Tonbo Imaging IPO Subscribed 7.78x on Day 2
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Khushi Jain
- October 16, 2026
Defence technology company Tonbo Imaging’s Rs 852 crore initial public offering (IPO) was subscribed 7.78 times by the end of the second day of bidding, with investors placing bids for 6.63 crore shares against 85.26 lakh shares on offer, according to BSE data.
Retail individual investors (RIIs) led demand by bidding for 3.03 crore shares against the 42.6 lakh shares reserved for them, translating into an oversubscription of 7.13 times.
Non-institutional investors (NIIs) placed bids for 2.62 crore shares against 18.24 lakh shares allocated to the category, resulting in an oversubscription of 14.35 times.
Within the NII category, bids for lots valued above Rs 10 lakh accounted for nearly 1.40 crore shares, while lots in the Rs 2 lakh to Rs 10 lakh range attracted 1.22 crore shares in bids.
Qualified institutional buyers (QIBs) cumulatively bid for 96.12 lakh shares against their allocation of 24.3 lakh shares, resulting in an oversubscription of 3.95 times.
The employee portion was subscribed 13.14 times, with bids for 1.84 lakh shares against the 14,000 shares reserved for employees.
Tonbo Imaging IPO Subscription Details
Earlier on the second day of bidding, Tonbo Imaging’s Rs 852.1 crore IPO had received bids for around 5.93 crore shares against 85.26 lakh shares on offer, translating into an oversubscription of 6.95 times.
At that stage, retail investors had bid for 2.70 crore shares against their reserved 42.6 lakh shares, resulting in an oversubscription of 6.34 times.
NIIs had placed bids for 2.25 crore shares against their allocation of 18.24 lakh shares, translating into an oversubscription of 12.36 times. Within this category, bids for lots valued above Rs 10 lakh accounted for 1.18 crore shares, while lots in the Rs 2 lakh to Rs 10 lakh range attracted 1.08 crore shares.
QIBs had bid for 95.83 lakh shares against their quota of 24.3 lakh shares, resulting in an oversubscription of 3.94 times.
Meanwhile, employees had placed bids for nearly 1.68 lakh shares against the 14,000 shares reserved for them, oversubscribing their allocation by 12.03 times.
Tonbo Imaging IPO Details
Before the IPO opened, Tonbo Imaging allotted 36.5 lakh shares to 43 anchor investors at Rs 700 apiece, raising Rs 255.4 crore.
The IPO comprises an offer for sale (OFS) of up to 1.2 crore shares, with no fresh issue component. The issue will close on October 19.
Tonbo Imaging has set a price band of Rs 665 to Rs 700 per share, valuing the company at Rs 4,009.8 crore 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. The company was bought out by promoters and co-founders Arvind Lakshmikumar, Ankit Kumar and Cecilia D’Souza in 2012.
Since then, the company 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.
Tonbo handles prototype development, system integration and qualification testing in-house, while outsourcing manufacturing to partners such as Kaynes Technology and Avalon Technology.
Tonbo Imaging Financial Performance
Tonbo Imaging reported operating revenue of Rs 36 crore and a net loss of Rs 17.7 crore in Q1 FY27.
For the fiscal year ended March 2026, revenue from operations declined 22.7% to Rs 362.6 crore from Rs 469.1 crore in FY25.
Net profit fell 43% year-on-year to Rs 50.8 crore in FY26, compared with Rs 72.8 crore in the previous fiscal year.
FAQs
1. How much has Tonbo Imaging’s IPO been subscribed?
Tonbo Imaging’s IPO was subscribed 7.78 times by the end of the second day of bidding.
2. Which investor category led demand for the Tonbo Imaging IPO?
Retail individual investors led demand, subscribing to their allocated portion 7.13 times.
3. What is the price band for the Tonbo Imaging IPO?
The company has set a price band of Rs 665 to Rs 700 per share.
4. When does the Tonbo Imaging IPO close?
The IPO will close on October 19.
5. What was Tonbo Imaging’s financial performance in FY26?
Revenue from operations declined 22.7% to Rs 362.6 crore, while net profit fell 43% year-on-year to Rs 50.8 crore.
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