Tonbo Imaging IPO Fully Subscribed on Day 1, Led by NIIs

Defense technology startup Tonbo Imaging's initial public offering (IPO) experienced robust demand on its first day of bidding, achieving a subscription rate of 1.47 times. Non-institutional investors (NIIs) showed the strongest interest, with their portion being subscribed 2.73 times.

The overall issue saw bids for 12.6 million shares against the 8.526 million shares on offer. Retail investors subscribed to their portion 1.76 times, while the employee portion was subscribed 3.93 times. Qualified institutional buyers (QIBs), however, showed more reserved interest, bidding for only a fraction of their allocated shares.

Tonbo Imaging, which develops imaging and sensor systems for military applications, set a price band of ₹665–₹700 per share for its ₹852.1 crore IPO. The issue comprises an offer for sale (OFS), meaning the company will not receive any proceeds from the IPO, with existing shareholders selling their stakes.

The company's financial performance has seen a recent downturn, with operating revenue falling 22.7% in FY26 and net profit dropping 30.2% compared to the previous year. In the first quarter of FY27, Tonbo reported a net loss. Tonbo Imaging's products are utilized in surveillance, reconnaissance, and targeting systems, and the company outsources manufacturing to partners.