaining prototype development, system integration, and qualification testing in-house. Its investors include Qualcomm Ventures, Artiman, Celesta, Edelweiss Value and Growth Fund, HBL Engineering, and Export-Import Bank of India, among others.
