Tonbo Imaging sets Rs 665-700 band for its all-OFS defence IPO

The Development

Tonbo Imaging India Limited, a Bengaluru defence-electronics maker, has set a price band of Rs 665 to Rs 700 per equity share for its initial public offering, which opens for subscription on Wednesday, 15 October 2026 and closes on Monday, 19 October 2026. Anchor-investor bidding is on Tuesday, 14 October 2026. These dates are confirmed in the abridged prospectus accompanying the company's red herring prospectus, which was dated 10 October 2026, filed with the Registrar of Companies, Karnataka at Bengaluru, and is available on SEBI's website. The price band itself was reported by The Economic Times on 12 October 2026.

The issue is structured entirely as an offer for sale. Per the RHP, it comprises up to 1,21,74,046 equity shares of face value Rs 2 each offered by existing promoters and investors; at the Rs 665 to Rs 700 band that works out to between roughly Rs 810 crore and Rs 852 crore. Because it is a pure offer for sale, the company itself will not receive any proceeds. The shares are proposed to be listed on both the BSE and the NSE, with the NSE as the designated stock exchange.

This is a price-band-and-dates milestone, not an approval of the offer's merits. The red herring prospectus is the legally operative offer document for the terms set out below.

The Company

Per the RHP, Tonbo Imaging operates in the electro-optical and infrared systems segment of defence electronics. The company designs, develops and manufactures sensing, processing, communication and guidance systems used for surveillance, reconnaissance, targeting and control. Its range spans tactical systems such as hand-held multi-sensor imaging devices and thermal weapon sights, platform subsystems including gimbals and fire-control systems, and directed-energy systems such as a high-power microwave platform the company brands WaveStrike. The offer document states that its customers include NATO forces, the US Special Operations Command, law-enforcement and homeland-security agencies, and global defence original-equipment manufacturers.

The company discloses restated consolidated revenue from operations of Rs 428.19 crore in FY2024, Rs 469.08 crore in FY2025 and Rs 362.65 crore in FY2026, a fall of about 22.7% in the most recent full year. Restated profit was Rs 68.54 crore, Rs 72.76 crore and Rs 50.88 crore across those three years. For the three months ended 30 June 2026 the company reported revenue of Rs 36.01 crore and a restated loss of Rs 17.74 crore, which it attributes in part to the cyclical, second-half-weighted nature of its business. Net worth stood at Rs 553.16 crore as at 31 March 2026, per the RHP. The promoters are Ankit Kumar, Arvind Kondangi Lakshmikumar and Cecilia D'Souza.

The Offer Structure

The offer is an offer for sale of up to 1,21,74,046 equity shares, with no fresh issue. Per the RHP, the selling shareholders include the three promoters - Arvind Kondangi Lakshmikumar (up to 11,50,000 shares), Ankit Kumar (up to 5,80,000) and Cecilia D'Souza (up to 2,30,000) - promoter-group entity Vinimaya Advisory LLP, and investor shareholders led by CEAQ Technologies Private Limited (up to 49,98,100 shares) and CEAQ Technologies Pte. Ltd. (up to 41,55,096 shares), alongside Timothy Guy Mitchell, Artiman Partners LLC, Amit Dilip Shah and Ramesh Radhakrishnan. As the issue is wholly an offer for sale, the stated object is to achieve the benefits of listing and to carry out the sale; the company receives none of the proceeds. JM Financial Limited and IIFL Capital Services Limited are the book-running lead managers, and KFin Technologies Limited is the registrar.

Readers working through the arithmetic of a possible allotment can use Oquilia's lumpsum calculator or CAGR calculator, and can follow prior primary-market coverage on the Oquilia news desk. The price band and issue dates were reported by The Economic Times.

Risk Factors

The RHP sets out ten internal risk factors; the following are drawn from that section and attributed to the company's own disclosure. The company discloses that its business is cyclical and geopolitically driven, subject to government budget cycles, and that tender-based procurement results in poor revenue visibility. The RHP lists dependence on a small set of suppliers: it states that the top ten suppliers accounted for a very high share of total expenses, including 68.77% in FY2026.

Among the risk factors the company discloses is its reliance on exports: in FY2025 and FY2024, 65.52% and 48.61% of revenue from operations came from exports, particularly to Europe. The RHP also flags that the company operates in a highly regulated industry subject to stringent government regulation, and that it derives a significant share of revenue from tactical systems - 58.37% in FY2026 - so any decline in demand for that category could adversely affect results. These are the company's required disclosures, not an assessment by this desk.

What Happens Next

With the RHP filed and the price band and dates announced, the standard mechanics follow in sequence. Anchor investors bid one day before the issue opens, on 14 October 2026, under a separate allocation. The three-day subscription window then runs from 15 to 19 October 2026, during which qualified institutional buyers, non-institutional investors and retail individual investors place bids through the book-building process, with retail applications made through the UPI-backed ASBA mechanism.

After the window closes, the basis of allotment is finalised by the registrar in consultation with the designated stock exchange, amounts blocked on unsuccessful applications are released, and shares are credited before listing on the BSE and NSE. Exchange subscription data, category by category, and the eventual listing price will become matters of official record once published. This report describes that process; it does not forecast the level of demand or any listing outcome.

FAQ

Should I apply for this IPO?

Oquilia does not make recommendations. This report is informational and is not investment advice or a recommendation to subscribe. The RHP, including the complete risk-factors section, is available on SEBI's website and the exchanges - read it directly before making any decision.

What is the price band?

The price band is Rs 665 to Rs 700 per equity share, against a face value of Rs 2 each, as reported on 12 October 2026. At the upper end, the offer for sale of up to 1,21,74,046 shares works out to about Rs 852 crore. The final terms are set out in the RHP.

When does the issue open and close?

Per the abridged prospectus, anchor bidding is on 14 October 2026, the issue opens on 15 October 2026 and closes on 19 October 2026. The UPI mandate end-time is 5:00 pm on the closing date.

Is this a fresh issue or an offer for sale?

It is entirely an offer for sale of up to 1,21,74,046 equity shares by existing promoters and investors. The company will not receive any proceeds; the money goes to the selling shareholders in proportion to the shares each sells.

Where can I read the RHP?

The red herring prospectus and abridged prospectus are on SEBI's website under Filings, Public Issues, and on the BSE and NSE websites, as well as the websites of the company and the lead managers.

This report is based on the red herring prospectus filed with SEBI by Tonbo Imaging India Limited and the accompanying abridged prospectus. The price band and issue dates were surfaced via coverage in The Economic Times.