Tonbo Imaging India Shares Make A Blockbuster Debut, List At 66% Premium

Tonbo Imaging India shares made a strong debut on the stock exchanges on Friday, October 23, listing at Rs 1,160 apiece on the National Stock Exchange (NSE), a premium of 65.71 per cent over the issue price of Rs 700. On the BSE, the stock listed at Rs 1,162, up 66 per cent from the initial public offering (IPO) price.

Ahead of the listing, the IPO’s grey market premium (GMP) of Rs 450 indicated a listing price of Rs 1,150, or a 64.29 per cent premium over the issue price of Rs 700.

Tonbo Imaging India’s market capitalisation increased to Rs 6,656.18 crore after listing, from Rs 4,009.75 crore at the IPO price.

Tonbo Imaging India’s Rs 852.18 crore IPO was open for subscription from October 15 to October 19. The IPO comprised an offer for sale (OFS) of 12.17 million shares. The proceeds will go to the selling shareholders.

Tonbo Imaging India IPO Subscription, Issue Details

The IPO was subscribed 132.81 times by the close of bidding on October 19, according to the exchange data. Qualified institutional buyers (QIBs) led the demand, subscribing to their portion 293.56 times. The non-institutional investor (NII) category was subscribed 156.36 times, while the retail portion received bids for 31.11 times the shares on offer.

The company had fixed the IPO price band at Rs 665-700 per share. The minimum application size was 21 shares, requiring a retail investor to invest Rs 14,700 at the upper end of the price band.

Tonbo Imaging India Financials

Tonbo Imaging India’s total income fell 22.02 per cent to Rs 369.94 crore in FY26 from Rs 474.39 crore in FY25. It had reported total income of Rs 431.90 crore in FY24.

Profit after tax (PAT) declined 30.07 per cent to Rs 50.88 crore in FY26 from Rs 72.76 crore in FY25. In FY24, the company had posted a profit of Rs 68.54 crore.

Earnings before interest, taxes, depreciation and amortisation (Ebida) fell to Rs 104.62 crore in FY26 from Rs 139.06 crore in FY25. The company had reported Ebitda of Rs 112.32 crore in FY24.

For the quarter ended June 30, 2026, Tonbo Imaging India reported total income of Rs 37.32 crore and a net loss of Rs 17.74 crore. Its EBITDA stood at a loss of Rs 13.04 crore for the quarter.

As of June 30, 2026, the company had total assets of Rs 782.87 crore, net worth of Rs 538.54 crore and reserves and surplus of Rs 527.08 crore. Its total borrowings stood at Rs 129.72 crore.

About Tonbo Imaging India

Incorporated in December 2003, Tonbo Imaging India designs and manufactures defence electronics and imaging systems for defence and security applications. Its products include thermal imaging systems, weapon sights, missile seekers, fire control systems, guidance systems and surveillance equipment.

The company also develops directed-energy technologies designed to counter drone threats. Its products are deployed across 24 countries, with more than 28,000 systems in the field, according to the company’s IPO information.

Tonbo Imaging India’s IPO was a complete offer for sale, with promoters and other existing shareholders selling their stakes. Corporate shareholder CEAQ Technologies Private Limited offered 4.998 million shares worth around Rs 349.87 crore, making it the largest seller in the issue.

The promoters’ collective shareholding declined from 18.58 per cent before the IPO to 14.56 per cent after the issue. Since the IPO did not include a fresh issue of shares, the company will not receive any proceeds from the offering.