Tonbo Imaging India has received SEBI's observations — effectively a green light — for its IPO, after refiling its draft papers in August 2026 (a first approval had come in July). The observation was issued on September 21, 2026.
The structure is unusual: an offer for sale of up to 1.81 crore shares (18,085,246 shares, face value ₹2) with no fresh issue — so the proceeds go to selling cofounders Arvind Kondangi Lakshmikumar, Ankit Kumar and Cecilia D'Souza and investors, not the company. This is a liquidity event, not a fundraising.
The business case is commanding: Tonbo is the largest manufacturer by sales value of thermal imaging systems supplied to Indian government and defence agencies in FY24–FY26, accounting for 94.3% of India's thermal imaging exports by units (Frost & Sullivan). 28,000+ systems are deployed across 24 countries as of March 31, 2026, and the company has owned 100% of its IP since FY24. Backers include Qualcomm Ventures, Artiman, Celesta, Edelweiss Value and Growth Fund, Florintree, EXIM Bank and Tenacity Ventures.
Financially: FY26 revenue of ₹362.6 crore (down 22% YoY) and profit of ₹50.8 crore (versus ₹72.7 crore in FY25). The company raised ₹175 crore in Series D (April 2025) at a ₹1,500 crore valuation. BRLMs are JM Financial and IIFL Capital Services.
For deeptech founders, Tonbo is the proof point: own your IP, sell to governments, and the IPO lane opens — even as an OFS-only listing.
Why it matters for founders
An OFS-only IPO is rare and tells a story of self-sufficiency: Tonbo doesn't need your money — it needs a public market. For deeptech founders, the takeaway is 100% IP ownership and government contracts; that's what gets you a 94.3% export share and a SEBI nod.
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