BlackRock, SBI MF lead Tonbo Imaging’s Rs 255 crore anchor round ahead of IPO

Tonbo Imaging India has raised Rs 255 crore from anchor investors ahead of its IPO, with the defence technology company allotting shares at the upper end of its price band. The Bengaluru-based company allotted 36.48 lakh shares to anchor investors at Rs 700 per share, the top end of the IPO price band. The shares have a face value of Rs 2 each.

Tonbo Imaging’s IPO will open for subscription on Thursday, October 15, 2026, and close on Monday, October 19, 2026. The company has fixed a price band of Rs 665-700 per share. Investors can bid for a minimum of 21 shares and in multiples of 21 shares thereafter.

The IPO is entirely an offer for sale of up to 1,21,74,046 equity shares. At the upper end of the price band, the issue size works out to about Rs 852 crore. Since the issue is an offer for sale, the proceeds will go to the selling shareholders and not to the company.


Tonbo Imaging is described as a global defence original equipment manufacturer and India’s largest manufacturer of thermal imaging systems supplied to government and defence agencies by sales during the period from April 2024 to March 2026, according to IPO documents.

The anchor book saw strong participation from domestic mutual funds, insurance companies and global institutional investors. Out of the total anchor allocation, 21,05,565 shares, or 57.72% of the anchor portion, were allotted to 12 domestic mutual funds through 25 schemes.

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Domestic institutional investors that participated in the anchor book included SBI Infrastructure Fund, ICICI Prudential Smallcap Fund, HDFC Mutual Fund, Kotak Mahindra Mutual Fund, Nippon India Mutual Fund, Aditya Birla Sun Life Mutual Fund, Axis Mutual Fund, Mirae Asset, Canara Robeco, Helios and WhiteOak Capital.

Insurance companies also participated in the anchor round. The list included HDFC Life Insurance Company, Axis Max Life Insurance, Kotak Mahindra Life Insurance Company and Tata AIA Life Insurance Company.

The company also drew interest from global investors. The anchor book included participation from Goldman Sachs, BlackRock, Aranda Investments, Ashoka India Equity Investment Trust, Public Sector Pension Investment Board, The Prudential Assurance Company and Allianz Global Investors.

Tonbo Imaging is coming to the market at a time when defence, aerospace and manufacturing-linked themes have remained in focus among investors. The company’s positioning in thermal imaging systems and defence technology places it in a sector where order visibility, government spending and export opportunities will be closely watched.

Thermal imaging systems are used in surveillance, targeting, border security and other defence applications. Tonbo Imaging’s customer base includes government and defence agencies, making the company part of India’s broader defence technology and indigenisation theme.

JM Financial and IIFL Capital Services are the book-running lead managers to the issue. The company’s shares are proposed to be listed on the stock exchanges after completion of the IPO process.

Disclosure: This article has been written by Podishetti Akash, who is not a SEBI-registered Research Analyst or an Investment Adviser. Podishetti Akash and his ‘relative(s)’ (as defined under Section 2(77) of the Companies Act, 2013) do not hold any financial interest in the companies mentioned in this article as of the date of publication. The views/recommendations mentioned in this article, wherever applicable, are those of the respective SEBI-registered Research Analyst/brokerage and have been reproduced/reported with due attribution. They should not be construed as the views or recommendations of The Economic Times Digital or the journalist. Readers are advised to consider the original research report and make their investment decisions based on their own assessment. Brokerage disclosures here