Tonbo Imaging Sets IPO Price Band at ₹665-₹700 for ₹852 Cr Issue

Defence technology company Tonbo Imaging has established a price band of ₹665 to ₹700 per equity share for its upcoming Initial Public Offering (IPO). The total issue size is ₹852.1 crore (approximately $102 million USD), comprising an Offer for Sale (OFS) of up to 1.22 crore equity shares. There is no fresh issue component.

At the upper end of the price band, the IPO would value the company at approximately ₹4,009.8 crore (about $480 million USD). The subscription period for the IPO is scheduled to open on October 15 and close on October 19, with anchor investor bidding set for October 14.

The selling shareholders include the company's promoters and co-founders, along with investment firms. The offer size has been reduced from the initially proposed 1.81 crore shares, following refiling of draft papers with the Securities and Exchange Board of India (SEBI) in August.

Founded in 2003, Tonbo Imaging specializes in manufacturing advanced electro-optic and electronic systems for the defence sector. As of June 30, 2026, the company reported deploying over 28,000 systems across 24 countries. In April 2025, Tonbo Imaging raised ₹175 crore in a Series D funding round.