Tonbo Imaging Makes Strong Market Debut, Lists At 66% Premium To IPO Price
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Defence tech company Tonbo Imaging made a strong stock market debut, listing at ₹1,162 on the BSE, a 66% premium to its issue price of ₹700 per share.
On the NSE, the stock debuted at ₹1,160, translating into a listing gain of 65.71%. The company commanded a market capitalisation of ₹6,656.18 Cr (about $701.3 Mn) on the BSE at its listing price.
The debut followed strong investor demand for Tonbo’s ₹852 Cr IPO, which was open for subscription from October 15 to October 19 at a price band of ₹665-₹700 per share.
The public issue was subscribed 135.9X, attracting bids for 115.87 Cr shares against the 85.26 Lakh shares on offer.
The IPO comprised entirely an offer for sale (OFS) of around 1.22 Cr shares by existing shareholders, with no fresh issue component. Consequently, Tonbo will receive no proceeds from the public offering.
Tonbo’s cofounders Arvind Lakshmikumar, Ankit Kumar, and Cecilia D’Souza collectively pocketed ₹137.2 Cr by selling shares through the IPO, with Lakshmikumar accounting for ₹80.5 Cr of the proceeds.
Ahead of the bidding, the company secured ₹255.4 Cr from anchor investors, allotting 36.5 Lakh shares to 43 investors at ₹700 apiece. Participants included SBI Mutual Fund, Goldman Sachs, BlackRock, and WhiteOak Capital.
Inside Tonbo’s Defence Business
Tonbo was bought out from Sarnoff Corporation in 2012 by promoters and cofounders Arvind Lakshmikumar, Ankit Kumar, and Cecilia D’Souza. It subsequently pivoted from research and technology development services to designing advanced imaging and sensor systems for military applications.
Its portfolio includes thermal imaging systems, weapon sights, fire-control systems, and missile seekers used for surveillance, reconnaissance, and targeting. The startup handles prototype development, system integration, and qualification testing in-house, while outsourcing manufacturing to partners including Kaynes Technology and Avalon Technology.
The strong listing comes despite a decline in Tonbo’s FY26 financial performance. Operating revenue fell 22.7% YoY to ₹362.6 Cr from ₹469.1 Cr, while net profit declined about 30% to ₹50.8 Cr from ₹72.8 Cr.
In Q1 FY27, the startup reported a net loss of ₹17.7 Cr on operating revenue of ₹36 Cr.
Speaking to Inc42, CEO Lakshmikumar attributed the FY26 revenue decline to delays in executing international programmes, which pushed deliveries into FY27.
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