Tonbo Imaging India's ₹852.18 crore IPO opened for public subscription on Thursday, October 15, 2026, at a price band of ₹665 to ₹700 per share. According to Business Standard, the issue was fully subscribed within hours of opening, receiving 2.50 times subscription as of 2:20 PM on the first day. The subscription details show 2.25 times in the retail category, 2.12 times in QIB and 3.57 times in the NII category. The non-institutional investor portion was subscribed 3.02 times while the retail portion was booked 1.93 times. In the grey market, Tonbo Imaging India shares are commanding a premium of ₹500, as per The Financial Express, representing a significant jump from the earlier ₹500 premium that had strengthened from ₹270 on October 11. The IPO bidding will close on October 19, with the company receiving a 'Subscribe' rating from ICICI Securities citing strong future visibility led by multiple growth factors.
According to CNBC TV18, Tonbo Imaging expects its next phase of growth to be driven by thermal weapon sights, missile seekers and high power microwave (HPM) systems. CEO Arvind Lakshmikumar revealed that the company owns 65% of the thermal weapon sights market in India, having manufactured and supplied approximately 20,000 out of around 30,000 thermal weapon sights currently deployed in the country. He highlighted that India's requirement could increase from around 30,000 units to 300,000 units, providing substantial growth opportunities. The company has also secured sole-source supplier status for a couple of missile manufacturers and expects adoption of missile seeker systems to gather pace in 2028-29. Additionally, Tonbo Imaging has received minimum order quantities (MOQs) and letters of intent (LOIs) from the Indian Navy and customers in Europe for high power microwave systems, with each system priced at approximately ₹200 crore in India and $25 million in international markets.
Incorporated in 2003, Tonbo Imaging India designs and manufactures electro-optic and electronic systems for defence applications, building thermal imaging systems, weapon sights, handheld thermal imaging binoculars, targeting systems, missile seekers, fire-control systems and missile-guidance systems. The company claims to be India's largest manufacturer of thermal imaging systems for government and defence agencies and the country's largest exporter of such systems by volume, based on FY24-FY26 data. In the April to June 2026 quarter, the company reported a net loss of ₹17.74 crore with revenue of ₹36 crore. For the financial year ended March 2026, profit after tax fell 30% to ₹50.88 crore from ₹72.76 crore a year earlier, while total income fell around 22.1% to ₹369.94 crore from ₹474.39 crore. The company has deployed more than 28,000 systems across over 24 countries, demonstrating its global defence technology capabilities. The company's confirmed order book stood at ₹314.24 crore, comprising ₹231.87 crore from 30 domestic orders and ₹82.37 crore from six overseas orders, with additional orders worth ₹118.15 crore received between July 1 and September 30, 2026.
The ₹852 crore IPO is a complete offer for sale (OFS) with a price band set between ₹665 and ₹700 per share, comprising an OFS of 1.21 crore shares. According to The Financial Express, the company raised ₹255.36 crore from anchor investors by allotting 36.48 lakh equity shares at ₹700 apiece, the upper end of the price band. The minimum lot size for application is 21 shares, with investors required to apply for a minimum of 1 lot. Shares will be listed on both the National Stock Exchange and the Bombay Stock Exchange. The subscription period runs from October 15 to October 19, with basis of allotment on October 21, initiation of refunds on October 22, credit of shares to demat on October 22, and listing date on October 23.
ICICI Direct has assigned a 'Subscribe' rating to Tonbo Imaging's IPO, noting that with over 28,000 systems deployed across 24 countries, TIIL is an IP-led recognized OEM providing a diverse suite of field-proven electro-optic products. The brokerage highlighted that TIIL is the largest manufacturer of thermal imaging systems in India, having a 51% market share of this product's export from India in FY24-26. ICICI Direct expects the company to benefit from increasing global focus towards electromagnetic systems and asymmetric warfare, with near-term growth driven by pick-up in execution, sustainable margins and reduction in working capital days (517 days as of FY26). However, the brokerage flagged supply chain instability, high working capital requirement, dependence on government contracts, and changes in technology as key risks. Swastika has given a 'Neutral' rating, noting that while the company has a strong moat in high-tech defence optics, long-term upside depends on order execution consistency and earnings volatility recovery. The company offers extensive unrestricted IP in infrared imaging and target tracking with full-stack capabilities from core sensors to autonomous platforms.
