Tonbo Imaging India IPO opens for subscription; GMP signals 71% listing gain. Check key details

Tonbo Imaging India’s IPO opened for subscription on Thursday, with the issue commanding a grey market premium (GMP) of 71%. The premium points to strong listing gain expectations in the unofficial grey market, although actual listing performance may differ.

The Bengaluru-based defence technology company is looking to raise Rs 852.18 crore through the public issue. The IPO is entirely an offer for sale (OFS) of 1.22 crore shares, meaning the company will not receive any proceeds from the issue. Instead, the funds raised will go to the selling shareholders.

Tonbo Imaging India has fixed the price band at Rs 665–700 per share. The IPO will open on October 15 and 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 has been set at 21 shares, requiring 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, 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 GMP today

Tonbo Imaging India IPO’s latest grey market premium (GMP) stood at Rs 500, or 71%, over the upper price band of Rs 700 per share. This implies an estimated listing price of Rs 1,200 per share.

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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