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Defence imaging firm Tonbo sets ₹665-700 price band for ₹852 crore IPO
The defence electro-optics maker opens its public issue on 15 October, a test of investor appetite for Indian defence technology.
Key points
- The issue opens on 15 October and closes on 19 October.
- It is entirely an offer for sale, so Tonbo raises no fresh money.
- At the top of the band, the company is valued at about ₹4,010 crore.
Tonbo Imaging, which makes electro-optic and electronic systems for defence use, has set a price band of ₹665 to ₹700 a share for its ₹852 crore initial public offering.
The issue opens for subscription on 15 October and closes on 19 October, with bidding for anchor investors on 14 October. At the top of the band, the company would be valued at about ₹4,010 crore.
The whole issue is an offer for sale of up to 1.22 crore shares by existing shareholders, so none of the money goes to the company. Sellers include the promoters and co-founders Arvind Kondangi Lakshmikumar, Ankit Kumar and Cecilia D’Souza, and investors CEAQ Technologies and Artiman Partners. The size was cut from the 1.81 crore shares proposed in the draft papers. The market regulator SEBI issued its observations on the draft last month, after the company refiled in August.
From lab to factory
Tonbo was set up in 2003 as a research and technology-services arm of a research company. Its promoters bought it out in 2012 and moved it into making defence products, including electro-optic and electronic systems. By 30 June 2026 it had deployed more than 28,000 systems in 24 countries.
In April 2025 it raised ₹175 crore in a Series D round from Florintree Advisors, Tenacity Ventures and EXIM Bank. In the April-June quarter of this year it reported operating revenue of ₹36 crore and a net loss of ₹17.7 crore.