Tonbo Imaging IPO Opens October 15: ₹700 Price Band, ₹420 GMP and ₹14,700 Minimum Investment

Tonbo Imaging IPO 2026: Investors tracking India's defence and technology sectors have a new public issue to watch this week. Bengaluru-based Tonbo Imaging India Limited is scheduled to launch its initial public offering (IPO) on October 15, 2026, with the subscription window remaining open until October 19.

The company has fixed a price band of ₹665 to ₹700 per equity share. Ahead of the opening, its shares were reportedly trading at a grey market premium (GMP) of ₹420, suggesting strong speculative interest among unofficial market participants.

At the upper price band of ₹700, the reported GMP implies an indicative price of ₹1,120 per share, approximately 60% above the IPO price.

However, grey market premiums are unofficial indicators and do not guarantee listing gains.

Investors should also examine the company's financial performance, which shows a decline in revenue and profitability during FY2026, followed by a net loss in the first quarter of FY2027.

Here are the important details about the Tonbo Imaging IPO, including its price band, lot size, issue structure, business operations and financial results.

Tonbo Imaging IPO: Important Dates and Details

According to the reported IPO schedule, anchor investors can submit their bids on October 14, 2026.

The issue will open for public subscription on October 15 and close on October 19.

The company proposes to list its shares on both the Bombay Stock Exchange (BSE) and the National Stock Exchange (NSE).

The IPO dates, GMP and other market-related figures should be verified before applying because market conditions and official schedules can change.

How Much Money Is Required to Apply for Tonbo Imaging IPO?

The minimum application lot for the Tonbo Imaging IPO is 21 equity shares.

Investors must apply in multiples of 21 shares, subject to the applicable investor-category requirements.

At the upper price band of ₹700, one lot would cost:

21 shares × ₹700 = ₹14,700

At the lower price band of ₹665, the value of 21 shares would be ₹13,965.

However, retail investors generally need to consider the upper price band when determining the funds required for a cut-off price application.

The final amount depends on the bid price, quantity and applicable IPO rules.

Tonbo Imaging IPO GMP: What Does ₹420 Premium Indicate?

The reported grey market premium of ₹420 has attracted considerable attention ahead of the IPO.

GMP represents the unofficial premium at which market participants may discuss or trade IPO-related positions before the shares are listed.

Using the upper price band of ₹700, the indicative calculation is:

• IPO upper price: ₹700

• Reported GMP: ₹420

• Indicative grey market price: ₹1,120

• Implied premium over issue price: 60%

This calculation suggests that the unofficial market was indicating a substantial premium at the time of the report.

However, the actual listing price could be higher or lower than this indicative figure.

Grey market activity is not an official stock exchange mechanism, and GMP can change sharply before listing.

Investors should not interpret a ₹420 GMP as an assured profit of ₹420 per share.

Tonbo Imaging IPO Issue Size and Offer for Sale Details

Tonbo Imaging plans to offer 1,21,74,046 equity shares through its public issue.

At the upper price band of ₹700, the total issue value works out to approximately ₹852.18 crore.

Importantly, the IPO is structured entirely as an offer for sale (OFS).

This means the company will not issue fresh shares to raise new capital through this offering.

Instead, existing shareholders will sell a portion of their holdings to public investors.

The proceeds from the OFS will go to the selling shareholders, after applicable expenses, rather than directly to Tonbo Imaging for business expansion.

The issue is being managed by JM Financial Limited and IIFL Capital Services Limited, according to the report.

What Does Tonbo Imaging India Do?

Tonbo Imaging India Limited is a Bengaluru-based defence technology company that develops advanced electronic systems for military and security applications.

Its products are designed for surveillance, targeting, imaging and other specialised defence requirements.

The company operates in areas that require sophisticated optical, electronic and imaging technologies.

Its reported product portfolio includes thermal imaging equipment, weapon sights, targeting systems, missile seekers and fire control systems.

These technologies are used to improve visibility, target identification and operational capabilities in demanding environments.

The company is also developing systems intended to address threats involving large numbers of drones.

Tonbo Imaging's International Presence

According to the report, more than 28,000 Tonbo Imaging systems had been deployed across 24 countries as of June 30, 2026.

This indicates that the company serves customers beyond the Indian market.

International operations can create growth opportunities for defence technology businesses, particularly where specialised imaging and surveillance systems are required.

However, overseas exposure can also introduce risks involving geopolitical developments, export restrictions, customer approvals and delays in order execution.

The company is reportedly led by Arvind Kondangi Lakshmikumar, Ankit Kumar and Cecilia D'Souza.

Its products are designed and developed in India, according to the supplied information.

Tonbo Imaging Financial Results: Revenue Declines in FY2026

Although the reported GMP has generated interest, Tonbo Imaging's recent financial performance deserves close attention.

The company's revenue declined from ₹469.08 crore in FY2025 to ₹362.65 crore in FY2026.

This represents a reported reduction of approximately 22.69%.

Profitability also weakened during the same period.

Net profit fell from ₹72.76 crore in FY2025 to ₹50.88 crore in FY2026.

The following table summarises the reported financial performance.

The figures show that both revenue and net profit declined during FY2026.

This is an important consideration for investors evaluating the company's valuation and future growth prospects.

Why Did Tonbo Imaging's Revenue and Profit Decline?

According to the company explanation cited in the report, international order execution was affected by the conflict in West Asia.

The situation reportedly delayed the fulfilment of certain overseas orders.

Some potential orders were also pushed into FY2027, affecting revenue recognition and overall business performance during FY2026.

Defence technology companies may experience fluctuations in revenue because of the timing of contracts, delivery schedules, customer approvals and project execution.

However, investors should examine the company's offer documents to understand whether the recent decline reflects temporary delays or broader business risks.

Tonbo Imaging Reports ₹17.74 Crore Loss in Q1 FY2027

The company's performance in the first quarter of FY2027 also raises questions.

For the quarter, Tonbo Imaging reported revenue of ₹36.01 crore and a net loss of ₹17.74 crore.

The report attributes the weak performance to lower revenue and slower order execution.

A quarterly loss does not necessarily determine a company's long-term outlook.

However, it highlights the importance of reviewing order execution, profitability, cash flows and business risks before investing.

Investors should consider the company's financial performance alongside its market position and growth plans.

What Are the Main Risks in Tonbo Imaging IPO?

Despite operating in a specialised defence technology segment, the company faces several potential challenges.

Its revenue may depend on the timing and execution of large contracts.

International exposure can create uncertainty when geopolitical events disrupt deliveries or customer procurement decisions.

The recent decline in revenue and profitability is another factor investors should evaluate.

Additionally, the IPO is entirely an OFS, meaning the company will not receive fresh funds from the offering.

Investors should also assess the valuation implied by the ₹700 upper price band and compare it with the company's financial performance.

A high grey market premium should not replace a careful review of these factors.

How to Apply for Tonbo Imaging IPO

Eligible investors can apply through supported banking or brokerage platforms.

The general application process involves the following steps:

1. Open your authorised stockbroker's IPO section or a supported banking application.

2. Select Tonbo Imaging India Limited from the available public issues.

3. Review the price band and minimum lot size.

4. Enter the desired number of lots.

5. Choose the bid price or applicable cut-off option.

6. Provide or confirm the required payment mandate details.

7. Approve the mandate through the supported mechanism.

8. Check the application status after submission.

Submitting an application does not guarantee allotment.

The number of shares allotted will depend on demand and the applicable allocation rules.

Tonbo Imaging IPO: Should Investors Apply?

Tonbo Imaging operates in a specialised defence technology segment and has a reported international presence.

Its products cover thermal imaging, targeting systems, missile-related equipment and other advanced electronic applications.

However, its recent financial performance has weakened.

Revenue declined by 22.69% in FY2026, net profit fell, and the company reported a ₹17.74 crore loss in the first quarter of FY2027.

The reported ₹420 GMP indicates unofficial market interest, but it is not a reliable guarantee of listing returns.

Investors should therefore examine the red herring prospectus, financial statements, risk factors and valuation before making an investment decision.

Tonbo Imaging IPO 2026: Key Takeaways

Tonbo Imaging India Limited is scheduled to open its ₹852.18 crore IPO on October 15, 2026, with bidding continuing until October 19.

The price band has been fixed at ₹665 to ₹700 per share, and the minimum application amount at the upper price band is ₹14,700 for 21 shares.

The issue consists entirely of an offer for sale involving 1,21,74,046 equity shares.

The company's shares were reportedly commanding a grey market premium of ₹420, implying an unofficial premium of around 60% over the upper IPO price.

While the GMP may attract attention, the decline in FY2026 revenue and profit, along with the recent quarterly loss, makes a detailed review of the company's financial position particularly important.

Disclaimer: This article is for informational purposes only and does not constitute investment advice. Grey market premiums are unofficial, fluctuate frequently and do not guarantee listing gains. Investors should verify IPO details through official exchange filings and offer documents and consider their financial circumstances before investing.