Tonbo Imaging IPO Subscribed 6.95X on Day 2, Led by NII Demand
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Khushi Jain
- October 16, 2026
Defence technology company Tonbo Imaging’s Rs 852.1 Cr initial public offering (IPO) continued to attract investor interest on the second day of bidding, with the issue subscribed 6.95X. Investors bid for approximately 5.93 Cr shares against the 85.26 Lakh shares on offer.
Retail individual investors (RIIs) led the demand in terms of total shares bid, placing bids for 2.70 Cr shares against the 42.6 Lakh shares reserved for them. This translated into an oversubscription of 6.34X in the retail category.
Non-institutional investors (NIIs) placed bids for 2.25 Cr shares against their reserved quota of 18.24 Lakh shares, taking the subscription level in the category to 12.36X.
Within the NII category, bids for 1.18 Cr shares came from lots valued above Rs 10 Lakh, while lots in the Rs 2-10 Lakh range attracted 1.08 Cr bids.
Qualified institutional buyers (QIBs) bid for 95.83 Lakh shares against their quota of 24.3 Lakh shares, resulting in an oversubscription of 3.94X.
Meanwhile, company employees bid for nearly 1.68 Lakh shares against the 14K shares reserved for them, taking the subscription level in the employee category to 12.03X.
Tonbo Imaging IPO Details
Before the IPO opened, Tonbo Imaging allotted 36.5 Lakh shares to 43 anchor investors at Rs 700 per share, raising Rs 255.4 Cr.
The Rs 852.1 Cr IPO comprises an offer for sale (OFS) of up to 1.2 Cr shares, with no fresh issue component. The issue will close on October 19.
The company has set a price band of Rs 665-700 per share, valuing Tonbo Imaging at Rs 4,009.8 Cr at the upper end of the price band.
Tonbo Imaging’s Business and Operations
Tonbo Imaging began as a subsidiary of research company Sarnoff Corporation, providing research and development (R&D) and technology development services. In 2012, the company was bought out by its promoters and cofounders, Arvind Lakshmikumar, Ankit Kumar and Cecilia D’Souza.
Since then, Tonbo has shifted its focus to designing and developing advanced imaging and sensor systems for surveillance, reconnaissance, targeting and other military applications.
Its product portfolio includes thermal imaging systems, weapon sights, fire-control systems and missile seekers.
Across its value chain, Tonbo handles prototype development, system integration and qualification testing in-house. Manufacturing is outsourced to partners such as Kaynes Technology and Avalon Technology.
Tonbo Imaging Financial Performance
Tonbo Imaging reported operating revenue of Rs 36 Cr and a net loss of Rs 17.7 Cr in Q1 FY27.
For the fiscal year ended March 2026, the company’s revenue from operations declined 22.7% to Rs 362.6 Cr from Rs 469.1 Cr in FY25.
Its net profit fell 43% year-on-year to Rs 50.8 Cr in FY26, compared with Rs 72.8 Cr in the previous fiscal year.
Disclaimer: We are a media platform sharing stock market and IPO news for informational purposes only. We do not provide investment advice.
FAQs
1. What is the total issue size of Tonbo Imaging’s IPO?
Tonbo Imaging’s IPO is valued at Rs 852.1 Cr.
2. How much was the Tonbo Imaging IPO subscribed on Day 2?
The IPO was subscribed 6.95X, with bids for approximately 5.93 Cr shares against 85.26 Lakh shares on offer.
3. Which investor category showed the highest subscription?
Non-institutional investors recorded the highest subscription among the main investor categories, at 12.36X.
4. What is the price band for Tonbo Imaging’s IPO?
The company has set a price band of Rs 665-700 per share.
5. What was Tonbo Imaging’s revenue in FY26?
Tonbo Imaging reported revenue from operations of Rs 362.6 Cr in FY26, down 22.7% from Rs 469.1 Cr in FY25.
Disclaimer: We are a media platform sharing stock market and IPO news for informational purposes only. We do not provide investment advice.
