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Tonbo Imaging India IPO

GMP, Subscription, Price, Allotment, Listing Date & AI Prediction

Upcoming

Mainboard

PRICE BAND

Rs 665 - 700

LOT SIZE

21

Shares

MIN INVEST

Rs 14,700

CUT-OFF

Rs 700

per share

Open

15 Oct 2026

Last Day

19 Oct 2026

Allotment

21 Oct 2026

Expected Refund

22 Oct 2026

Listing

23 Oct 2026

GMP Today

4m ago

+42.1%

+Rs 295 premium

Refresh in --:--

Est. Listing Price

GMP Based

Rs 995

Issue Price + GMP (Dynamic)

Est. Profit (1 Lot)

GMP Based

+Rs 6,195

+42.1% (21 shares)

Subscription

-

Not open

IPOGyani AI Engine - Live Prediction
+27.6%

Range: +23.6% to +31.6%

Confidence: Moderate - 64%

Confidence Score - 64%

📈 GMP Trend⚓ Anchor Quality🧠 Sentiment 64/100📊 Sub 0x🏭 Defence Electronics
Next refresh: --:---Updated: --:-- IST-Model: IPOGyani v2.1

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Current IPO Status: upcoming

Summarize with AI

Get a quick Tonbo Imaging India summary (150-200 words) from your favorite AI:

About Tonbo Imaging India

Defence Electronics

The company's product portfolio includes thermal imaging systems, weapon sights, missile seekers, fire-control systems, missile-guidance systems, targeting systems and handheld thermal imaging devices. Its products serve defence and security organisations across 24 countries, with more than 28,000 systems deployed in the field. The company develops products using in-house research and development and proprietary intellectual property. Its technologies support surveillance, reconnaissance, targeting and platform-based defence applications. As of June 30, 2026, the company had 339 permanent employees.

IPO_DETAILS_LONG: Tonbo Imaging India IPO is a Mainboard book-built issue consisting entirely of an offer for sale of 1,21,74,046 equity shares of face value ₹2 each. The price band is ₹665 to ₹700 per share, with a lot size of 21 shares. The total issue size is approximately ₹852.18 Cr at the upper price band. The IPO opens on October 15, 2026 and closes on October 19, 2026. Allotment is scheduled for October 21, refund and demat credit for October 22, and listing on BSE and NSE for October 23, 2026. The pre-issue and post-issue share count remains 5,72,82,100 shares because the offer is entirely an OFS. The IPO proceeds will go to selling shareholders, not to the company.

Issue Details

Total Issue Size

Rs 852 Cr

Issue Size for Retail

Rs 298.26 Cr

Fresh Issue vs OFS

OFS
Rs 852.18 Cr (100%)

Reservation Quota

QIB

50%

Retail

35%

NII

15%

Lead Manager

JM Financial Ltd.; IIFL Capital Services Ltd.

Registrar

KFin Technologies Limited

Objects of the Issue (as per DRHP)

  • 1Entire issue is an Offer for Sale by existing shareholders; no proceeds will go to the company

Key Performance Indicator (KPI)

KPIJun 30, 2026Mar 31, 2026
ROE-3.25%9.75%
ROCE-4.31%14.54%
Debt/EquityNA0.21
RoNW-3.25%9.75%
PAT Margin-47.52%13.75%
EBITDA Margin-36.21%28.85%
Price to Book Value7.25
Pre IPOPost IPO
EPS (Rs)8.88NA
P/E (x)78.83NA
Promoter Holding18.58%15.72%
Market CapRs 4009.75 Cr.

Ankit Kumar; Arvind Kondangi Lakshmikumar; Cecilia D’Souza

Tonbo Imaging India Financials

Company financial data by reporting period. Amounts in Rs crore; ratios and percentages as labelled. A dash means not available, not zero.
MetricFY23FY24FY25FY26
Total Income96.83431.9474.39369.94
Net Profit (PAT)1.1868.5472.7650.88
EBITDA10.22112.32139.06104.62
Borrowings41.0296.3678.14116.06
ROE3.94%52.72%20.2%9.75%
ROCE14.33%67.76%27.41%14.54%
Debt/Equity1.370.420.160.21
Assets171.1574.68726.36782.5

Company Financials

Financial charts load as you reach this section.

MARKET SENTIMENT SCORE

0
50
100
64
Bullish

Based on expert reviews, GMP trends & market signals

Expert Reviews & Opinions

0
Positive
1
Neutral
0
Negative
MoneycontrolNewsNeutral

By Moneycontrol News

Reports FY26 revenue falling 22.7% to ₹362.6 Cr and profit declining 30% to ₹50.9 Cr. The June 2026 quarter recorded a ₹17.7 Cr loss. Despite its defence-electronics portfolio, the ₹852 Cr pure OFS and weakening recent financial performance are key concerns.

12 Oct 2026View Source

Reviews are AI-summarized from news channels, and other expert sources. Each summary is limited to 2 lines for quick reading.

Peer Comparison

Comparing with 5 listed peers
IPO P/E Ratio
NA
IPO Market Cap
Rs 4010 Cr
Peer Avg: 66K Cr
IPO ROE
9.75%
vs Peer Avg: 17.0%
CompanyMarket CapRevenuePATP/EROE
TI
Tonbo Imaging IndiaIPO
Rs 4010 CrRs 369.94 CrRs 50.88 Cr78.83x9.75%
Paras Defence and Space Technologies Limited10K Cr476.57 Cr-117.74x-
Data Patterns (India) Limited23K Cr924.77 Cr-87.29x17%
Astra Microwave Products Limited16K Cr1.1K Cr-83.92x-
Zen Technologies Limited14K Cr973.64 Cr-73.44x-
Bharat Electronics Limited269K Cr24K Cr-45.7x-
Peer Average66K Cr5.4K Cr-81.6x17.0%

Quick Analysis

  • Tonbo Imaging India's P/E of 78.83x is lower than the peer average of 81.6x, suggesting relatively attractive valuation.
  • ROE of 9.75% is below peer average (17.0%), indicating lower return on equity.
  • Market cap post-listing would place Tonbo Imaging India below peer average in terms of size.

* All peer data is from publicly available sources. Financial figures are latest reported annual numbers.

Company Contact Details

No. 3, Chikkayellappa Tower-II, 1st C Main, Sarjapur Main Road, Jakkasandra Extension, Chikkayellappa Industrial Layout, Bengaluru, Karnataka 560034

Green Flags

  • Established defence electronics business with operations dating back to 2003.
  • Proprietary electro-optic and infrared imaging technologies supported by in-house R&D.
  • More than 28,000 deployed systems across 24 countries.
  • Products span surveillance, thermal imaging, targeting, communication and guidance applications.
  • FY26 reported total income of ₹369.94 Cr and PAT of ₹50.88 Cr.
  • The company reported FY26 EBITDA margin of 28.85%.

Red Flags

  • The IPO is entirely an OFS, so the company receives no proceeds for growth, debt repayment or working capital.
  • FY26 total income declined to ₹369.94 Cr from ₹474.39 Cr in FY25.
  • FY26 PAT declined to ₹50.88 Cr from ₹72.76 Cr in FY25.
  • The quarter ended June 30, 2026 reported a loss after tax of ₹17.74 Cr and negative EBITDA of ₹13.04 Cr.
  • June 2026 ROE and ROCE were negative at -3.25% and -4.31%, respectively.
  • The reported pre-IPO P/E is 78.83x at the upper price band.
  • Defence procurement cycles, contract timing and export restrictions can affect revenue and cash flows.
  • === END ===

IPO Lot Size

Investors can bid for a minimum of 21 shares and in multiples thereof.

ApplicationLotsSharesAmount
Retail (Min)121₹14,700
S-HNI (Min)14294₹2,05,800
B-HNI (Min)691,449₹10,14,300

Frequently Asked Questions

What is the price band of Tonbo Imaging India IPO?

The price band is Rs 665-700 per share. One lot contains 21 shares; its value at the upper price is Rs 14,700. Check the issue terms for the minimum application size applicable to your category.

What are the bidding dates for Tonbo Imaging India IPO?

The scheduled bidding period is 15 Oct 2026 to 19 Oct 2026.

When is Tonbo Imaging India IPO scheduled to list?

The scheduled listing date is 23 Oct 2026. The actual listing price is determined on the exchange, not by the grey market premium or an AI estimate.

Who is the registrar for Tonbo Imaging India IPO?

KFin Technologies Limited is the registrar. See the allotment page for the available schedule and official checking link.

Who manages Tonbo Imaging India IPO?

Lead manager information recorded for this issue: JM Financial Ltd.; IIFL Capital Services Ltd..

Disclaimer

IPOGyani is not SEBI registered and does not provide investment advice. All information is for educational purposes only.

AI predictions are probabilistic estimates based on historical data and market trends. Past performance is not indicative of future results.

GMP (Grey Market Premium) data is sourced from various unofficial channels and may not be accurate. Always verify from multiple sources.

Investors should do their own research (DYOR) and consult a SEBI registered advisor before investing.

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