Bengaluru-based defence technology company Tonbo Imaging has secured ₹255.36 crore from anchor investors ahead of its initial public offering, which opens for subscription on October 15, 2026.
Bengaluru-based defence technology startup Tonbo Imaging has raised ₹255.36 crore through its anchor investor allocation ahead of its ₹852.2 crore initial public offering (IPO). The company allotted 36.48 lakh equity shares at ₹700 per share, the upper end of its IPO price band of ₹665 to ₹700 per share.
The anchor book attracted participation from prominent global investors, including BlackRock, Goldman Sachs, Temasek Holdings, Allianz Global Investors and Prudential. Domestic institutional investors also participated, with SBI Mutual Fund, HDFC Mutual Fund and ICICI Prudential Mutual Fund among those investing in the offering.
The public issue opened for subscription on October 15 and is scheduled to close on October 19, 2026. The IPO comprises an offer for sale (OFS) of approximately 1.22 crore shares by existing shareholders, with no fresh issue component. Consequently, the proceeds from the offer for sale will go to the selling shareholders rather than the company.
Tonbo Imaging’s Defence Technology Portfolio
Founded by Ankit Kumar, Arvind Kondangi Lakshmikumar and Cecilia D’Souza, Tonbo Imaging develops advanced imaging, surveillance and targeting systems for defence and security applications. Its product portfolio includes thermal imaging systems, weapon sights, targeting systems, missile seekers and fire control systems.
The company supplies its products to government and defence agencies and operates in the defence electronics segment. The sector has gained increasing attention amid India’s focus on strengthening domestic defence manufacturing capabilities and expanding indigenous technology development.
Tonbo Imaging’s specialised technology portfolio places it within a strategically important segment of the defence industry, where advanced sensors, imaging systems and surveillance capabilities play a key role in modern military and security operations.
Revenue and Profit Decline in FY26
Despite investor interest in its IPO, Tonbo Imaging reported a decline in its financial performance in FY26. The company’s revenue fell 22.7% to ₹362.65 crore, while net profit declined 30% to ₹50.88 crore.
The company also reported a loss of ₹17.74 crore on revenue of ₹36.01 crore in the June quarter of FY27, indicating a challenging start to the current financial year.
The financial performance will be among the factors investors may assess while evaluating the company’s IPO, alongside its technology portfolio, customer relationships and growth opportunities in the defence electronics market.
IPO Details and Listing Plans
The ₹852.2 crore IPO is entirely an offer for sale, with existing shareholders offering approximately 1.22 crore shares. Since the issue does not include a fresh equity component, Tonbo Imaging will not receive proceeds from the public offering.
JM Financial and IIFL Capital Services are managing the issue. Following the completion of the IPO process, the company’s shares are proposed to be listed on the BSE and NSE.
The anchor investment comes as Tonbo Imaging seeks to enter the public markets amid growing interest in India’s defence technology ecosystem. However, its recent revenue and profit declines, along with the loss reported in the June quarter, will remain important considerations for prospective investors.
By: Arushi Agarwal
