Tonbo Imaging sees Rs 413 crore+ pre-IPO secondary buying at top of price band

Ahead of its Rs 852.18 crore IPO opening on October 15, 2026, defence electronics maker Tonbo Imaging India has seen shares worth over Rs 413 crore change hands in pre-IPO secondary market transactions, according to its Red Herring Prospectus.

The secondary trades took place at Rs 700 per equity share — the upper limit of the IPO price band (Rs 665-700) — pegging Tonbo Imaging's valuation at approximately Rs 4,000-4,010 crore. The shares were sold by existing investors CEAQ Singapore and CEAQ India to incoming institutional buyers.

Amansa Investments emerged as the primary buyer, purchasing 24.32 lakh equity shares at Rs 700 apiece for approximately Rs 170.24 crore. Susquehanna Asia Technology, Valuequest Founders Conviction LVF and 360 ONE Multi-Stage Defence and Space Fund picked up 5.73 lakh shares each at Rs 40.10 crore apiece. Akash Manek Bhanshali acquired 5.66 lakh shares valued at Rs 39.59 crore, while SBI Emergent India Fund and SBI Optimal Equity Fund invested Rs 35 crore and Rs 20.09 crore respectively, HDFC Life bought shares worth Rs 16.03 crore, and Malabar India Fund also participated.

Tonbo Imaging's public issue is entirely an offer for sale of 1.22 crore equity shares — no fresh capital is being raised by the company. The issue closes on October 19, with a lot size of 21 shares (minimum investment of Rs 14,700 at the upper band). Led by MD and CEO Arvind Kondangi Lakshmikumar, the Bengaluru-headquartered company, founded in 2003, designs electro-optics systems, tactical imaging payloads and weapon sights for militaries across more than two dozen countries.