Tonbo Imaging’s Rs 852 crore IPO subscribed 140x. Check GMP, allotment, other details

Tonbo Imaging India’s Rs 852.18-crore initial public offering (IPO) closed with robust demand, attracting 135.9 times subscription by the end of bidding on October 19, according to NSE data.

The issue received bids for 1,15,86,91,464 shares against 85,26,033 shares on offer. Qualified institutional buyers led the demand, subscribing to their allotted portion 293.56 times. The non-institutional investor category was subscribed 170.94 times, while the retail portion saw 31.06 times subscription.

In the grey market, Tonbo Imaging India shares were trading at a premium of 71.20% on the morning of October 20. This points to a potential listing price of Rs 1,201 against the upper end of the IPO price band of Rs 700. However, grey market premiums are unofficial indicators and do not guarantee listing gains.


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

The Bengaluru-based defence technology company is looking to raise Rs 852.18 crore through the issue, which is entirely an offer for sale (OFS) of 1.22 crore shares. As a result, the company will not receive any proceeds from the IPO, with the money going to existing shareholders selling their stakes. The price band was fixed at Rs 665-700 per share, and the issue was open for subscription from October 15 to October 19, 2026.

Incorporated in December 2003, Tonbo Imaging India is a global defence electronics original equipment manufacturer (OEM) that designs, develops and manufactures electro-optic and infrared (EO/IR), embedded vision, communication, guidance and surveillance systems for defence and security applications. Its offerings include thermal imaging systems, weapon sights, missile seekers, fire control and missile guidance systems, targeting solutions and handheld thermal imaging devices.

The company serves defence and security organisations across 24 countries, with more than 28,000 systems deployed in the field. Based on FY24-FY26 data, Tonbo Imaging India describes itself as India's largest manufacturer of thermal imaging systems for government and defence agencies and the country's largest exporter of such systems by volume.

As of June 30, 2026, the company had 339 permanent employees across product design and development, manufacturing, project management, sales, finance, human resources and management.

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.

Disclaimer: This article has been written by Veer Sharma, who is not a SEBI-registered Research Analyst or an Investment Adviser. Veer Sharma and his/her ‘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 disclaimers here.