Tonbo Imaging Soars 66% on Listing Debut — Startup Funding India, October 2026

Startup funding in India rarely ends with a listing-day pop this big: defence electronics maker Tonbo Imaging India debuted on the stock exchanges on Friday, October 23, with its shares opening at ₹1,162 on the BSE — a 66% premium over its ₹700 IPO price, according to PTI reporting carried by The Hindu BusinessLine.

One of the strongest defence listings of the year

On the NSE, the stock opened at ₹1,160, a 65.71% jump over the issue price. The shares cooled later in the session, trading at ₹1,059.05 on the BSE — still 51.28% above the issue price. After listing, the company's market capitalisation stood at ₹6,191.91 crore on the BSE and ₹6,060.45 crore on the NSE.

The ₹852.18-crore IPO was a pure offer-for-sale of 1.22 crore shares with no fresh-issue component, so the company itself received no proceeds — the money went to selling shareholders. The issue was subscribed nearly 136 times on its final day of bidding, after being fully subscribed on day one. The price band was fixed at ₹665–700 per share, and Tonbo had earlier raised ₹255 crore from anchor investors at ₹700 apiece.

The Bengaluru-based company designs and manufactures sensing, processing, communication and guidance systems for surveillance, reconnaissance, targeting and control applications — including thermal imaging cores, weapon sights, missile seekers and fire control systems. It has deployed over 28,000 tactical systems and serves customers across 24 countries.