Tonbo Imaging IPO Subscribed 49 Times Ahead of Allotment

The ₹852-crore initial public offering (IPO) of defense electronics manufacturer Tonbo Imaging India closed with a total subscription of 48.76 times by the final day of bidding on Monday. The entirely offer-for-sale (OFS) public issue received bids for 41.58 crore shares against 85.26 lakh shares on offer, according to data from the Bombay Stock Exchange (BSE).

Investor interest was particularly robust among non-institutional investors (NIIs), whose category was subscribed 114.56 times. Meanwhile, qualified institutional buyers (QIBs) subscribed 46.38 times their allocated portion, and retail individual investors (RIIs) placed bids for 21.96 times the shares reserved for them. The employee reservation portion also saw significant participation, achieving a 40.58 times subscription.

Ahead of the public opening, Tonbo Imaging secured ₹255.36 crore from anchor investors by allotting 36.48 lakh shares at ₹700 apiece, which marked the upper end of the price band ranging between ₹665 and ₹700 per share. The grey market premium (GMP) surged to approximately 74% over the upper issue price, pointing toward a potential listing value of around ₹1,218 per share. Market analysts note that grey market premiums are unofficial indicators of investor sentiment and do not guarantee actual trading gains.

Founded in 2012 and headquartered in Bengaluru, Tonbo Imaging operates as an original equipment manufacturer specializing in electro-optical and infrared imaging systems, thermal weapon sights, and artificial intelligence-based seekers. The company functions as one of India's largest manufacturers and exporters of thermal imaging technologies for military and government clients, accounting for 94% of the country's thermal imaging exports by volume.

Despite the high subscription figures, financial reports show recent fluctuations in the company's performance. Tonbo Imaging's total income decreased to ₹369.94 crore in fiscal year 2026 from ₹474.39 crore in fiscal year 2025. Profit after tax also declined over the same period, dropping from ₹72.76 crore to ₹50.88 crore. Furthermore, the company recorded a net loss of ₹17.74 crore for the quarter ending June 30, 2026, alongside an increase in total borrowings to ₹129.72 crore.

Following the closure of the three-day bidding window, the basis of share allotment is scheduled to be finalized on October 21. Refund initiations and demat account credits are planned for October 22, with the company's official stock market debut on the BSE and the National Stock Exchange (NSE) set for October 23.