Defence electronics maker Tonbo Imaging India Limited closed its IPO on October 19, 2026 with the issue subscribed 135.90 times overall on the final day — one of the strongest responses in India's 2026 IPO season and another milestone for startup funding in India's deeptech cohort.
The final tally
Qualified institutional buyers led at 293.56 times, followed by non-institutional investors at 170.94 times, employees at 54.31 times and retail investors at 31.07 times. The issue drew 55,24,267 applications. The ₹852.18 crore issue — a pure offer for sale — was priced in a ₹665–₹700 band. Ahead of the IPO, Tonbo allotted 36,48,013 shares to anchor investors, raising ₹255.36 crore from backers including Goldman Sachs, BlackRock, SBI Infrastructure Fund, ICICI Prudential Smallcap Fund, HDFC Mutual Fund and Kotak Mahindra Mutual Fund.
The company
The Bengaluru-based defence electronics OEM — led by promoters Arvind Kondangi Lakshmikumar, Ankit Kumar and Cecilia D'Souza — has systems deployed across 24 countries, spanning thermal imaging, weapon sights, missile seekers and fire-control systems. Earlier secondary transactions worth over ₹413 crore at ₹700 per share valued the company at approximately ₹4,000 crore on a fully diluted basis. Shares are scheduled to list on BSE and NSE on October 23, 2026.
Why it matters for founders
A 136x close for a pure OFS in defence electronics proves India's public markets will pay up for deeptech with global deployments — even without a fresh issue. For deeptech founders weighing an IPO vs a strategic sale, Tonbo's book (QIB-heavy, anchor-heavy, 55 lakh applications) is now the reference case for how to take hardware public.