Tonbo Imaging India’s IPO to Open on Oct 15; Price Band Fixed at Rs 665-700
Bengaluru-based global defence electronics OEM to launch Rs 852 cr OFS of 1.21 crore shares; 28,000 systems deployed across 24 countries, ITAR-free product portfolio
POSTED BY : ANAGHA SAKPAL DT. 12/10/2026 📞 9004379946
- Price Band fixed at ₹665 to ₹700 per equity share of face value of ₹2 each of Tonbo Imaging India Limited
- Anchor Investor Bidding Date – Wednesday, October 14, 2026
- Bid /Offer Opening Date – Thursday, October 15, 2026, and Bid/ Offer Closing Date – Monday, October 19, 2026
- Bids can be made for a minimum of 21 Equity Shares and in multiples of 21 Equity Shares thereafter
- RHP link: https://live.jmfl.com/od/UploadedFiles/CA86AB52-0D43-437A-8D1C-6E475C6CEF01.pdf
Mr. Arvind Lakshmikumar, Managing Director and Chief Executive Officer, Tonbo Imaging India Limited, at the press conference to announce the company’s proposed Initial Public Offering
MUMBAI : RMI.IN : Tonbo Imaging India Limited, a Bengaluru-based global defence electronics Original Equipment Manufacturer (OEM), has announced its Initial Public Offering will open for subscription on Thursday, October 15, 2026.
The company has fixed the Price Band at Rs 665 to Rs 700 per equity share of face value Rs 2 each. The Anchor Investor Bidding Date is Wednesday, October 14, 2026, and the Bid/Offer Closing Date is Monday, October 19, 2026.
Investors can bid for a minimum of 21 equity shares and in multiples of 21 thereafter. The Red Herring Prospectus (RHP) is available at https://live.jmfl.com/od/UploadedFiles/CA86AB52-0D43-437A-8D1C-6E475C6CEF01.pdf
100% Offer for Sale:
The Offer comprises entirely an Offer for Sale (OFS) of up to 12,174,046 equity shares aggregating up to approximately Rs 852 crore at the upper price band. There is no fresh issue component.
The equity shares are proposed to be listed on BSE Limited and National Stock Exchange of India Limited (NSE).
JM Financial Limited and IIFL Capital Services Limited are the Book Running Lead Managers to the Offer.
About Tonbo Imaging – ITAR-Free Defence Tech Leader:
Tonbo Imaging is a global defence electronics OEM that designs, develops and manufactures sensing, processing, communication and guidance systems for surveillance, reconnaissance, targeting and control.
Its product portfolio includes thermal imaging cores, weapon sights, handheld thermal imaging binoculars, targeting systems, missile seekers and fire control systems, offered through its two verticals – Tactical Systems and Platform Systems. The company is also developing directed energy systems to counter drone swarms, a critical capability in modern warfare.
As of June 30, 2026, Tonbo Imaging had deployed over 28,000 systems across 24 countries, establishing itself as a trusted supplier to defence forces globally.
The company is led by its Promoters, Arvind Kondangi Lakshmikumar, Managing Director and CEO, Ankit Kumar and Cecilia D’Souza.
Key Differentiators:
A major strength of Tonbo Imaging is that it designs and develops its products entirely in India, enabling its electro-optics and infrared portfolio to remain free from U.S. International Traffic in Arms Regulations (ITAR) restrictions. This gives the company greater flexibility in exporting to global markets without US regulatory hurdles.
Since Fiscal 2024, the company has owned 100% of the intellectual property used in its products, reflecting its deep R&D capabilities.
The company follows an asset-light operating model, with design, prototyping and testing undertaken at its Bengaluru R&D centre, while large-scale manufacturing is outsourced to certified electronics manufacturing partners. This model allows scalability with low capital expenditure.
With rising global defence spending, increasing adoption of night-vision and thermal imaging systems, and the growing threat of drone swarms, Tonbo Imaging is positioned in a high-growth segment of defence electronics.
