Tonbo Imaging shares double in just 10 trading sessions
What's the story
Tonbo Imaging's shares jumped by 14% on Thursday, following the company's September quarter results. The company reported a net profit of ₹23.5 crore for the quarter, a significant turnaround from the ₹10 crore loss it registered in the same period last year. The positive financial performance has resulted in a doubling of its stock price from its issue price within just 10 trading sessions since listing.
Financial performance
Revenue and EBITDA figures for the September quarter
Tonbo Imaging's revenue for the September quarter stood at ₹183 crore, a massive jump from the mere ₹8.8 crore it reported in the same period last year.
The company's Earnings Before Interest, Tax, Depreciation, and Amortisation (EBITDA) also turned positive during this quarter with a figure of ₹43.6 crore as opposed to an EBITDA loss of ₹3.4 crore during last year's base quarter.
Market response
Tonbo Imaging's ₹852 crore IPO received 135.9 times subscription
Tonbo Imaging's ₹852 crore IPO received an overwhelming response during its three-day bidding period, with an overall subscription of 135.9 times.
The Qualified Institutional Bidders (QIBs) led the subscription figures, with their portion being subscribed over 293 times the total number of shares reserved for them.
Non-institutional investors also showed interest, subscribing to their portion by 170.9 times while retail investors subscribed to their portion by a healthy 31 times.
Stock performance
Shares of Tonbo Imaging have doubled from issue price
After the results announcement, Tonbo Imaging's shares rose by 14% to ₹1,445. The stock has now doubled from its IPO price of ₹700 per share.
On its first day of trading on the bourses, Tonbo ended with over 60% gains from the issue price.
The Bengaluru-based company designs and manufactures systems for surveillance, reconnaissance, and targeting applications.