The Tonbo Imaging India IPO listing took place on 23 October 2026. Shares opened at ₹1,160 on the NSE on 23 October 2026, 65.71% above the issue price of ₹700. One lot of 21 shares was worth ₹24,360 at the open, a gain of ₹9,660.
Was the grey market right?
The last quote we recorded was ₹450 (64.29%), pointing to a listing near ₹1,150. The stock opened ₹10 above that mark. The last grey market quote of ₹450 pointed to a listing near ₹1,150, and the stock opened ₹10 above that. GMP is an unofficial dealer quote, not an exchange price.
| Date | GMP | As % of ₹700 |
|---|---|---|
| 18 October | ₹515 | 73.57% |
| 19 October | ₹510 | 72.86% |
| 20 October | ₹515 | 73.57% |
| 21 October | ₹512 | 73.14% |
| 22 October | ₹438 | 62.57% |
The quote held near ₹510 through the bidding and then fell by ₹74 on the last day before listing.
What our data shows
Tonbo closed 135.9x subscribed, the tenth highest of 105 mainboard IPOs that closed in 2026. The median is 24.96x. QIBs bid 293.56x, NIIs 170.94x and retail 31.07x. That puts the chance of a retail lot at roughly one application in 31, though allotment is a lottery. Lead manager JM Financial has 24 of 33 earlier listings opening above the issue price. IIFL Capital has 23 of 32. Across 2026, 68 of 102 mainboard IPOs opened above issue, with a median gain of 6.92%. The grey market was off by 9.39 percentage points on average over the last 10 listings. Compare with our IPO performance table.
| Category | Subscription |
|---|---|
| QIB | 293.56x |
| NII (bNII 184.73x, sNII 143.38x) | 170.94x |
| Retail | 31.07x |
| Employee | 54.33x |
| Total | 135.9x |
What the company does
Tonbo Imaging India, based in Bengaluru, makes electro-optical and infrared systems for defence. Its products include thermal weapon sights, hand-held surveillance imagers and missile seekers.
The ₹852.18 crore issue was a pure offer for sale, so the company received nothing from it.
Promoter holding falls from 18.58% to 15.72%. Total income was ₹369.94 crore in FY2026, down from ₹474.39 crore in FY2025. Profit after tax fell from ₹72.76 crore to ₹50.88 crore. The April to June 2026 quarter showed a loss of ₹17.74 crore.
Defence electronics is a niche most listed investors cannot compare easily. Tonbo is among the few listed Indian makers of such imaging systems for the armed forces, so price comparisons depend on how the market values the order book. The June 2026 quarter loss shows how uneven its revenue can be.
What happens next
Allotment is done and the shares trade on the NSE and BSE from 23 October 2026. The issue price was ₹700 and one lot cost ₹14,700 at the upper band. See the Tonbo Imaging GMP page for the full quote history.
