Tonbo Imaging shares surge 66% in market debut
Defense technology firm Tonbo Imaging opened at a 66% premium to its IPO price, despite reporting recent declines in revenue and net income.
Tonbo Imaging began trading on the BSE at 1,162 rupees per share, marking a 66% increase over its initial public offering price of 700 rupees. The listing resulted in a market capitalization of approximately 6.66 billion rupees for the defense technology provider.
The public offering was heavily oversubscribed, with demand reaching 135.9 times the shares available. Because the IPO consisted entirely of an offer for sale by existing shareholders, the company received no proceeds from the listing. Co-founders Arvind Lakshmikumar, Ankit Kumar, and Cecilia D’Souza offloaded shares worth 137.2 million rupees during the process.
The stock market performance follows a period of financial contraction for the company. During the 2026 fiscal year, Tonbo reported a 22.7% decline in operating revenue, and it recorded a net loss of 17.7 million rupees in the first quarter of fiscal year 2027. CEO Arvind Lakshmikumar attributed these figures to delays in international program executions, which pushed delivery timelines into the current fiscal period.
Founded in 2012, Tonbo Imaging develops sensor systems, fire-control units, and missile seekers for military applications. The startup manages design, system integration, and qualification testing internally, while outsourcing physical production to manufacturing partners.