Tonbo Imaging India IPO Day 2: GMP at 71%, issue subscribed 4x; Check key details

Tonbo Imaging India IPO entered its second day of bidding on Friday, amid strong investor interest. The IPO’s grey market premium (GMP) stood at 71%, indicating elevated listing gain expectations in the unofficial market. However, the grey market premium is an unofficial indicator and does not guarantee the stock’s listing performance.

The IPO witnessed an overall subscription of 4 times on Day 1 against 85.26 lakh shares on offer. The retail individual investor (RII) category was subscribed 3.20 times, compared with 42.56 lakh shares reserved for the segment.

The Bengaluru-based defence technology company aims to raise Rs 852.18 crore through the public issue. The IPO is entirely an offer for sale (OFS) of 1.22 crore shares, which means 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 has fixed the IPO price band at Rs 665–700 per share. The issue opened for subscription on October 15 and will close on October 19, 2026.

The basis of allotment is expected to be finalised on October 21, while the shares are tentatively scheduled to list on the BSE and NSE on October 23.

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

Ahead of the public issue, Tonbo Imaging India raised Rs 255 crore from anchor investors. The company allotted 36.48 lakh equity shares at Rs 700 apiece, which is 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 has been appointed as the registrar.

Tonbo Imaging India IPO Subscription Status

Tonbo Imaging India’s IPO witnessed strong investor demand on Day 1, with the issue subscribed 4 times overall against 85.26 lakh shares on offer.

Among investor categories, Non-Institutional Investors (NIIs) led the subscription with 5.96 times, compared with 18.24 lakh shares offered in the category. Qualified Institutional Buyers (QIBs) subscribed 3.92 times against 24.32 lakh shares on offer.

Meanwhile, the Retail Individual Investors (RIIs) category was subscribed 3.20 times, against 42.56 lakh shares reserved for retail investors.

Tonbo Imaging India IPO GMP Today

Tonbo Imaging India IPO’s grey market premium (GMP) stood at Rs 500 per share, representing a 71.43% premium over the upper end of the IPO price band of Rs 700.

At this GMP, the estimated listing price works out to around Rs 1,200 per share, indicating a potential gain of Rs 500 per share for investors who receive an allotment at the upper price band. However, the GMP is an unofficial market indicator and does not guarantee the actual listing price or listing gains. The premium may fluctuate before the shares 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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