Tonbo Imaging Makes Strong Market Debut, Lists At 66% Premium To IPO Price
Defence tech company Tonbo Imaging made a strong stock market debut, listing at ₹1,162 on the BSE, a 66% premium…
India's defence tech startup Tonbo Imaging made a robust market debut, opening at ₹1,162 on the BSE – a 66% premium over its ₹700 issue price. The NSE saw the stock launch at ₹1,160, reflecting a 65.71% rise. With this strong start, Tonbo's market value hit ₹6,656.18 Cr (approximately $701.3 Mn) on the BSE. The impressive IPO, open from October 15-19, saw 135.9 times subscription – 115.87 Cr shares were bid for 85.26 Lakh shares on offer.
The IPO was an offer for sale (OFS) of 1.22 Cr shares from existing shareholders, with no new issue. Notably, Tonbo's cofounders Arvind Lakshmikumar, Ankit Kumar, and Cecilia D’Souza earned ₹137.2 Cr from the IPO, with Lakshmikumar's share being ₹80.5 Cr. Prior to the bidding, Tonbo secured ₹255.4 Cr from anchor investors, allotting 36.5 Lakh shares to 43 investors at ₹700 each.
Tonbo's defence business emerged from Sarnoff Corporation in 2012, shifted from research to designing advanced imaging and sensor systems for military use. Their portfolio includes thermal imaging, weapon sights, fire-control systems, and missile seekers used for surveillance, reconnaissance, and targeting. Despite a 22.7% YoY drop in FY26 revenue to ₹362.6 Cr, Tonbo's listing success signals robust investor confidence in the company's capabilities.
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