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Tonbo Imaging India Ltd IPO

Tech-led NBFC delivering AI/ML driven retail credit across Tier-2 & Tier-3 India.

IPO Closed
Price Band ₹700 per share per share
Lot Size 21 Shares
Min. Investment ₹14700
Issue Size ₹852.18 Cr
Face Value ₹2
IPO Open 15 October 2026
IPO Close 19 October 2026
Allotment 21 Oct 2026
Listing 23 Oct 2026
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Subscription status for Tonbo Imaging India Ltd IPO

As of 21 Oct 26, 9:41 PM. Will get Updated in every 30 minutes

QIB -

Qualified Institutional Buyers

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Non-Institutional Investors

Retail -

Retail Individual Investors

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Across all investor categories

Key dates

IPO schedule for Tonbo Imaging India Ltd

From the day bidding opens to listing — every milestone you need to track.

IPO Open 15 Oct 2026
IPO Close 19 Oct 2026
Allotment 21 Oct 2026
Refund / Unblock 22 Oct 2026
Listing 23 Oct 2026
About the company

Who is Tonbo Imaging India Ltd ?

Tonbo Imaging India Limited was originally incorporated as 'Sarnoff Innovative Technologies Private Limited' as a private limited company dated December 18, 2003, with the Registrar of Companies, Karnataka at Bengaluru. Subsequently, the name of Company was changed to 'Serial Innovations India Private Limited' dated August 14, 2008 and thereafter to 'Tonbo Imaging India Private Limited' pursuant to a certificate of incorporation dated May 13, 2016 issued by the RoC. Upon the conversion of Company from a private limited company to a public limited company, the name of Company was changed to 'Tonbo Imaging India Limited', and a fresh certificate of incorporation dated September 11, 2025 was issued by the RoC.

The Company is a global defence electronics original equipment manufacturer. It engages in providing vision technology based products and solutions. It has developed a diversified product portfolio including thermal imaging cores, weapon sights, hand-held thermal imaging binoculars, targeting systems, missile seekers, fire control systems, missile guidance systems amongst others to enable autonomy on the battlefield.

The Company was incorporated in 2003 as a subsidiary of a research company initially providing R&D and technology development services focused on designing intellectual property. In 2012, post the buyout of the erstwhile subsidiary of the research company by the Promoters, it transitioned into a defense-focused product manufacturing company, developing and supplying advanced electro-optic and electronic systems. Company offers a diverse suite of field-proven electro-optical solutions. Field-proven denotes systems that have been operationally validated in live combat and security environments, demonstrating reliability, durability, and mission effectiveness under real-world conditions.

The Company started production in 2015. It infrared imaging, low power sensor fusion, computational imaging. In April 2025, the Company made critical technologies to counter large scale aerial threats, like detection, tracking and neutralization. It launched high power microwave remote weapon stations counter UAS and made strategic partnerships with Governments for national security.

Company has filed a Draft Prospectus with SEBI and is planning a fresh issue of 18,085,246 equity shares of Rs 2 each through Offer for Sale.

Financial track record

Financials at a glance

Three-year trajectory of revenue, profit and assets — restated as per the RHP.

Revenue PAT Total Assets
FY 2026
FY 2025
FY 2024
Metric (₹ Cr)FY 2026FY 2025FY 2024
Total Income367.90474.39431.90
EBITDA110.74143.49115.63
PAT50.0672.7068.54
AUM779.29724.56574.68

Strengths & Risks

A balanced look at what works in the company's favour and what investors should watch.

Strengths

  • Leading defence technology solutions provider with pioneering proprietary technologies.
  • Driving innovation in defence electronics through in-house R&D with an asset light business model.
  • Among the few defence electronics OEMs with a wide acceptability across the globe.
  • Diversified defence product portfolio with deployability across all domains.
  • Sound financials with healthy performance.
  • Experienced and dedicated promoters and key managerial personnel with extensive domain knowledge.

Risks

  • The company's business is cyclical in nature on account of it being geopolitically driven and subject to government budget cycles. Further, tender-based procurement cycle results in poor revenue visibility, which may have an adverse impact on the company's business, financial stability, results of operations, investor confidence, and the ability to secure financing for growth or innovation.
  • While the company is not dependent on a single customer and its typically have short term, non recurring contracts with a majority of the company's customers which are based on tenders, some of its customers have contributed significantly to the company's revenue from operations in the three months ended June 30, 2026 and the last three Fiscals. If its customers choose not to source their requirements from the company or to terminate its contracts or purchase orders or tenders, the company's business, cash flows, financial condition and results of operations may be adversely affected.
  • The company's top ten suppliers contributed to a significant portion of its total expenses; 164.00%, 68.77 %, 35.46%, and 67.49% of the company's total expenses in the three months ended June 30, 2026 and the Fiscals 2026, 2025 and 2024, respectively. The company is dependent on its top ten suppliers and failures to maintain the company's relationship with its suppliers could adversely affect the company's business, financial condition, results of operations and prospects.
  • The company is dependent on limited global suppliers for critical components and other raw materials. The scarcity and cost of such critical components and raw materials could adversely affect its business, financial condition, results of operations and prospects.
  • As a global defence electronics OEM, the company's business is dependent on exports and the performance of geographies where its supply the company's products. In Fiscal 2025 and 2024, 65.52% and 48.61% of its revenue from operations was from exports and in particular from exports to Europe. Any adverse changes in the geographies where the company's supply its products could have an adverse impact on the company's business, cash flows, results of operations and financial condition.
  • The company operates in an industry which is highly regulated and are subject to stringent government regulations. If the company fails to comply with the applicable regulations and rules prescribed by the Government of India and the relevant statutory or regulatory bodies or fails to obtain, maintain or renew its statutory and regulatory licenses, permits and approvals required for the company's business, its results of operations and cash flows may be adversely affected.
  • The company is measured against high quality standards and stringent performance requirements by its customers. Any failures by the company to comply with these standards or performance requirements may lead to the cancellation of existing and future orders, recalls, liquidated damages or warranty and indemnity or liability claims, which could adversely affect the company's reputation, business, results from operations, financial conditions and cash flows.
  • The company may be required to issue performance bank guarantees for quality defects or delay in delivery, which could adversely affect its reputation, business, results from operations, financial conditions and cash flows.
  • Any failures to protect or enforce the company's rights to own or use trademarks and brand name and identity could have an adverse effect on its business, goodwill and competitive position.
  • The company derives a significant portion of its revenues from the sale of tactical systems, which represented 59.55%, 58.37, 77.24%, 83.90%of the company's revenue from operations for the three months ended June 30, 2026 and Fiscals 2026, 2025, 2024, respectively. Any decline in the demand for its tactical systems would have an adverse effect on the company's business, financial condition, results of operations and cash flows.

Tonbo Imaging India Ltd IPO — frequently asked questions

The Tonbo Imaging India Ltd IPO opens on 15 October 2026 and closes on 19 October 2026. Bidding is accepted from 10:00 AM on the open date until 5:00 PM on the close date. The IPO is available to all eligible investors including retail individual investors, non-institutional investors, and qualified institutional buyers.
The price band for Tonbo Imaging India Ltd IPO is Rs 700 to Rs 700 per share. The lot size is 21 shares per lot, requiring a minimum investment of Rs 14700 at the upper price band. Investors must apply for a minimum of one lot and can apply for up to 21 lots as per SEBI guidelines.
You can apply for the Tonbo Imaging India Ltd IPO through the Chola Securities app or web platform using UPI or ASBA. Log in to your account, navigate to the IPO section, select Tonbo Imaging India Ltd from the open IPOs list, enter your bid quantity and price within the price band, and submit your application. You need an active demat account, a linked bank account, and a valid PAN to apply. Bidding closes on 19 October 2026 at 5:00 PM.
Allotment for Tonbo Imaging India Ltd IPO is scheduled on 21 Oct 2026. Refunds or unblocking of funds for unsuccessful applicants will be processed on 22 Oct 2026. The shares are expected to list on 23 Oct 2026. You can check your allotment status on the Chola Securities IPO page or through the registrar's website using your PAN.
Chola Securities' research team has reviewed the Tonbo Imaging India Ltd IPO based on the company's financials, business model, valuation, and sector outlook. The recommendation is available on this page. Investors are advised to read the full IPO note along with the company's Red Herring Prospectus before making an investment decision.
Yes, you can revise or withdraw your Tonbo Imaging India Ltd IPO bid before the subscription window closes on 19 October 2026 at 5:00 PM. Revisions can include changing the quantity or price within the allowed price band. To withdraw, cancel your application through the platform before the closing time. Once the subscription period ends, no further changes are permitted.
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