Tonbo Imaging India IPO entered its final day of bidding on Monday, amid strong investor demand. The IPO’s grey market premium (GMP) rose to 74% from 71% earlier, indicating higher listing gain expectations in the unofficial market. However, the grey market premium is an unofficial indicator and does not guarantee listing performance.

The IPO was subscribed 7.78 times by the end of Day 2, against 85.26 lakh shares on offer. The retail individual investor (RII) category saw 7.13 times subscription, against 42.56 lakh shares reserved for the segment.

The Bengaluru-based defence technology company aims to raise Rs 852.18 crore through the public issue. The IPO is entirely an offer for sale (OFS) of 1.22 crore shares, meaning the company will not receive any proceeds from the issue. Instead, the proceeds will go to the existing shareholders selling their stakes.

Tonbo Imaging India has set the IPO price band at Rs 665–700 per share. The issue opened for subscription on October 15 and will close on October 19, 2026.

The basis of allotment is expected to be finalised on October 21, while the shares are tentatively scheduled to list on the BSE and NSE on October 23.

The lot size is 21 shares, translating into a minimum investment of Rs 14,700 for retail investors applying at the upper end of the price band. Each equity share has a face value of Rs 2.

Ahead of the public issue, Tonbo Imaging India raised Rs 255 crore from anchor investors by allotting 36.48 lakh equity shares at Rs 700 apiece, the upper end of the IPO price band.

JM Financial and IIFL Capital Services are the book-running lead managers for the issue, while KFin Technologies is the registrar.

Tonbo Imaging India’s IPO attracted strong investor interest on Day 2, with the issue subscribed 7.78 times overall against 85.26 lakh shares on offer.

Among investor categories, Non-Institutional Investors (NIIs) led the demand, subscribing 14.35 times the shares reserved for them, against 18.24 lakh shares on offer. Qualified Institutional Buyers (QIBs) subscribed 3.95 times their allotted portion, compared with 24.32 lakh shares on offer.

The Retail Individual Investors (RIIs) category was subscribed 7.13 times, against 42.56 lakh shares reserved for retail investors.

Tonbo Imaging India’s IPO grey market premium (GMP) stood at Rs 515 per share, indicating a 74% premium over the upper end of the IPO price band of Rs 700. Based on this premium, the stock’s estimated listing price works out to around Rs 1,215 per share.

However, the GMP is an unofficial market indicator and does not guarantee the actual listing price or listing gains. It may fluctuate before the shares are listed on the stock exchanges.

Tonbo Imaging India Ltd.’s total income declined 22% to Rs 370 crore in FY26 from Rs 474 crore in FY25. Profit after tax (PAT) fell 30% to Rs 51 crore from Rs 73 crore during the same period.

Incorporated in December 2003, Tonbo Imaging India Ltd. is a global defence electronics original equipment manufacturer (OEM) that designs, develops and manufactures advanced electro-optic and infrared (EO/IR), embedded vision, communication, guidance and surveillance systems for defence and security applications. Its product portfolio includes thermal imaging systems, weapon sights, missile seekers, fire control and missile guidance systems, targeting solutions and handheld thermal imaging devices.

The company caters to defence and security organisations across 24 countries, with more than 28,000 systems deployed in the field. According to the company, it is India’s largest manufacturer of thermal imaging systems for government and defence agencies and the country’s largest exporter of such systems by volume, based on FY24–FY26 data. As of June 30, 2026, Tonbo Imaging India had 339 permanent employees across functions including product design and development, manufacturing, project management, sales, finance, human resources and management.

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