Tonbo Imaging Sets IPO Price Band at ₹665-700, Opens October 15

Tonbo Imaging India Ltd, a Bengaluru-based defence electronics startup, has announced the price band for its initial public offering (IPO) at ₹665 to ₹700 per equity share. The company will open the public subscription window on October 15, 2026, with bidding closing on October 19. Ahead of the public offer, anchor investors can participate on October 14.

The IPO will be entirely an offer for sale, comprising up to 12,174,046 equity shares, each with a face value of ₹2. Individual investors will need to bid for a minimum of 21 shares, and further bids must be made in multiples of 21.

Tonbo Imaging specializes in the design and manufacture of advanced sensing, processing, communication, and guidance systems tailored for defence applications such as surveillance, reconnaissance, targeting, and control. Its product range includes thermal imaging cores, weapon sights, handheld thermal imaging binoculars, targeting systems, missile seekers, and fire control systems. These products are organized under the Tactical Systems and Platform Systems verticals.

The company is also innovating in directed energy technologies aimed at neutralizing drone swarms, reflecting a growing focus in the defence sector on counter-unmanned aerial vehicle (UAV) capabilities. As of June 30, 2026, Tonbo Imaging has successfully deployed more than 28,000 systems across 24 countries, indicating its expanding global footprint.

Leadership at Tonbo Imaging includes Managing Director and Chief Executive Officer Arvind Kondangi Lakshmikumar, along with promoters Ankit Kumar and Cecilia D’Souza. The company emphasizes indigenous product development, with all design, prototyping, and testing conducted at its research and development center in Bengaluru. This strategy allows Tonbo’s electro-optics and infrared products to avoid restrictions imposed by US International Traffic in Arms Regulations (ITAR), enhancing export potential.

Since fiscal year 2024, Tonbo Imaging has owned 100 percent of the intellectual property related to its product portfolio. The firm operates on an asset-light model, outsourcing large-scale production to certified electronics manufacturing partners, which helps maintain operational efficiency.

The upcoming IPO shares will be listed on both the Bombay Stock Exchange (BSE) and the National Stock Exchange of India (NSE). JM Financial Limited and IIFL Capital Services Limited are managing the book-running lead manager roles for the offering.

Financially, Tonbo Imaging posted revenue from operations of ₹362.65 crore for fiscal year 2026, marking a 22.69 percent decrease from ₹469.08 crore in fiscal 2025. Profit after tax also dropped from ₹72.76 crore to ₹50.88 crore during this period. The company attributed the downturn to delays in fulfilling international orders caused by conflict in West Asia and the postponement of some anticipated orders to fiscal 2027.

In the first quarter of fiscal 2027, Tonbo recorded revenue of ₹36.01 crore but faced a net loss of ₹17.74 crore. This loss was associated with slower order execution and typical seasonal business fluctuations.

The defence electronics sector in India is witnessing growing interest, driven by increased government focus on self-reliance and indigenous manufacturing under initiatives like 'Make in India' and the Defence Acquisition Procedure. Tonbo Imaging’s IPO reflects broader market trends where technology-driven startups in defence are seeking capital to expand research, development, and production capabilities.