Defence tech firm Tonbo Imaging sets IPO price band at Rs 665-700; issue to open on Oct 15

Defence electronics maker Tonbo Imaging India has fixed a price band of Rs 665-700 per share for its Rs 852-crore initial public offering (IPO).

The issue will open for public subscription on October 15 and conclude on October 19, according to a public announcement by the company on Monday.

The IPO comprises an Offer for Sale (OFS) of 1.22 crore equity shares by promoters and existing investors, with no fresh issue component.


As a part of the OFS, promoters -- Arvind Kondangi Lakshmikumar, Ankit Kumar and Cecilia D'Souza -- will offload shares. Other selling shareholders include Vinimaya Advisory LLP, CE AQ Technologies, Timothy Guy Mitchell, Artiman Partners LLC, Amit Dilip Shah and Ramesh Radhakrishnan.

Since the IPO is entirely an OFS, the company will not receive any proceeds from the share sale.

Founded in 2003 by technologists who had previously worked with the US Department of Defense and Sarnoff Corporation, Tonbo Imaging shifted its focus to defence product manufacturing in 2012 after its current promoters.

The company designs and manufactures sensing, processing, communication and guidance systems used in surveillance, reconnaissance, targeting and control applications. Its product portfolio includes thermal imaging cores, weapon sights, handheld thermal imaging binoculars, targeting systems, missile seekers, fire control systems and missile guidance systems.

It also supplies products to global defence forces, law enforcement agencies, homeland security organisations and defence original equipment manufacturers (OEMs).

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