Upcoming IPO: Defence Electronics Firm Tonbo Imaging Files Draft Papers to Raise Funds

Global defence electronics original equipment manufacturer Tonbo Imaging has submitted draft red herring prospectus (DRHP) papers with the capital markets regulator Securities and Exchange Board of India to raise funds through an initial public offering (IPO). 

The proposed IPO will be structured entirely as an offer for sale (OFS), with no fresh equity issuance, meaning the company will not receive any proceeds from the public issue. 

IPO Structure and Share Sale Details 

According to the DRHP, the public issue will consist of the sale of 18,085,246 equity shares by promoters and existing shareholders. As the IPO is fully an OFS, the entire proceeds will accrue to the selling shareholders, with no capital infusion into the company. 

The selling shareholders include promoters as well as institutional investors such as Qualcomm Ventures, Artiman, Edelweiss Value, Celesta Capital II LP, HBL Engineering, Tenacity Ventures, India Exim Bank and Florintree. 

Business Profile and Operations 

Founded in 2003 by technologists with prior experience at the US Department of Defense and Sarnoff Corporation, Tonbo Imaging pivoted fully towards defence manufacturing in 2012 following a promoter-led buyout.  

The company specialises in the design and manufacture of advanced sensing, processing, communication and guidance systems. Its portfolio is classified into tactical systems and platform systems, covering visible, infrared and multi-sensor imaging technologies. 

Its products include thermal imaging cores, weapon sights, handheld thermal imaging binoculars, targeting systems, missile seekers, fire control systems and missile guidance solutions.  

Tonbo Imaging supplies to global defence forces, homeland security agencies, law enforcement bodies and defence OEMs across domestic and international markets. 

Order Book and Financial Performance 

As of September 30, 2025, the company reported an order book of ₹266.57 crore. It also secured additional orders worth ₹71.68 crore between October and November 2025, indicating sustained demand visibility. 

For the quarter ended June 30, 2025, revenue from operations stood at ₹68.68 crore, with India accounting for ₹63.29 crore, or 92% of total revenue. Profit after tax for the quarter was ₹5.43 crore. 

For FY25, Tonbo Imaging reported revenue from operations of ₹469.08 crore and a profit after tax of ₹72.76 crore. 

JM Financial and IIFL Capital Services have been appointed as the book-running lead managers for the proposed public issue. 

Read More: Upcoming IPOs: SEBI Gave Approval to Dhariwal Buildtech, ESDS Software Solution, and BLS Polymers to Float IPOs! 

Conclusion 

With a growing order book, specialised defence technology capabilities and exposure to high-entry-barrier military electronics, Tonbo Imaging’s IPO positions the company for greater market visibility. While the offer provides an exit route for existing investors rather than fresh growth capital, the listing could strengthen its profile as India’s defence manufacturing ecosystem continues to expand. 

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