Tonbo Imaging fills $31M anchor book at top of price band as IPO opens

Tonbo Imaging has raised $31M from anchor investors ahead of its initial public offering, which opened for subscription on October 15. The Bengaluru-based defence technology company allotted 36.48 lakh equity shares at Rs 700 apiece — the top of its Rs 665-700 price band — to the anchor group.

The anchor book drew a clutch of global names: BlackRock, Goldman Sachs, Temasek Holdings, Allianz Global Investors and Prudential. Domestic mutual funds and insurance companies also participated, with SBI Mutual Fund, HDFC Mutual Fund and ICICI Prudential Mutual Fund among the investors on the Indian side.

The public issue itself is sized at Rs 852.2 crore and closes on October 19. It is structured entirely as an offer for sale of around 1.22 crore shares by existing shareholders, with no fresh issue component — meaning the company itself does not receive any of the proceeds.

Founded by Ankit Kumar, Arvind Kondangi Lakshmikumar and Cecilia D'Souza, Tonbo develops imaging and surveillance systems for defence and security applications. Its product line includes thermal imaging systems, weapon sights, targeting systems, missile seekers and fire control systems, supplied to government and defence agencies. The company sits in the defence electronics segment, which has drawn investor attention amid India's push to strengthen domestic defence manufacturing.

The financial trajectory heading into the listing is uneven. Tonbo's revenue fell 22.7% to Rs 362.65 crore in FY26, while net profit declined 30% to Rs 50.88 crore. In the June quarter of FY27, the company reported a loss of Rs 17.74 crore on revenue of Rs 36.01 crore.

JM Financial and IIFL Capital Services are managing the IPO. Tonbo's shares are proposed to be listed on the BSE and NSE.