Tonbo Imaging IPO subscribed 49X; GMP surges to 74%

The ₹852-crore initial public offering (IPO) of defence electronics maker Tonbo Imaging India was subscribed 48.76 times by 2 pm on the final day of bidding on Monday, driven by strong demand from non-institutional investors and qualified institutional buyers (QIBs). The grey market premium (GMP) also surged to around 74%, signalling strong investor interest ahead of the company’s proposed stock market debut on October 23.

The IPO, which was entirely an offer for sale (OFS), received bids for 41.58 crore shares against 85.26 lakh shares on offer, according to subscription data available on the BSE.

The non-institutional investor (NII) category was subscribed 114.56 times, while the QIB portion was subscribed 46.38 times. The retail individual investor (RII) category received bids for 21.96 times the shares reserved for it. The employee reservation portion was subscribed 40.58 times.

Tonbo Imaging IPO GMP up 74%

Tonbo Imaging’s GMP stood at around 74% over the upper end of the IPO price band of ₹665–₹700 per share. At this premium, the stock could potentially list at around ₹1,218, compared with the issue’s upper price of ₹700. Grey market premiums are unofficial indicators of investor sentiment and do not guarantee listing gains.

The three-day IPO closes on Monday, while the allotment of shares is expected to be finalised on October 21.

Ahead of the public issue, the company raised ₹255.36 crore from anchor investors by allotting 36.48 lakh shares at ₹700 apiece, the upper end of the price band.

Founded in 2012 and headquartered in Bengaluru, Tonbo Imaging is a defence electronics original equipment manufacturer specialising in electro-optical and infrared imaging systems, AI-based seekers and thermal weapon sights. It supplies imaging technologies to military and government customers.

The company is one of India’s largest manufacturers and exporters of thermal imaging systems for military and government users, accounting for 94% of the country’s thermal imaging exports by volume.

Tonbo Imaging’s total income declined to ₹369.94 crore in FY26 from ₹474.39 crore in FY25, while profit after tax (PAT) fell to ₹50.88 crore from ₹72.76 crore over the same period. Earnings before interest, taxes, depreciation and amortisation (EBITDA) declined to ₹104.62 crore in FY26 from ₹139.06 crore in FY25.

For the quarter ended June 30, 2026, the company reported total income of ₹37.32 crore and a net loss of ₹17.74 crore, compared with a profit for the full financial year in FY26. Its total borrowings stood at ₹129.72 crore as of June 30, 2026, up from ₹116.06 crore at the end of FY26.