Tonbo Imaging India shares to list today; GMP signals 64% listing gain

Shares of Tonbo Imaging India are set to make their debut on the BSE and NSE on Friday, October 23, with grey market trends indicating expectations of a strong listing. The IPO is commanding a grey market premium (GMP) of around 64%, suggesting a potential gain over the issue price. However, the GMP is an unofficial indicator and does not guarantee the actual listing price or returns.

The Bengaluru-based defence technology company raised Rs 852.18 crore through its public issue, which comprised an offer for sale (OFS) of 1.22 crore shares. As the IPO was entirely an OFS, the company will not receive any proceeds from the offering. Instead, the proceeds will go to the existing shareholders selling their stakes.

Tonbo Imaging India had fixed the IPO price band at Rs 665–Rs 700 per share. The issue opened for subscription on October 15 and closed on October 19, 2026, receiving an overall subscription of 132.81 times. The retail investor portion was subscribed 31.11 times, while the qualified institutional buyer (QIB) category, excluding anchor investors, saw 293.56 times subscription. The non-institutional investor (NII) portion was subscribed 156.36 times.


The shares are scheduled to list on the BSE and NSE on October 23.

The IPO lot size was 21 shares, translating into a minimum investment of Rs 14,700 for retail investors applying at the upper end of the price band. Each equity share has a face value of Rs 2.

Ahead of the public issue, Tonbo Imaging India raised Rs 255 crore from anchor investors by allotting 36.48 lakh equity shares at Rs 700 apiece, the upper end of the IPO price band.

JM Financial and IIFL Capital Services are the book-running lead managers for the issue, while KFin Technologies is the registrar.

Tonbo Imaging India IPO GMP today

Tonbo Imaging India’s latest grey market premium (GMP) stood at Rs 445 per share, translating into a premium of around 64% over the IPO’s upper price band of Rs 700. At this premium, the estimated listing price works out to approximately Rs 1,145 per share.

However, the GMP is an unofficial indicator of market sentiment and does not guarantee the actual listing price or investor returns. It may fluctuate before the shares make their debut on the stock exchanges.

Financial performance

Tonbo Imaging India Ltd.’s total income declined 22% to Rs 370 crore in FY26 from Rs 474 crore in FY25. Profit after tax (PAT) fell 30% to Rs 51 crore from Rs 73 crore during the same period.

About Tonbo Imaging India Ltd.

Incorporated in December 2003, Tonbo Imaging India Ltd. is a global defence electronics original equipment manufacturer (OEM) that designs, develops and manufactures advanced electro-optic and infrared (EO/IR), embedded vision, communication, guidance and surveillance systems for defence and security applications. Its product portfolio includes thermal imaging systems, weapon sights, missile seekers, fire control and missile guidance systems, targeting solutions and handheld thermal imaging devices.

The company caters to defence and security organisations across 24 countries, with more than 28,000 systems deployed in the field. According to the company, it is 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. As of June 30, 2026, Tonbo Imaging India had 339 permanent employees across functions including product design and development, manufacturing, project management, sales, finance, human resources and management.

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