Bengaluru-based defence electronics maker Tonbo Imaging India files DRHP with SEBI for IPO

Global defence electronics original equipment manufacturer Tonbo Imaging India Ltd has filed a draft red herring prospectus (DRHP) with the Securities and Exchange Board of India (SEBI) to raise funds through an initial public offering (IPO).

The proposed IPO will be entirely an offer for sale of up to 1.81 crore equity shares, with no fresh issue component.

Under the OFS, investor CEAQ Technologies will offload the largest portion, up to 1.5 crore shares, through CEAQ Technologies Private Limited and CEAQ Technologies Pte Ltd.

Other selling shareholders include Artiman Partners, Timothy Guy Mitchell, Amit Dilip Shah and Ramesh Radhakrishnan. Promoters and cofounders Arvind Kondangi Lakshmikumar, chief executive officer, Ankit Kumar, chief business officer, and Cecilia D’Souza, chief commercial officer, along with promoter group entity Vinimaya Advisory LLP, will cumulatively sell around 23 lakh shares.

In its DRHP, the company said the proposed listing is expected to enhance its visibility and brand image, provide liquidity to existing shareholders, and create a public market for its equity shares in India.

JM Financial and IIFL Capital Services are the book-running lead managers to the issue, while KFin Technologies has been appointed as registrar. The equity shares are proposed to be listed on the National Stock Exchange and the BSE.

Tonbo Imaging operates as a global defence electronics OEM, designing, developing and manufacturing advanced sensing, processing, communication and guidance systems used for surveillance, reconnaissance, targeting and control.

Its product portfolio spans weapon scopes, helmet-mounted sights, surveillance and reconnaissance systems, target acquisition and fire control systems, observation systems, EOIR search and track solutions, situational awareness and driver vision systems, missile systems, long-range surveillance and targeting payloads, and enhanced vision systems aimed at enabling battlefield autonomy.

The company has in-house design capabilities across embedded vision, electro-optics and infrared systems, and supplies both domestic and international defence customers. As of June 2025, Tonbo Imaging had deployed more than 20,000 systems across 24 countries.

On the financial front, the company reported a consolidated net profit of Rs 5.4 crore in the first quarter of FY26 on operating revenue of Rs 68.7 crore. For FY25, operating revenue stood at Rs 469.1 crore, with a net profit of Rs 72.8 crore. It expanded its global footprint during the year by setting up subsidiaries in Armenia and Australia.