TONBO IMAGING INDIA LTD IPO: Company Review, Subscription and Allotment Updates

2026-10-16 — Company overview and issue details

TONBO IMAGING INDIA LTD IPO (ABOUT THE COMPANY)

TONBO IMAGING INDIA LTD – COMPANY BACKGROUND

Tonbo Imaging India Ltd is into defence electronics and designs and manufactures advance electro-optic, infrared, embedded vision, communication guidance and surveillance systems. It offers a range of battlefield solutions including thermal imaging, weapon sights, missile seekers, targeting systems, fire control systems etc. In terms of key verticals, its tactical systems are used for imaging and surveillance. The platform systems vertical offers observation and fire control abilities. The Directed Energy Systems vertical focuses on countering the threat of drones. It serves defence establishments across 24 countries and is a big beneficiary of in-sourcing of defence sourcing by the government of India.

The promoters of Tonbo Imaging India Ltd are Ankit Kumar, Arvind Lakshmikumar, and Cecilia D’Souza. The IPO will be entirely an offer for sale (OFS) by the promoters and investor shareholders, with no fresh issue component in the IPO. The issue is being lead-managed by JM Financial and IIFL Capital Services; while KFIN Technologies Ltd (KFINTECH) is the IPO registrar.

HIGHLIGHTS OF THE IPO ISSUE OF TONBO IMAGING INDIA LTD

Here are the key highlights of the public issue of Tonbo Imaging India Ltd.

The IPO is open from October 15th, 2026 to October 19th, 2026. It has a face value of ₹2 per share and the IPO price band has been fixed in the range of ₹665 to ₹700 per share.

The IPO of Tonbo Imaging India Ltd will be entirely an offer for sale (OFS) of shares with no fresh issue component. The OFS offering will be by the promoter shareholders as well as by the investor shareholders of the company.

The offer for sale (OFS) portion of the IPO comprises the sale of 1,21,74,046 shares (121.74 lakh shares), which at the upper price band of ₹700 per share, translates into an OFS size of ₹852.18 crore.

Therefore, the overall IPO will also comprise only of the offer for sale (OFS) portion of 1,21,74,046 shares (121.74 lakh shares), which at the upper price band of ₹700 per share translates into an overall issue size of ₹852.18 crore.

Due to dilutive impact of the fresh issue and the offer for sale (OFS) by promoters, the promoter stake in the company will reduce from 18.58% pre-IPO to 14.56% post-IPO.

The IPO of Tonbo Imaging India Ltd will be listed on the NSE and the BSE on the IPO mainboard. The anchor allocation happened on October 14, 2026.

KEY DATES, INVESTOR ALLOCATION, AND LOT SIZES

Here are the key dates pertaining to the IPO of Tonbo Imaging India Ltd

Data Source: Company RHP

Investors can apply either through their existing trading account or the ASBA application can be directly logged through the internet banking account. This can only be done through the authorized list of self-certified syndicate banks (SCSB).

The table below captures the gist of the allocation to various categories.

Data Source: Security Parameters Filing (NSE)

The anchor portion, is carved out of the QIB portion and the QIB portion available in the IPO offer has been reduced proportionately. Please note that the above shares are final and may differ marginally from the original announcement.

Here is a quick look at the lot sizes applicable for the IPO of Tonbo Imaging India Ltd for various categories of investors.

It may be noted here that for the B-HNI category and for the QIB (qualified institutional buyer) category, there are no upper limits applicable. (1 Lot = 21 shares)

FINANCIAL HIGHLIGHTS OF TONBO IMAGING INDIA LTD

The table captures the key financials of Tonbo Imaging India Ltd for last 3 financial years.

Data Source: Company RHP filed with SEBI (FY refers to Apr-Mar period)

Between FY24 and FY26, revenues of the company have dipped by 15.3%. During the same period, the net margins have also tapered from 16.01% to 14.03%. In the same period, the EBITDA margins showed an improvement from 26.23% to 28.85%. The ROE and ROA have fallen sharply in the latest year due to profits not keeping pace with the equity base expansion. Also, the asset sweating ratio is quite low at 0.46X.

VALUATION METRICS OF TONBO IMAGING INDIA LTD IPO

At the IPO price of ₹700 (upper band), the stock gets discounted at a P/E ratio of 78.8X, based on the latest FY26 EPS of ₹8.88. If one looks at the defence space in India, most of the key defence companies are quoting at high valuations, due to expectations of huge order flows from the government. The only concern is that nearly 80% of the assets of the company are locked up in trade receivables and inventories, which adds substantially to the cost of working capital management.

While the valuations may look competitive, there are also some other advantages that the company brings to the table. Its defence electronics products have wide acceptance in India and abroad. Also, its in-house R&D and proprietary technology remain a moat. One big challenge that most defence companies in India are facing is the bandwidth to execute large orders. That will be the key metrics to watch out; otherwise, the stock can be a good bet on the fast-growing defence sector in India.

2026-10-16 — Anchor allocation

TONBO IMAGING INDIA LTD IPO (ANCHOR ALLOCATION 29.97%)

BRIEF ON ANCHOR ALLOCATION OF TONBO IMAGING INDIA LTD

The anchor issue of Tonbo Imaging India Ltd saw a strong response on 14th October 2026 with 29.97% of the IPO size absorbed by anchors. Out of 1,21,74,046 shares (121.74 lakh shares) on offer in the IPO; anchors picked up 36,48,013 shares (36.48 lakh shares) accounting for 29.97% of the total IPO size. The entire anchor allocation was made at the upper end of the price band of ₹700 per share. This includes the face value of ₹2 per share plus a share premium of ₹698 per share. The anchor bidding opened and closed on 14th October 2026.

KEY POINTS TO NOTE IN THE ANCHOR ALLOCATION PROCESS

Here are the key details pertaining to the anchor bidding of Tonbo Imaging India Ltd

An anchor investor in an IPO is a qualified institutional buyer (QIB) like a foreign portfolio investor or mutual fund or insurance company or a sovereign fund which invests before the IPO is made available to the public as per SEBI regulations. It helps in price discovery.

MAJOR ANCHOR ALLOCATION INVESTORS IN TONBO IMAGING INDIA LTD

On 14th October 2026, Tonbo Imaging India Ltd allotted 36,48,013 shares to a total of 43 anchor investors. The allocation was done at the upper IPO price band of ₹700 per share which resulted in overall anchor allocation of ₹255.36 crore. The anchors have already absorbed 29.97% of the total issue size of ₹852.18 crore, after factoring in the employee discount offered in the IPO, if any.

Listed below are the Top 10 IPO anchor investors who accounted for anchor collection of ₹131.19 crores, or, 51.37% of the overall anchor allocation of shares, one trading day ahead of the IPO of Tonbo Imaging India Ltd. The individual anchor allocation to these investors is indexed descending on the number of shares allotted.

Data Source: BSE Filings (Value Allocated is ₹ in Crore)

The detailed and comprehensive report on the anchor allocation, with the mutual fund portion segregated, can be accessed on BSE by clicking on the link below.

https://www.bseindia.com/downloads/UploadDocs/Notices/Attach/AnchorIntimationLetter$043bc1d8-35cb-4a88-aa42-389c8342f730.pdf

Out of the 36,48,013 shares allocated to the anchors in the IPO, there was an allocation of 21,05,565 shares made to mutual funds regulated by SEBI. This anchor allocation to mutual funds was spread across 25 MF schemes of 12 asset management company (AMC). Mutual funds accounted for 57.72% of the overall anchor allocation.

Out of the 36,48,013 shares allocated to the anchors in the IPO, there was an allocation of 2,85,810 shares to made to 4 life insurance companies regulated by IRDAI. Life Insurance companies accounted for 7.83% of the overall anchor allocation.

The remaining anchor allocation was spread across FPIs, SIFs, and alternate investment funds (AIFs).

NEXT STEPS IN TONBO IMAGING INDIA LTD IPO

Post the closure of the IPO subscription on 19th October 2026, the basis of allotment will be finalized on 21st October 2026 and the refunds will be initiated on 22nd October 2026. In addition, the demat credits are expected to also happen on 22nd October 2026 and the stock will list on 23rd October 2026 on the NSE and the BSE. The credits to the demat account to the extent of shares allotted will happen by the close of 22nd October 2026 under ISIN (INE0LDG01026).

2026-10-19 — Final subscription (Day 3)

Tonbo Imaging India Ltd (Day-3 Final Subscription at 135.90 times)

TONBO IMAGING INDIA LTD - IPO SUBSCRIPTION STATUS ON DAY-3

As of 7.25 pm on 19th October 2026, out of the 85.26 lakh shares on offer in the IPO (excluding anchor portion), Tonbo Imaging India Ltd saw bids for 11,587.19 lakh shares. This implies an overall subscription of 135.90X at a macro level. The granular break-up of subscriptions at close of Day-3 of the IPO of Tonbo Imaging India Ltd was as under:

The subscriptions were led by the QIB Investors followed by the HNI / NII investors and the Retail investors in that order. QIB bids and NII bids typically gather most of the momentum only on the last day. That was the case in this IPO too. Both, the QIB portion and the HNI / NII portion saw bulk of the institutional, corporate and funded subscriptions come in on the last day of the IPO, with substantial oversubscription in the HNI / NII segment. The company had seen steady anchor participation a day ahead of the IPO opening with 29.97% of the IPO size absorbed by anchor investors. Here is the category-wise subscription. The overall subscription ratio excludes anchor portion.

Data Source: NSE / BSE (as of close of Day-3 of the IPO)

The IPO of Tonbo Imaging India Ltd was open up to October 19, 2026, and has closed for subscription as of the close of trading hours on October 19, 2026. The subscription ratios presented in the table above represent the final subscription numbers for each category and also for the IPO overall.

Generally, the listing price of the IPO and the post-listing performance tend to get influenced by the extent of oversubscription of the IPO. However, it must also be noted that a higher subscription is not an automatic guarantee of a strong listing performance for the IPO stock. The final subscription ratio excludes anchor portion. Total bids as of the close (including anchor allocation) stood at ₹81,365.71 crore.

NEXT STEPS IN THE TONBO IMAGING INDIA LTD IPO

Post the closure of the IPO subscription on 19th October 2026, the basis of allotment will be finalized on 21st October 2026 and the refunds will be initiated on 22nd October 2026. In addition, the demat credits are expected to also happen on 22nd October 2026 and the stock will list on 23rd October 2026 on the NSE and the BSE. The credits to the demat account to the extent of shares allotted will happen by the close of 22nd October 2026 under ISIN (INE0LDG01026).

2026-10-19 — Allotment status

Tonbo Imaging India Ltd (How to check allotment status online)

ABOUT THE TONBO IMAGING INDIA LTD IPO

The IPO of Tonbo Imaging India Ltd opened on October 15th, 2026 and closed on October 19th, 2026. The IPO comprised entirely of an offer for sale (OFS) of 1,21,74,046 shares (121.74 lakh shares) worth ₹852.18 crore at the upper band price of ₹700 per share. There was no fresh issue component in the IPO of Tonbo Imaging India Ltd.

While the overall equity size will remain the same, the promoter stake will get diluted post the IPO. The allotment status will be finalized by EOD of October 21, 2026. Here is how to check allotment status for the IPO of Tonbo Imaging India Ltd. You can check IPO status on BSE or NSE or IPO Registrar website of KFIN Technologies Ltd (KFINTECH).

CHECKING ALLOTMENT STATUS OF TONBO IMAGING INDIA LTD ON BSE WEBSITE

This is a common link for all mainboard IPOs. Click on BSE link for IPO allotment as below.

https://www.bseindia.com/investors/appli_check.aspx

Once you reach the page, here are the steps to follow.

Under Issue Type – Select Equity Option

Under Issue Name – Select Tonbo Imaging India Ltd from the drop-down box

Enter the Application Number / CAF exactly as in the acknowledgement slip

Alternatively, Enter your PAN (10-digit alphanumeric) number

Once this is done; you need enter the 6-character alpha-numeric Captcha code to verify you are not a robot

Finally click on the SUBMIT Button on the left.

You can use either of the parameters to query; Application / CAF number or Investor PAN.

The allotment status will be displayed on the screen in front of you informing about the number of shares of Tonbo Imaging India Ltd allotted into your demat account. You can save a screenshot of the allotment status output for tallying with the demat account credits.

CHECKING ALLOTMENT STATUS OF TONBO IMAGING INDIA LTD ON NSE WEBSITE

This is a common link for all IPOs. Click on NSE link for IPO allotment as below.

https://www.nseindia.com/invest/check-trades-bids-verify-ipo-bids

Once you reach the page, here are the steps to follow.

Under Issue Type – Select Equity & SME IPO Bid Details Option

Under SELECT SYMBOL – Select TONBO from the drop-down box

Enter the Application Number / CAF exactly as in the acknowledgement slip

Alternatively, Enter your PAN (10-digit alphanumeric) number

Enter one of the above inputs and, click on the SUBMIT Button

Now, you can either input the Application / CAF number or the Investor PAN.

The allotment status will be displayed on the screen in front of you informing about the number of shares of Tonbo Imaging India Ltd allotted into your demat account. You can save a screenshot of the allotment status output for tallying with the demat account credits.

CHECKING ALLOTMENT STATUS OF TONBO IMAGING INDIA LTD ON KFIN TECHNOLOGIES LTD (REGISTRAR TO THE IPO)

Visit the website of KFIN Technologies Ltd, which has been appointed as the registrar for the issue. You can access their website for IPO status by clicking on the link below:

https://ipostatus.kfintech.com/

KFIN Technologies Ltd provides details of IPOs managed by them and where allotment status is finalized. There is no radio button for recent IPOs, so you have to search through a long list. You can simplify the search by typing the first 3-4 characters of the company name in the Search box. The dropdown list of IPOs will only show those IPOs where KFINTECH is the registrar, and where allotment status has been finalized. From the list, select Tonbo Imaging India Ltd.

THERE ARE 3 WAYS TO QUERY ALLOTMENT STATUS ON KFIN TECHNOLOGIES LTD

To Query by Application Number, check the appropriate box and follow these steps.

Enter the Application Number / CAF as it is

Application Number is available in the IPO application acknowledgement

Enter the Income Tax PAN number of the applicant

PAN is available on PAN card or on filed tax returns

Click on Submit button

Allotment Status gets displayed on screen

Unlike in the past, now you do not have to select ASBA versus Non-ASBA option.

To Query by Demat Account, check the appropriate box and follow these steps.

First select the depository (NSDL / CDSL)

Enter the DP-ID and CLIENT-ID as one single string

DP-ID / CLIENT-ID details are available in your demat statement or Contract Note

For NSDL, you need to enter the 14 digits after “IN”

For CDSL, you need to enter the full 16-digit DP-ID / CLIENT ID combination

Click on Submit button

Allotment Status gets displayed on screen

To Query by PAN, check the appropriate box and follow these steps.

Enter the 10-Character PAN number, available on your PAN card

You can verify your PAN number from PAN card or your filed tax returns.

Click on Submit button

Allotment status gets displayed on screen

Ensure to input the correct details in the query screen. Retain a screenshot of the allotment status output for future reference. This can be tallied with demat credit post allotment.

NEXT STEPS IN THE TONBO IMAGING INDIA LTD IPO

Post the closure of the IPO subscription on 19th October 2026, the basis of allotment will be finalized on 21st October 2026 and the refunds will be initiated on 22nd October 2026. In addition, the demat credits are expected to also happen on 22nd October 2026 and the stock will list on 23rd October 2026 on the NSE and the BSE. The credits to the demat account to the extent of shares allotted will happen by the close of 22nd October 2026 under ISIN (INE0LDG01026).

Interested in applying for this IPO?

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