The Tonbo Imaging IPO is set to open on 15 October 2026 and close on 19 October, according to a Moneycontrol report. The issue is a pure offer for sale of 1.21 crore shares, so the company gets no money from it. The price band is due on 12 October.
What is in the offer?
Every share on offer comes from existing shareholders. Moneycontrol names CEAQ Technologies, Timothy Guy Mitchell, Artiman Partners and Ramesh Radhakrishnan, along with promoters Arvind Kondangi Lakshmikumar, Ankit Kumar and Cecilia D'Souza, among the sellers.
One number needs care. The draft prospectus on SEBI's site spoke of up to 1,80,85,246 shares. The report puts the offer at 1.21 crore shares. We have not seen the final prospectus, so treat the size as unconfirmed until the price band announcement.
The quota is 50% for qualified institutional buyers, 15% for non-institutional investors and 35% for retail, after setting aside up to 14,000 shares for employees.
Key dates
| Event | Date |
|---|---|
| Price band announced | 12 October |
| Anchor book (one day) | 14 October |
| IPO opens | 15 October |
| IPO closes | 19 October |
| Allotment | 21 October |
| Listing on NSE and BSE | 23 October |
Our IPO page shows the same open, close and listing dates. The allotment and anchor dates come from the report. The registrar is KFin Technologies. JM Financial and IIFL Capital Services are the lead managers.
What does Tonbo Imaging do, and how is it doing?
The Bengaluru company, incorporated in 2003, makes thermal imaging cores, weapon sights, targeting systems and missile seekers for defence users. It says it is India's largest manufacturer of thermal imaging systems for government and defence agencies by sales value.
The latest numbers are weaker. Revenue for the year to March 2026 fell to ₹362.65 crore from ₹469.08 crore a year earlier. Profit after tax dropped to ₹50.88 crore from ₹72.76 crore. For the June 2026 quarter, Moneycontrol reports revenue of ₹36 crore and a net loss of ₹17.7 crore.
What our data shows
Of the 100 mainboard IPOs listed in 2026, 66 opened above their issue price, and the median listing gain is 6.92%. The grey market's final quote was off by 11 percentage points on average across the last 10 listings, and it overstated the gain five times. Its earlier IPOs show JM Financial with 24 of 33 listings opening above issue price, and IIFL Capital Services with 21 of 30. Those are records, not forecasts.
What happens next
Watch for the price band on 12 October, then the anchor book on 14 October. We will track the grey market quote on the Tonbo Imaging GMP page, which is an unofficial dealer quote and not an exchange price. Details are on the IPO page, and other issues of the week are on the mainboard IPO list.
