Tonbo Imaging India’s share sale attracted bids for nearly 136 times the shares on offer, led by institutional investors despite pressure on the company’s recent financial performance.
Tonbo Imaging India’s initial public offering ended with overwhelming demand on Monday, as bids poured in for nearly 136 times the shares on offer, according to National Stock Exchange data cited by News18. The defence electronics maker received applications for 1,15,87,19,247 shares against 85,26,033 shares available, lifting overall subscription to 135.90 times by the close of bidding. Qualified institutional buyers led the rush, with their portion booked 293.56 times, while non-institutional investors subscribed 170.94 times and retail investors 31.07 times.
The strong finish extended a brisk opening week for the issue, which was fully subscribed on the first day, after opening on 15 October. The Economic Times reported that the offer had already drawn solid institutional interest early on, alongside a grey market premium that pointed to expectations of a healthy listing gain. That informal premium is a market indicator, not an official valuation, but it often shapes retail sentiment around new share sales.
Tonbo raised Rs 255.36 crore from anchor investors before the public offer opened, News18 said. The broader issue is a pure offer for sale of 1.22 crore equity shares by promoters and existing shareholders, so the company itself will not receive any proceeds from the fundraising. The price band was fixed at Rs 665 to Rs 700 a share, with the minimum application size set at 21 shares, according to the IPO details carried by market trackers.
Tonbo Imaging develops sensing, processing, communication and guidance systems used in surveillance, reconnaissance, targeting and control applications. Its portfolio includes thermal imaging cores, weapon sights, targeting systems, missile seekers, fire control systems and missile guidance systems, and the company has been described by The Economic Times as operating across 24 countries. The offer came against a softer financial backdrop, with the newspaper reporting pressure on revenue and profit in FY26, even as investor appetite for specialised defence technology remained strong.
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