Tonbo Imaging India IPO subscription status on the final day: the issue closed on 19 October 2026 at 135.9x overall, as per our tracker at 5:11 PM. Institutional buyers (QIBs) bid hardest: QIBs 293.56x, non-institutional investors 170.94x, retail 31.07x. The grey market quote stands at ₹515 (73.57%).
How the book closed
| Category | Times subscribed |
|---|---|
| QIB (institutional buyers) | 293.56x |
| NII (non-institutional), total | 170.94x |
| bNII (bids above ₹10 lakh) | 184.73x |
| sNII (bids of ₹2–10 lakh) | 143.37x |
| Retail | 31.07x |
| Employees | 54.31x |
| Total | 135.9x |
Within the non-institutional portion, bids above ₹10 lakh (bNII) came in at 184.73x and bids of ₹2 lakh to ₹10 lakh (sNII) at 143.37x. The employee quota was 54.31x. With the retail portion booked 31.07x, roughly one retail application in 31 can expect a lot, because allotment is by lottery once a portion is oversubscribed.
What our data shows
At ₹852.18 crore, this is the 36th largest of the 105 mainboard IPOs that closed in 2026. Our tracker has held the premium in a narrow band: ₹500 (71.43%) on 14 and 15 October, ₹516 on 16 October, ₹505 on 17 October and ₹515 (73.57%) on 18 and 19 October. On the last 10 mainboard listings, the final GMP was off by 11 percentage points on average. The grey market has not always been right, and it is an unofficial dealer quote. JM Financial had 24 of its 33 earlier listings open above the issue price.
What the company does
Tonbo Imaging India is a Bengaluru defence electronics company. It designs sensing, targeting and surveillance systems, such as thermal weapon sights and fire control systems. The IPO is a pure offer for sale, so the company receives nothing from it.
The numbers behind the issue
Total income fell from ₹474.39 crore in FY2025 to ₹369.94 crore in FY2026, and profit after tax fell from ₹72.76 crore to ₹50.88 crore. The quarter to 30 June 2026 showed a loss of ₹17.74 crore on income of ₹37.32 crore. Promoter holding goes from 18.58% to 15.72% after the sale. The post-issue market value at the upper band is ₹4,009.75 crore.
The full issue details are on the Tonbo IPO page. We covered the issue when it opened in our opening-day post.
Key facts
| Detail | Figure |
|---|---|
| Price band | ₹665 to ₹700 |
| Issue size | ₹852.18 crore, offer for sale only |
| Lot size | 21 shares |
| Minimum at upper band | ₹14,700 |
| Post-issue market value at upper band | ₹4,009.75 crore |
How the grey market moved
| Date | GMP | GMP as % of issue price |
|---|---|---|
| 14 Oct | ₹500 | 71.43% |
| 15 Oct | ₹500 | 71.43% |
| 16 Oct | ₹516 | 73.71% |
| 17 Oct | ₹505 | 72.14% |
| 18 Oct | ₹515 | 73.57% |
| 19 Oct | ₹515 | 73.57% |
GMP is an unofficial dealer quote, not an exchange price. It can change within hours and does not guarantee a listing price.
What happens next
Basis of allotment is due on 21 October 2026. Refunds and demat credit follow on 22 October, and shares list on BSE and NSE on 23 October. The registrar is KFin Technologies. Our subscription page keeps the category figures, and the GMP page keeps the grey market history.
