Tonbo Imaging Sets IPO Price Band at ₹665-700

Defence electronics startup Tonbo Imaging India Ltd. will open its initial public offering (IPO) on October 15, 2026, with bidding closing on October 19. The anchor investor bidding date is October 14. The price band for the IPO has been fixed at ₹665 to ₹700 per equity share, each with a face value of ₹2. Investors can bid for a minimum of 21 shares and in multiples thereafter. The offer is entirely an offer for sale, comprising up to 12,174,046 equity shares.

Bengaluru-based Tonbo Imaging designs and manufactures sensing, processing, communication, and guidance systems for surveillance, reconnaissance, targeting, and control. Its product portfolio includes thermal imaging cores, weapon sights, handheld thermal imaging binoculars, targeting systems, missile seekers, and fire control systems, offered through its Tactical Systems and Platform Systems verticals. The company is also developing directed energy systems to counter drone swarms. As of June 30, 2026, Tonbo Imaging had deployed over 28,000 systems across 24 countries.

The company's products are designed and developed in India, ensuring its electro-optics and infrared portfolio remains free from US International Traffic in Arms Regulations (ITAR) restrictions. Since FY24, Tonbo has owned 100 per cent of the intellectual property used in its products. It operates an asset-light model, with design, prototyping, and testing at its Bengaluru R&D centre, while large-scale manufacturing is outsourced. The shares are proposed to be listed on BSE Limited and the National Stock Exchange of India Limited, with JM Financial Limited and IIFL Capital Services Limited as book-running lead managers.

Financially, Tonbo Imaging reported revenue from operations of ₹362.65 crore in FY26, a 22.69 per cent decrease from ₹469.08 crore in FY25. Profit after tax also declined to ₹50.88 crore from ₹72.76 crore. This decline was attributed to delays in executing international orders due to the West Asia conflict and the deferment of certain anticipated orders to FY27. In Q1FY27, revenue stood at ₹36.01 crore, with a net loss of ₹17.74 crore, reflecting lower revenue recognition amid seasonal factors and slower order execution. For an ordinary saver, this IPO offers an opportunity to invest in a defence electronics company with a global footprint, but recent financial performance shows a dip due to external factors.

What to watch: Company performance post-listing and execution of deferred orders.

Editor's note: The draft is accurate and incorporates all relevant financial and operational details from the provided source.