Tonbo Imaging Sets IPO Price Band At ₹665-₹700 For ₹852 Cr Issue

Defence tech company Tonbo Imaging India has set a price band of ₹665-₹700 per equity share for its ₹852.1 Cr OFS-only IPO.

The IPO comprises an OFS of up to 1.22 Cr equity shares, with no fresh issue component.

At the upper end of the price band, the IPO values the company at ₹4,009.8 Cr (about $480 Mn).

The issue will open for subscription on October 15 and close on October 19, with anchor investor bidding scheduled for October 14.

The selling shareholders include promoters and cofounders Arvind Kondangi Lakshmikumar, Ankit Kumar, and Cecilia D’Souza, alongside investors such as CEAQ Technologies and Artiman Partners.

The offer has been reduced from the 1.81 Cr shares proposed in its draft papers. SEBI issued its observations on its DRHP last month, after the company refiled the draft papers in August.

Founded in 2003, Tonbo initially provided R&D and technology development services as a subsidiary of a research company. Following its buyout by the promoters in 2012, it shifted to manufacturing defence products, including advanced electro-optic and electronic systems.

As of June 30, 2026, the startup had deployed more than 28,000 systems across 24 countries

In April last year, Tonbo raised ₹175 Cr in a Series D funding round from investors including Florintree Advisors, Tenacity Ventures, and EXIM Bank at a reported valuation of ₹1,500 Cr.

On the financial front, Tonbo reported operating revenue of ₹36 Cr and a net loss of ₹17.7 Cr in Q1 FY27.

(The story will be updated soon)

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