Tonbo Imaging IPO opens with 71% GMP: Apply or avoid?
What's the story
Tonbo Imaging India, a leading defense technology company, has opened its Initial Public Offering (IPO) for subscription today. The company aims to raise ₹852.18 crore through an offer for sale (OFS) of 1.22 crore shares. The entire issue is an OFS, meaning the company will not receive any proceeds from it.
Investment specifics
IPO details
The IPO has been priced at ₹665-700 per share. It will remain open for subscription till October 19, with the basis of allotment likely to be finalized on October 21.
The shares are expected to be listed on BSE and NSE on October 23.
The lot size has been fixed at 21 shares, which means retail investors applying at the upper end of the price band would have to make a minimum investment of ₹14,700.
Pre-IPO funding
What is the gray market saying?
Before the public issue, Tonbo Imaging India raised ₹255 crore from anchor investors.
The company allotted 36.48 lakh equity shares at ₹700 each, the upper end of the IPO price band.
The latest gray market premium (GMP) for the IPO stood at ₹500, or 71% over its upper price band of ₹700 per share, indicating a likely listing price of around ₹1,200 per share.
Company profile
Key financials of the company
Tonbo Imaging India Ltd.'s total income fell 22% to ₹370 crore in FY26 from ₹474 crore in FY25.
The profit after tax (PAT) also declined by 30% to ₹51 crore from ₹73 crore during the same period.
As of June 30, 2026, the company had a permanent employee strength of 339 across various functions including product design and development, manufacturing, and project management, among others.