Tonbo Imaging Shares Jump 66% in Market Debut

At ₹1,162 a share, Tonbo Imaging opened on the BSE at 66% above its ₹700 IPO price on October 23. The defence electronics maker also began trading at ₹1,160 on the NSE, a 65.71% premium. Its market value stood at about ₹6,656 crore at the BSE opening price. The surge turned weeks of intense demand into a striking first day on the exchanges. ^1,2

That ₹700 price came after Tonbo’s ₹852.18 crore IPO drew bids for more than 115.8 crore shares, about 135.9 times the number on offer. The issue ran from October 15 to 19, with investors competing for 1.22 crore shares. But Tonbo did not sell new shares: existing shareholders sold their holdings, so the company receives no proceeds from the IPO. ^2,4

Those shareholders include the company’s founders and early investors, who used the offering to sell part of their ownership. Tonbo, founded in 2003, makes equipment such as thermal imaging systems, weapon sights and missile guidance systems. Its products are used in 24 countries. Strong demand suggests investors were keen to own a defence technology business, but a high opening price does not answer questions about its finances or future growth. ^2,10

Those questions include a reported fall in operating revenue from ₹469.1 crore in FY25 to ₹362.6 crore in FY26, alongside lower net profit. The company also reported a ₹17.7 crore loss in the first quarter of FY27. One brokerage described the loss as seasonal, but flagged cash tied up in unpaid bills and stock as a concern. Investors can now trade Tonbo shares on the BSE and NSE, while the company’s next results and business updates will show whether it can support its debut valuation. ^3,10