Tonbo Imaging India Launches ₹852 Crore Defense Electronics IPO
Tonbo Imaging India opened its ₹852 crore initial public offering on October 15 after raising ₹255.36 crore from global anchor investors.
Defense electronics manufacturer Tonbo Imaging India Limited opened its ₹852.2-crore initial public offering for public subscription on October 15, 2026. The IPO, which closes on October 19, features a price band between ₹665 and ₹700 per equity share. At the upper limit, the Bengaluru-based company is valued at approximately ₹4,010 crore.
The offering consists entirely of an offer for sale of approximately 12.2 million equity shares by promoters and existing investors. Because there is no fresh issue component, the company will receive no new capital; all net proceeds will go to the selling shareholders. Managing Director and CEO Arvind Kondangi Lakshmikumar stated that the IPO serves as a liquidity event to return money to limited partners and noted that fresh funding can wait until the company demonstrates performance as a public entity.
Ahead of the public launch, the company raised ₹255.36 crore from anchor investors on October 14. This group included global firms such as Goldman Sachs, Temasek Holdings, BlackRock, The Prudential Assurance Company, and Allianz Global Investors, alongside 12 domestic mutual funds. Additionally, the company facilitated secondary share transactions on September 29-30, where institutional investors including Amansa Investments, SBI Mutual Fund, and HDFC Life Insurance Company invested over ₹413 crore.
Tonbo Imaging specializes in sensing and guidance systems and has deployed over 28,000 systems across 24 countries. Despite its global reach, the company reported a revenue decline in FY26 to ₹362.65 crore from ₹469.08 crore in FY25, attributing the drop to delays in international orders caused by the West Asia conflict.
