Tonbo Imaging India IPO Review
Tonbo Imaging India Limited, a global defence electronics original equipment manufacturer, plans to raise ₹852 Cr through an IPO.
[Fresh Issue NIL + OFS ₹852 Cr]
Tonbo Imaging share price: ₹665–₹700 per share
Tonbo Imaging India: History
The Company was originally incorporated as Sarnoff Innovative Technologies Pvt Ltd, a private limited company under the Companies Act, 1956, on December 18, 2003.
It was then converted into a public limited company on August 15, 2025, by a special resolution passed by the shareholders.
The Company changed its name to Tonbo Imaging India Limited and the RoC issued a fresh certificate of incorporation on September 11, 2025.
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Tonbo Imaging India: Business
Tonbo Imaging India Limited is a defence electronics company that designs and makes modern military equipment.
The company designs and manufactures sensing, processing, communication, and guidance systems for surveillance, reconnaissance, targeting, and control.
It operates an asset-light business model with a focus on product design and development.
Tonbo has developed a diversified product portfolio, including –
- Thermal Imaging Cores,
- Weapon Sights,
- Hand-Held Thermal Imaging Binoculars,
- Targeting Systems,
- Missile Seekers,
- Fire Control Systems, and
- Missile Guidance Systems.
The company claims to be the largest manufacturer of “thermal imaging systems” for Indian government and defence agencies by sales value (FY24 – FY26).
It accounts for 94.3% of India’s thermal imaging exports by units between FY24 – FY26.
Its products are developed using fully owned intellectual property and are free from International Traffic in Arms Regulations (ITAR) restrictions, enabling exports to global markets without geopolitical limitations.
According to the F&S Report, Tonbo is one of the few companies in India having no dependence on external technology partners, as it has owned 100% of its intellectual property since FY24.
As of June 30, 2026, Tonbo had deployed over 28,000 systems across 24 countries.
Client List
The Company’s key clients include global militaries, law enforcement, homeland security agencies, and other global defence OEMs.
As of March 31, 2026, Tonbo has supplied 24 countries, including India, Armenia, Romania, Slovenia, USA, Morocco, South Korea, UAE, Philippines, Singapore, North Macedonia, Australia, and Taiwan.
Peer Companies
Astra Microwave, Zen Technologies, Paras Defence, Data Patterns, Bharat Electronics, Tata Advanced Systems, VEM Technologies.
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Strategies Ahead
Invest in R&D to achieve defence modernization through development of new products.
Diversification of product portfolio.
Pursue strategic partnerships with OEMs.
Increasing client base through expansion into new geographies.
Company Promoters
- Ankit Kumar,
- Arvind Kondangi Lakshmikumar,
- Cecilia D’souza.
Refer to Tonbo Imaging India IPO RHP for more information.
IPO Detail
ipo date: 15 Oct – 19 Oct 2026
Minimum Amount: ₹14,700
Minimum Bid: 21 Shares
Face Value: INR 2 per share
Listing On: NSE, BSE
Financial
Book Running Lead Managers
JM Financial,
IIFL Capital Services.
CONCLUSION
Considering financial performance and the nature of the business, FinBlab recommends a ‘NEUTRAL’ rating for the Tonbo Imaging IPO.
Do come back to learn more about “upcoming IPOs”.
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Disclaimer: This article is purely for informational purposes.
While much time and effort is made to provide the information, I (Vishal Dalwadi) or FinBlab do not guarantee the accuracy, correctness, completeness or reliability of any information or data displayed herein and shall not be held responsible.
