Tonbo Imaging Secures IPO Nod After Refiling Draft Papers

Defence technology firm Tonbo Imaging has received nod from India's securities regulator SEBI to proceed with its proposed IPO. The Bengaluru-based company had first filed its draft registration with SEBI in December 2025 and received approval in July. In August, Tonbo submitted revised IPO documents while maintaining the size of the offering.

SEBI issued its comments on the IPO paperwork on September 21. The three co-founders - Arvind Kondangi Lakshmikumar, Ankit Kumar, and Cecilia D'Souza - seek to divest a portion of their shares through the IPO alongside a promoter group shareholder and current investors.

Tonbo Imaging's investors comprise Qualcomm Ventures, Artiman, Celesta, Edelweiss Value and Growth Fund, HBL Engineering, Tenacity Ventures, Export-Import Bank of India, and Florintree. Established in 2003, the company shifted its focus to defence products in 2012 after its original parent company was acquired by its founders. In April 2025, Tonbo raised ₹175 crore in Series D funding from Florintree Advisors and EXIM Bank, valuing the firm at ₹1,500 crore.

According to Frost & Sullivan, Tonbo was the top manufacturer of thermal imaging systems sold to government and defence entities in India from FY24 to FY26, handling 94.3% of India's thermal imaging exports by units during that period. As of March 2026, the company has shipped over 28,000 thermal imaging products to 24 nations.

Tonbo Imaging's product line encompasses thermal imaging cores, weapon sights, thermal binoculars, targeting systems, missile seekers, fire-control systems, and missile guidance systems. The company claims to hold all 100% of its intellectual property since FY24, including optics, embedded software, and electronics. Tonbo Imaging employs an asset-light production model, outsourcing manufacturing to certified electronics manufacturing services providers like Kaynes Technology and Avalon Technology.

Prototype development, system integration, and qualification testing occur internally. Financially, Tonbo reported a net profit of ₹362.6 crore in FY26, a 30% drop from ₹469.1 crore in the prior year. Operating revenue fell 22.7% to ₹299.9 crore from ₹374.3 crore in FY25.