Tonbo Imaging India Limited will open its initial public offering (IPO) on Thursday, October 15, 2026, with the price band fixed at ₹665 to ₹700 per equity share. Each share has a face value of ₹2. The offer will close on Monday, October 19, 2026. The anchor investor bidding date has been scheduled for Wednesday, October 14, 2026. Investors can bid for a minimum of 21 equity shares and in multiples of 21 shares thereafter.
The IPO comprises an offer for sale of up to 12,174,046 equity shares. The offer will involve the sale of existing shares and does not include a fresh issue of equity shares by the company. The equity shares are proposed to be listed on BSE Limited and the National Stock Exchange of India Limited. JM Financial Limited and IIFL Capital Services Limited are the book-running lead managers to the offer.
Tonbo Imaging India Limited is a Bengaluru-based defence electronics original equipment manufacturer that designs, develops and manufactures systems for sensing, processing, communication and guidance. Its products are used in surveillance, reconnaissance, targeting and control applications.
The company’s portfolio includes thermal imaging cores, weapon sights, handheld thermal imaging binoculars, targeting systems, missile seekers and fire control systems. These products are offered through its Tactical Systems and Platform Systems business verticals. Tonbo is also developing directed energy systems designed to counter drone swarms.
As of June 30, 2026, the company had deployed more than 28,000 systems across 24 countries. Tonbo Imaging is led by its promoters, Arvind Kondangi Lakshmikumar, Managing Director and Chief Executive Officer, Ankit Kumar and Cecilia D’Souza. The company develops its products in India, with design and development activities supporting its electro-optics and infrared systems portfolio.
According to the company, its products are free from restrictions under the US International Traffic in Arms Regulations (ITAR). Since fiscal year 2024, Tonbo has owned 100% of the intellectual property used in its products. The company follows an asset-light operating model. Design, prototyping and testing are undertaken at its Bengaluru research and development centre, while large-scale manufacturing is outsourced to certified electronics manufacturing partners. Tonbo’s product portfolio serves defence and security requirements across international markets. The IPO prospectus provides details of the offer, the company’s business, financial performance and associated investment risks.
