Tonbo Imaging India makes a stellar listing on the exchanges. The stock was listed at Rs 1,160 on the NSE, which is a premium of 65.71 per cent. The stock was listed at a premium of 66 per cent at Rs 1,162 on the BSE to the issue price.
The company had set the price at Rs 700 per equity share.
Tonbo Imaging India IPO: Subscription snapshot
The issue of Tonbo Imaging India was booked fully within a few hours of opening on Day 1. The IPO was booked to a total of 132.81 times. The retail segment was booked 31.11 times, and the employee category was subscribed 54.31 times. The Non-Institutional Investors (NIIs) segment was booked 156.36 times, while the Qualified Institutional Buyers (QIBs) subscribed to the issue 293.56 times during the same time frame.
Tonbo Imaging India IPO: GMP
Tonbo Imaging India fetched a Grey Market Premium (GMP) of Rs 450, which is 64.29 per cent higher than the issue price. This suggests that the listing price for the IPO is likely to be around Rs 1,150.
It is important to note that GMP merely reflects market sentiment and is not an official or guaranteed listing price.
Tonbo Imaging India IPO: Objectives of the issue
The Tonbo Imaging IPO is a 100% OFS, so the company will not receive any funds, and the entire IPO proceeds will go to the selling shareholders.
Tonbo Imaging India IPO: BRLM and registrar
Tonbo Imaging India IPO: Expert’s take
Its moat lies in 100% in-house IP, ITAR-free exportability, strong export revenue (65.52% in FY25), and 94% share of India’s thermal-imaging export volume. Conservative R&D accounting limits intangible risk and supports earnings quality, though revenue declined from Rs 428.19 crore in FY24 to Rs 362.65 crore in FY26 despite healthy 28.85% margins.
“The key concern is weak cash flow from high receivables and inventory, while the Q1 FY27 loss is largely seasonal given H2-weighted revenue recognition. At 76x FY26 earnings, valuation is in line with peers; we recommend Subscribe for long-term, high-risk investors, monitoring order inflows, working capital, export execution, and margins,” said the brokerage house.
About Tonbo Imaging India
Tonbo Imaging India is a global defence electronics original equipment manufacturer (“OEM”). The company designs, develops, and manufactures sensing, processing, communication, and guidance systems for surveillance, reconnaissance, targeting, and control.
The company has developed a diversified product portfolio including thermal imaging cores, weapon sights, hand-held thermal imaging binoculars, targeting systems, missile seekers, fire control systems, missile guidance systems, amongst others to enable autonomy on the battlefield.