Tonbo Imaging launches IPO to raise ₹852cr, existing shareholders selling
Tonbo Imaging is launching its IPO with shares priced between ₹665 and ₹700, aiming to raise ₹852 crore. This move values the company at about ₹4,010 crore.
The entire offer is a sale of existing shares, with Artiman Partners partially exiting its stake and CEAQ India exiting.
Tonbo Imaging empanelled across 24 countries
The IPO comes as Tonbo adapts to big shifts in India's defense sector and looks to grow globally: it has empanelled itself for defense programs across 24 countries.
Despite some tougher competition lately, the company is sticking to niche defense contracts for stability.
CEO Arvind Lakshmikumar says they're not raising new money this time since they secured funds last year and have working capital lines and term loans with banks, letting them stay focused on what makes them unique.