Tonbo Imaging lists at ₹1,162 on the BSE, 66 percent above its IPO price

Shares of Tonbo Imaging India opened on the BSE on Friday at ₹1,162, 66 percent above the IPO price of ₹700. On the NSE they opened at ₹1,160, 65.71 percent above that price. Business Standard and Inc42 both reported the opening prints.

They did not hold the open. Inc42, updating its story at 4:40 pm, said the shares closed at ₹1,133.65 on the BSE, still 61.95 percent above ₹700 and 2.44 percent under the opening price. On the NSE they closed at ₹1,133.80. The day’s highs were ₹1,209.85 on the BSE and ₹1,211 on the NSE. The prices here are the market’s. They are not a judgement on what the shares are worth.

The offer ran from 15 to 19 October in a band of ₹665 to ₹700, Inc42 reported. It raised about ₹852 crore. Business Standard put the figure at ₹852.18 crore and said the sale was 1.22 crore shares. Both papers say it was entirely an offer for sale: existing holders sold, the company issued no new shares, and Inc42 noted that Tonbo therefore receives none of the proceeds. Inc42 reported that cofounders Arvind Lakshmikumar, Ankit Kumar and Cecilia D’Souza together sold ₹137.2 crore of stock, ₹80.5 crore of it Lakshmikumar’s. Business Standard gives his name as Arvind Kondangi Lakshmikumar and names the same two cofounders as promoters.

The book was subscribed about 135.9 times. Business Standard split that by category: qualified institutional buyers 293.56 times, non-institutional investors 170.94 times, retail investors 31.07 times and employees 54.31 times, with 55,24,267 applications. Inc42 said institutions led, and that bids covered 115.87 crore shares against 85.26 lakh on offer.

Anchor investors came in before the offer opened. Business Standard said the company allotted 36,48,013 shares and raised ₹255.36 crore. Inc42 put it at ₹255.4 crore from 43 investors, at ₹700 a share. The lists are not the same. Business Standard named SBI Infrastructure Fund, ICICI Prudential Smallcap Fund, HDFC Mutual Fund, Kotak Mahindra Mutual Fund, HDFC Life, Goldman Sachs, BlackRock, Allianz Global Investors and The Prudential Assurance Company. Inc42 named SBI Mutual Fund, Goldman Sachs, BlackRock and WhiteOak Capital. Goldman Sachs and BlackRock are on both.

Tonbo is based in Bengaluru, Business Standard reported. It designs sensing, processing, communication and guidance systems for surveillance, reconnaissance and targeting. Both papers describe a portfolio of thermal imagers, weapon sights, fire-control systems and missile seekers. Business Standard said those systems are fielded in 24 countries.

Inc42 reported a longer history and a set of account figures that are not in the Business Standard story. Promoters bought the business out of Sarnoff Corporation in 2012 and later shifted it from research services to military imaging and sensors. Partners including Kaynes Technology and Avalon Technology build the hardware. Prototype work, integration and testing stay with Tonbo. Operating revenue in FY26 fell 22.7 percent, to ₹362.6 crore from ₹469.1 crore, and net profit fell about 30 percent, to ₹50.8 crore from ₹72.8 crore, Inc42 reported. In the first quarter of FY27 it reported a net loss of ₹17.7 crore on revenue of ₹36 crore. Chief executive Lakshmikumar told Inc42 the FY26 decline came from delays on international programmes, with deliveries pushed into FY27.

Those account lines are Inc42’s report of the filing and of that interview. The opening and closing prices are one session on the two exchanges. Nothing in either number is a recommendation to buy, sell or hold the stock.