Sebi approves IPOs of defence electronics maker Tonbo Imaging and 3 others

Sebi has cleared the IPO proposals of four companies, including defence electronics maker Tonbo Imaging India, Hyderabad-based retailer Marri Retail, manufacturing technology firm Zetwerk and Gujarat Victory Forgings, adding to the pipeline of public issues waiting to tap the primary market.

Tonbo Imaging Indias IPO

Tonbo Imaging India’s IPO will be entirely an offer for sale of up to 1.81 crore equity shares of face value Rs 2 each. The offer for sale includes up to 19.6 lakh shares by promoter selling shareholders, 3.39 lakh shares by the promoter group selling shareholder and 1.56 crore shares by investor selling shareholders.


Tonbo Imaging is a global defence electronics original equipment manufacturer. The company was founded in 2003 by technologists who had earlier worked with the US Department of Defense and Sarnoff Corporation. It moved into defence-focused product manufacturing in 2012 after a promoter buyout.

The company is promoted by Arvind Lakshmikumar, Ankit Kumar and Cecilia D’Souza. Its investors include Qualcomm Ventures, Artiman, Edelweiss Value, Celesta Capital II LP, HBL Engineering, Tenacity Ventures, India Exim Bank and Florintree.

Tonbo’s IPO comes at a time when defence and strategic technology companies have drawn strong investor interest. The company designs, develops and manufactures sensing, processing, communication and guidance systems used in surveillance, reconnaissance, targeting and control.

Also Read: SBI MF IPO: Can Zerodha, Groww and other digital-first funds threaten India’s largest AMC in $1 trillion race?

Marri Retail IPO

Marri Retail has also received Sebi observations for its IPO. The Hyderabad-based company had filed its draft papers with the regulator on February 2, 2026. Its public issue, with a face value of Rs 2 per share, comprises a fresh issue of shares worth up to Rs 522 crore and an offer for sale of 2.7 crore equity shares by promoter Marri Venkat Reddy.

The company plans to use Rs 115.6 crore from the fresh issue to repay or prepay borrowings. Another Rs 250.5 crore will go towards opening 10 new apparel stores, one apparel store with a jewellery shop-in-shop format and two standalone jewellery stores. It also plans to use Rs 35.8 crore for lease and sub-lease rent payments for some existing stores and warehouse facilities. The remaining amount will be used for general corporate purposes.

Zetwerk IPO

Zetwerk has filed confidentially for an IPO, according to people aware of the development. The business-to-business manufacturing technology firm is looking to raise up to Rs 4,200 crore, or about $450 million, through the issue.

Kotak Mahindra Capital, JM Financial, Avendus Capital, Pantomath Capital and the Indian units of HSBC, Morgan Stanley and Goldman Sachs are bankers to the issue.

Gujarat Victory Forgings IPO

Gujarat Victory Forgings is also part of the IPO pipeline. The Vadodara-based company had filed draft papers with Sebi for an IPO comprising a fresh issue of up to 65 lakh equity shares and an offer for sale of up to 1.32 crore shares by promoter Vijendrakumar Bishamber Gupta.

The company manufactures high-purity copper cathodes and non-ferrous metal products. It plans to use the fresh issue proceeds to expand Unit III at Vadodara, reduce debt and for general corporate purposes. The issue dates, price band and lot size are yet to be announced.

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