Tonbo Imaging's ₹852 Crore IPO Opens October 15 With ₹665–700 Price Band

Deadline: the IPO opens on October 15, 2026 and closes on October 19, with anchor investor bidding on October 14. Defence electronics startup Tonbo Imaging India Ltd has fixed its IPO price band at ₹665–700 per equity share (face value ₹2 each). Investors can bid for a minimum of 21 shares and in multiples of 21 thereafter.

The offer is entirely an offer for sale of up to 1,21,74,046 equity shares — the company will not receive fresh capital. At the upper price band, the issue size is ₹852.18 crore with an implied market valuation of approximately ₹4,010 crore. The offer allocates 50% to qualified institutional buyers, 15% to non-institutional investors and 35% to retail. JM Financial and IIFL Capital Services are the lead managers; the tentative listing date is October 23 on BSE and NSE.

Defence tech with an ITAR-free edge

Founded in 2003 and led by promoters Arvind Kondangi Lakshmikumar (MD & CEO), Ankit Kumar and Cecilia D'Souza, Tonbo designs and manufactures sensing, surveillance, targeting and guidance systems — thermal imaging cores, weapon sights, missile seekers and fire control systems. It has deployed over 28,000 systems across 24 countries, and since FY24 owns 100% of its IP, keeping its electro-optics portfolio free from US ITAR restrictions. Backers include Qualcomm Ventures, Artiman, Celesta and Florintree; the company has raised over ₹500 crore across rounds.