{
  "id": 16049372,
  "title": "Tonbo Imaging Cofounders Rake In ₹137 Cr From IPO",
  "url": "https://urgent.news/2026/10/22/tonbo-imaging-cofounders-rake-in-137-cr-from-ipo",
  "topic": "finance",
  "section": "Finance & Markets",
  "published": "2026-10-22T12:20:47.000Z",
  "source": {
    "name": "Inc42",
    "slug": "inc42",
    "url": "https://inc42.com/buzz/tonbo-imaging-cofounders-rake-in-%e2%82%b9137-cr-from-ipo/"
  },
  "original_language": "en",
  "account": "Three cofounders of Tonbo Imaging — CEO Arvind Lakshmikumar, CBO Ankit Kumar, and CCO Cecilia D’Souza — amassed ₹137.2 crore from the company's ₹852 crore IPO. Lakshmikumar earned ₹80.5 crore by selling 11.5 lakh shares at the upper end of the ₹665-700 price range. He still owns about 38.18 lakh shares, making him Tonbo Imaging's largest shareholder. Kumar, CBO and CRO, sold 5.8 lakh shares worth ₹40.6 crore and retains 24.6 lakh shares. D’Souza sold around 2.3 lakh shares for ₹16.1 crore. The biggest buyers of Tonbo Imaging's IPO were its related entities, CEAQ Technologies Pvt Ltd from Bengaluru and CEAQ Technologies Pte Ltd from Singapore. The former sold all its 50 lakh shares for ₹350 crore, while the latter sold 41.6 crore shares, making ₹291 crore. They still hold 1.05 crore shares post-IPO. Artiman, a venture fund, made ₹13.8 crore by selling 2 lakh shares, yielding a 4.8X return. Partners Amit Dilip Shah and Ramesh Radhakrishnan each made ₹5.9 crore and ₹5.6 crore respectively, keeping 1.4 lakh and 1.2 lakh shares as their remaining stake. Vinimaya Advisory LLP, a promoter group entity, sold 3.4 lakh shares for ₹23.8 crore, signalling a 3.6X return. They will keep 3.2 lakh shares worth ₹22.4 crore. Tonbo Imaging was founded in 2003 as a defense electronics and embedded vision business, expanding into a major global OEM for thermal imaging cores, weapon sights, and missile guidance systems, serving customers across 24 countries. The company's revenue declined 22.7% to ₹362.6 crore in FY26 from ₹469.1 crore in FY25, and its net profit dropped to ₹50.8 crore from ₹72.8 crore. Tonbo Imaging's IPO, consisting of an offer for sale component of up to 1.22 crore equity shares, was valued at ₹4,009.8 crore ($480 Mn) at the higher end of the price band. It saw an astonishing 136 times oversubscription, with investors bidding for 115.87 crore shares against the 85.26 lakh shares on offer.",
  "summary": "Tonbo Imaging’s promoters and investors have realised substantial gains from the company’s IPO, which closed earlier this week post witnessing…",
  "key_points": [],
  "editors_take": null,
  "illustration": null,
  "coverage": {
    "outlets": 1,
    "also_reported_by": []
  },
  "ai_generated": true,
  "disclaimer": "Summaries, key points and the editor’s take are written by software from other outlets’ reporting and may contain errors — always check the linked original."
}