Tonbo Imaging’s IPO has been oversubscribed 40.82X on the third day of bidding till now
The ₹852.1 Cr IPO comprises entirely an offer for sale (OFS) of up to 1.2 Cr shares, with no fresh issue component
Till 13:23 IST, investors have placed bids for 34.80 Cr shares against the 85.26 Lakh shares on offer, as per BSE data
Defence tech company Tonbo Imaging’s IPO has been oversubscribed 40.82X on the third day of bidding till now.
Till 13:23 IST, investors have placed bids for 34.80 Cr shares against the 85.26 Lakh shares on offer, as per BSE data.
NIIs are leading demand for the public float till now, placing bids for 18.56 Cr shares against the 18.24 Lakh shares reserved for them. This translates to an oversubscription of 101.78X.
Within the NII category, the portion reserved for investors bidding for more than ₹10 Lakh was subscribed 106.03X, with bids for 12.89 Cr shares against 12.16 Lakh shares.
Meanwhile, the portion for investors bidding between ₹2-10 Lakh was booked 93.27X, with bids for 5.67 Cr shares against 6.08 Lakh shares.
Retail investors placed bids for 8.79 Cr shares against the 42.56 Lakh shares reserved for them, resulting in a subscription of 20.67X.
The qualified institutional buyers (QIBs) have placed bids for 7.38 Cr shares against the 24.32 Lakh shares reserved for them, translating into an oversubscription of 30.37X.
Foreign institutional investors (FIIs) accounted for the bulk of this demand, bidding for 5.12 Cr shares. Mutual funds, by contrast, had bid for just 2,478 shares.
The portion reserved for employees was subscribed 38.6X, with bids for 5.40 Lakh shares against 14,000 shares.
The surge marks a sharp jump from the end of the second day of bidding, when the IPO was subscribed 7.78X.
The ₹852.1 Cr IPO comprises entirely an offer for sale (OFS) of up to 1.2 Cr shares, with no fresh issue component. It is priced in the range of ₹665 to ₹700 per share. The issue remains open for subscription today, while Tonbo’s shares are expected to list on the BSE and NSE on October 23.
At the upper end of the price band, the company is seeking a valuation of ₹4,009.8 Cr.
Ahead of the IPO, Tonbo allotted 36.5 Lakh shares to 43 anchor investors at ₹700 apiece, raising ₹255.4 Cr.
Tonbo started off as a subsidiary of research company Sarnoff Corporation, providing R&D and technology development services. It was bought out in 2012 by promoters and cofounders Arvind Lakshmikumar, Ankit Kumar, and Cecilia D’Souza.
Since then, the company has pivoted to design and development of advanced imaging and sensor systems used for surveillance, reconnaissance, targeting, and other military applications. Its product portfolio includes thermal imaging systems, weapon sights, fire-control systems, and missile seekers.
Tonbo handles prototype development, system integration, and qualification testing in-house, while outsourcing manufacturing to partners such as Kaynes Technology and Avalon Technology.
On the financial front, Tonbo’s revenue from operations declined 22.7% to ₹362.6 Cr in FY26 from ₹469.1 Cr in FY25. Net profit fell to ₹50.8 Cr from ₹72.8 Cr in the previous year. In Q1 FY27, the company reported operating revenue of ₹36 Cr and a net loss of ₹17.7 Cr.
Source: Inc42
