Tonbo Imaging IPO: Listing Price, Listing Gains vs GMP and Review

Listing update, 23 October 2026: Tonbo Imaging shares listed on 23 October 2026 at ₹1,160 on NSE, 65.7% above the ₹700 issue price, and at ₹1,162 on BSE (+66%). At the NSE listing price, one lot of 21 shares showed a paper gain of ₹9,660. The issue was subscribed 135.90 times on NSE data. We will add the day-1 close after the market shuts.

Tonbo Imaging designs the eyes of modern weapons: thermal imagers, weapon sights, fire-control and targeting systems, and missile seekers that let soldiers and platforms see in the dark and through smoke. The Bengaluru company’s IPO, priced at ₹665 to ₹700 a share, was open from 15 to 19 October 2026 and closed more than 130 times subscribed.

Tonbo Imaging IPO listing price and listing gains

The ₹460 listing premium came in below the roughly ₹500 grey market figure quoted on 16 October, though it still left allottees 65.7% ahead of the issue price at the open. Grey market prices are unofficial and were never a forecast. With an ₹852 crore, all-OFS issue and QIB demand near 294 times, a large opening gap was in line with how the book filled. The day-1 close will be added after 3:30 pm IST.

How to Check Tonbo Imaging IPO Allotment Status Online

The basis of allotment was finalised on Wednesday, 21 October 2026. The registrar usually uploads results in the evening; if Tonbo Imaging is not in the dropdown yet, the file is not live. You only need your PAN or application number.

• Registrar (KFin Technologies): ipostatus.kfintech.com
• BSE: BSE IPO application status
• NSE: NSE verify IPO bids

Check on KFin Technologies with PAN

1. Open the KFin Technologies IPO status page and pick Tonbo Imaging India Limited from the dropdown.
2. Choose PAN (or Application Number / DP-Client ID).
3. Enter your PAN, fill the captcha and click Submit. The page shows shares applied for and shares allotted.

Check on BSE

1. Select Issue Type Equity and Issue Name Tonbo Imaging India Limited.
2. Enter your application number or PAN, tick the captcha and click Search.

Check on NSE

1. Sign in on the NSE bid-verification page (a one-time sign-up with your PAN is needed).
2. Choose Equity, select the Tonbo Imaging symbol, enter your PAN and application number, and submit.

What next: if allotted, shares should reach your demat account on 22 October 2026; if not, your UPI block or ASBA amount is released from 22 October. Grey market premium figures are unofficial and are not an indicator of the listing price.

The whole ₹852.18 crore issue is an offer for sale, so Tonbo itself receives nothing. Demand was strong from the start: the book was 2.61 times covered on day 1, QIBs finished at 293.56 times, and grey market trackers quoted a premium of around ₹500, or 71%, during bidding (unofficial). The numbers are less convincing. Revenue fell 22.7% in FY26 as exports collapsed, the June 2026 quarter was loss-making, and at the upper band the stock is priced at about 79 times FY26 earnings.

Final subscription and allotment update

The Tonbo Imaging IPO closed on 19 October 2026 with the issue subscribed more than 130 times overall. HDFC Sky’s final day 3 figures put the book at 135.68 times (NII 170.81x, retail 30.67x), while Angel One’s 5:42 PM reading showed 132.81 times (NII 156.36x, retail 31.11x, employees 54.31x); both show QIBs at 293.56 times. The table below uses the HDFC Sky figures until the exchange’s final numbers are confirmed. The retail portion was bid about 31 times, so allotment for small investors was decided by a lottery of one minimum lot each, and most retail applicants will not get shares. Allotment was finalised on 21 October 2026 and the shares are scheduled to list on 23 October 2026. Use the allotment status steps above to check your application.

How the subscription built up

Tonbo was fully subscribed within the first day, ending at 2.61 times, and had reached 3.37 times by late morning on day 2. Small NIIs, at 7.76x, and retail investors, at 3.06x, led at that stage, and QIBs had already covered their quota more than twice, which is unusual so early for a mainboard issue. The heaviest bidding came on the final day.

Before the issue opened, Tonbo raised ₹255.4 crore from 43 anchor investors, who took 36.5 lakh shares at ₹700. Domestic mutual funds took about 58% of the anchor book through 25 schemes from 12 fund houses, including SBI, Axis, HDFC, Kotak, Mirae Asset and Canara Robeco. Goldman Sachs, BlackRock, WhiteOak Capital and Allianz were among the other names.

Tonbo Imaging IPO at a glance

The sellers are CEAQ Technologies (its Indian and Singapore entities together sell about 91.5 lakh shares), the co-founders Arvind Kondangi Lakshmikumar, Ankit Kumar and Cecilia D’Souza, and Artiman Partners. The offer was cut from 1.81 crore shares in the draft papers to 1.22 crore in the final version.

Retail investors get at least 35% of the net offer, the standard split for a profitable company. One lot costs ₹14,700 at the upper band.

What Tonbo Imaging actually does

Tonbo Imaging started in 2003 as a research and technology services unit and was bought out by its promoters in 2012, after which it moved into defence products. It designs electro-optical, infrared and embedded vision systems: thermal imaging cameras, weapon sights, handheld thermal binoculars, driver vision systems for armoured vehicles, targeting and fire-control systems, and seekers for missile guidance. It is also developing a loitering munition and WaveStrike, a high-power microwave anti-drone system.

The model is asset-light. Tonbo does the design, prototyping, system integration and qualification testing in-house, and contract manufacturers Kaynes Technology and Avalon Technologies build the hardware. As of June 2026 it had more than 28,000 systems deployed across 24 countries and 339 permanent employees. Its electro-optical and infrared products are not subject to US ITAR export controls, which helps with overseas sales.

The numbers behind the business

These are the restated figures from the offer documents, in ₹ crore.

What these numbers tell us, in plain language:

• Revenue went backwards in FY26. After rising to ₹469 crore in FY25, revenue fell 22.7% to ₹362.65 crore. The June 2026 quarter brought in just ₹36 crore and a loss of ₹17.74 crore. Defence orders are lumpy, but this is the opposite of the growth story the valuation implies.
• Exports collapsed. Export sales fell from ₹307.34 crore in FY25, about 65% of revenue, to ₹20.21 crore in FY26. Domestic sales rose to ₹337.47 crore, or 93% of the total. Whether export orders come back is the biggest single question for the business.
• Margins are good, cash flow is not. EBITDA margin was about 29% in FY26. But operating cash flow was negative in both FY25 (₹136.12 crore outflow) and FY26 (₹63.22 crore), as receivables and inventory absorbed cash, and borrowings rose to ₹129.72 crore by June 2026.
• Returns have fallen. ROE dropped from 29.8% in FY24 to 9.2% in FY26, partly because net worth more than doubled after fresh equity was raised.

The confirmed order book was ₹314.24 crore at the end of June 2026, and the company says it received another ₹118.15 crore of orders between July and September. The five largest customers made up 53% of FY26 revenue.

Tonbo Imaging IPO GMP

Tonbo has drawn one of the highest grey market premiums of the year. Trackers put it at about ₹500 on 16 October, against a ₹700 upper band, or about 71%. We have not confirmed a post-close figure from two trackers, so we do not quote one, and GMP is not a forecast of the listing price. Grey market trading is thin, and with an issue of only ₹852 crore, a small amount of extra demand can push the premium up sharply.

Tonbo Imaging IPO listing date and valuation

Tonbo shares are scheduled to list on BSE and NSE on Friday, 23 October 2026, after the basis of allotment on 21 October and demat credits on 22 October. We do not forecast listing prices. The bigger question is valuation. At ₹700 the company is valued at about ₹4,010 crore, nearly 79 times FY26 earnings and more than 11 times FY26 revenue, for a business whose revenue and profit both fell last year. Listed defence electronics names trade at high multiples, but they usually come with steady growth.

If the order book converts quickly and export sales recover in FY27, the multiple can come down fast. If not, the valuation will be hard to support on current earnings.

What to weigh: the business case

All of the money goes to sellers

This is an exit for CEAQ Technologies, Artiman and the co-founders. That is normal for a venture-backed company, but it means the IPO adds nothing to Tonbo’s balance sheet at a time when borrowings are rising and cash flow is negative.

A business between two phases

FY25 was driven by exports; FY26 was almost entirely domestic. The company is clearly winning Indian orders, but the year-on-year comparison shows how dependent its results are on a few large contracts. The June quarter loss suggests FY27 is starting slowly too.

Technology that is hard to copy

On the positive side, thermal imaging and missile seekers are specialised fields with long qualification cycles, and India is pushing for local sourcing of defence electronics. A strong anchor book from leading mutual funds shows that institutions are willing to back that long-term story.

Strengths and risks

Strengths

• Specialised electro-optical, infrared and seeker technology for defence
• More than 28,000 systems deployed in 24 countries
• Products not subject to US ITAR controls
• Asset-light model with Kaynes and Avalon as manufacturing partners
• ₹255.4 crore anchor book from 43 investors
• Order inflow of ₹118 crore in July to September 2026

Risks

• Revenue down 22.7% and profit down 30% in FY26
• Loss of ₹17.74 crore in the June 2026 quarter
• Exports fell from ₹307 crore to ₹20 crore in a year
• Negative operating cash flow in FY25 and FY26
• About 79 times FY26 earnings at the upper band
• Entirely an offer for sale; top five customers are 53% of revenue

Your chances of getting an allotment

• Retail investors get at least 35% of the net offer, roughly 42.6 lakh shares or about 2 lakh lots of 21 shares.
• Every successful retail applicant gets one lot of 21 shares, and with retail at about 31 times, lots are drawn at random.
• At about 31 times demand, roughly one valid application in 30 can expect a lot (our calculation).
• Applying for 13 lots does not improve your odds in the draw. Separate PANs in a family do.

What to watch from here

• Refunds and demat credits on 22 October
• How the shares trade against the ₹700 issue price after listing
• Allotment on 21 October through KFin Technologies
• Listing on BSE and NSE on 23 October
• After listing: export orders, order book conversion and operating cash flow in the September and December quarters

Tonbo Imaging IPO: frequently asked questions

Sources: KFin Technologies (registrar) allotment page, BSE public issues, NSE IPO page, SEBI public issue filings (RHP), Inc42, price band and sellers, YourStory, RHP financials, IPO Market (subscription and GMP). Subscription data are from the exchanges via trackers; financials are from the company’s offer documents.

Disclaimer: This article is for information and education only and is not investment advice. GMP is unofficial and data may differ between sources. Read the RHP and consult a SEBI-registered adviser before investing. Final subscription data as of the 19 October 2026 close (sources differ slightly); GMP as of 16 October 2026.