Q2. Why is the company raising funds via IPO?

Tonbo Imaging is raising funds via IPO entirely as an Offer for Sale (OFS) to provide liquidity to existing shareholders and create a public market; the company itself won’t receive funds.

Q3. What is the size of the issue and where will it list?

The issue size of the IPO is up to ~1.81 crore equity shares. It will be listed on the BSE & NSE platform.

Q5. What are the potential upsides?

Positive sides to invest in the IPO is strong growth in defence tech, global deployment across 24 countries and dominance in thermal imaging exports are key growth drivers.

Q6. How to apply for the IPO?

You can apply for the IPO via ASBA through bank net banking, UPI on trading apps, or through your broker once the IPO opens for subscription.

Q 7. When is the tentative listing date?

Expected listing date is yet to be announced.

Tonbo Imaging India Limited

Upcoming

Tonbo Imaging India Limited

Market Cap

—

IPO Issue Size

~1.81 Cr equity shares

Expected Price by IPOCorner

—

IPO Score

*Score varies on actual price

Tonbo Imaging India Limited is a global defence electronics original equipment manufacturer (OEM) that designs, develops and manufactures advanced sensing, imaging, guidance and surveillance systems used by defence forces and homeland security agencies worldwide. The company has filed its Draft Red Herring Prospectus (DRHP) with the Securities and Exchange Board of India (SEBI) to raise funds through an Initial Public Offering (IPO) structured entirely as an OFS of ~1.81 crore equity shares, with no capital infusion into the company.

Tonbo Imaging India Limited was incorporated in the year 2012.Mr. Arvind Lakshmikumar serves as CEO of the company.

It designs and manufactures advanced defence electronics, sensing, imaging, guidance, surveillance and targeting systems (like thermal cores, weapon sights and missile guidance).It has over 20,000 systems deployed across ~24 countries and supplies global defence forces, law enforcement, homeland security agencies and defence OEMs; it accounted for ~93% of India’s thermal imaging exports in FY25.

Subscription date to apply for Tonbo Imaging India Limited is yet to be announced. Price band for the IPO is yet to be declared.

~1.81 Cr equity shares

Fresh Issue

N/A

Offer for Sale

~1.81 Cr equity shares

Year	2025
Networth	₹ 490.1 Cr
Revenue	₹ 469.1 Cr
EBITDA	₹ 139.1 Cr
PAT	₹ 72.8 Cr
EBITDA Margin	~29.65%
PAT Margin	~15.34%
Face Value	Rs.02 per Equity Share

IPO Important Dates

#	Date
Open Date	TBA
Close Date	TBA
Anchor Investor Bidding	TBA
Allotment Date	TBA
Refunds& Demat Credit	TBA
Tentative Listing Date	TBA

Use Of Proceeds

Purpose	Amount
-	-
-	-
-	-
-	-
-	-
General Corporate Purpose	Balance

Financial Data

#	2023	2024	2025
Revenue (₹ Cr)	96.82	428.18	469.08
PAT (₹ Cr)	1.18	68.54	72.76
Asset (₹ Cr)	171.1	574.68	726.35
Net Worth (₹ Cr)	29.91	230.13	490.14

IPO Grey Market Premium

Date	IPO Price	IPO GMP	Profit Per Lot
23-Aug	₹ –	₹ –	₹ –
22-Aug	₹ –	₹ –	₹ –
21-Aug	₹ –	₹ –	₹ –
20-Aug	₹ –	₹ –	₹ –
19-Aug	₹ –	₹ –	₹ –

Pros

It operates in the high-growth defence electronics sector with global exports.
Strong product portfolio including thermal imaging, guidance and surveillance systems.
Export-oriented business, with ~24 countries as customers, reducing domestic dependency.
Technologically advanced solutions giving competitive edge over domestic peers.
Experienced management team with proven execution track record.

Cons

Entire IPO is Offer for Sale (OFS); company won’t receive fresh capital.
Defence contracts are long-cycle and dependent on government policies.
High dependency on a few large customers for revenue.
Exposure to geopolitical risks affecting defence exports.
Market valuation and price band not yet finalized, creating pricing uncertainty.

Promoters – Pre offer equity (Approx)

Promoters	% Shares
Arvind Kondangi Lakshmikumar	~8.67%
Ankit Kumar	~5.30%
Cecilia D’Souza	~3.45%
-	-
-	-
-	-

Lot Size details

Application Type	Lot Size	No. of Lot	No. of Shares	Investment Amount
Retail (Min)	–	1	–	₹ –
Retail (Max)	–	13	–	₹ –
HNI (Min)	–	14	–	₹ –
HNI (Max)	–	66	–	₹ –
Big HNI (Min)	–	67	–	₹ –

Key Performance Index (KPI)

ROE	00
ROCE	00
RoNW	00

Lead / Book Running Lead Managers

JM Financial Limited, IIFL Capital Services Limited

Registrar (RTA)

KFin Technologies Limited

Q1. What is the business of Tonbo Imaging India Limited?
It designs, develops and manufactures advanced defence electronics, sensing, imaging, guidance and surveillance systems used by militaries, law enforcement and security agencies globally.
Q2. Why is the company raising funds via IPO?
Tonbo Imaging is raising funds via IPO entirely as an Offer for Sale (OFS) to provide liquidity to existing shareholders and create a public market; the company itself won’t receive funds.
Q3. What is the size of the issue and where will it list?
The issue size of the IPO is up to ~1.81 crore equity shares. It will be listed on the BSE & NSE platform.
Q5. What are the potential upsides?
Positive sides to invest in the IPO is strong growth in defence tech, global deployment across 24 countries and dominance in thermal imaging exports are key growth drivers.
Q6. How to apply for the IPO?
You can apply for the IPO via ASBA through bank net banking, UPI on trading apps, or through your broker once the IPO opens for subscription.
Q 7. When is the tentative listing date?
Expected listing date is yet to be announced.