Tonbo Imaging IPO subscribed 135.9 times; allotment next

Tonbo Imaging India’s Rs 852.18-crore initial public offering closed on October 19 with subscription of 135.9 times, Economic Times Markets reported, citing NSE data. Investors bid for 1,15,86,91,464 shares against 85,26,033 shares available for subscription.

Qualified institutional buyers recorded the strongest demand, bidding for 293.56 times their allocation. The non-institutional category was subscribed 170.94 times, while retail investors subscribed 31.06 times their portion.

Allotment expected October 21

The basis of allotment is expected to be finalised on October 21, with a tentative debut on the BSE and NSE on October 23. The issue was open from October 15 to October 19, 2026, at a price band of Rs 665–700 a share.

The report put the shares’ grey market premium at 71.20% on the morning of October 20. This is an unofficial indication of trading interest, not an exchange price or a guarantee of listing gains.

An offer for sale, not fresh capital

The IPO consists entirely of an offer for sale of approximately 1.22 crore shares. The proceeds will go to existing shareholders selling their holdings; Tonbo Imaging India will receive no funds from the issue.

That distinction matters when assessing the defence technology company’s market debut: the transaction enables shareholders to sell stakes rather than directly financing the company’s development or manufacturing operations.

Defence electronics business; FY26 earnings declined

Incorporated in December 2003 and based in Bengaluru, Tonbo Imaging India designs and manufactures defence electronics, including electro-optic and infrared systems, embedded vision equipment, communications, guidance and surveillance systems. Its products include thermal imagers, weapon sights, missile seekers and fire-control systems.

The company serves defence and security organisations in 24 countries and has more than 28,000 systems deployed, according to the report. Based on FY24–FY26 data, it describes itself as India’s largest thermal-imaging systems manufacturer for government and defence agencies, and the country’s largest exporter of those systems by volume. Those rankings are company claims, not independently verified findings.

Strong subscription came despite weaker reported financial performance. Total income fell 22% to Rs 370 crore in FY26 from Rs 474 crore in FY25. Profit after tax declined 30% to Rs 51 crore from Rs 73 crore over the same period.