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Total Issue Size
Fresh Issue + Offer For Sale
Fresh Issue (FI)
Proceeds go to the company
Offer For Sale (OFS)
Proceeds go to the existing investors
The money raised through the Offer for Sale goes to existing investors, not the company.
(₹ in Crore)
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Tonbo Imaging India Limited, established in December 2003, is a global defence electronics original equipment manufacturer (OEM) specializing in advanced electro-optic, infrared (EO/IR), embedded vision, and surveillance technologies. Headquartered in Bengaluru, Karnataka, the company designs and manufactures sophisticated thermal imaging systems, weapon sights, night vision optics, and smart sensor payloads for military and security applications across international markets. The company operates an asset-light business model focused on proprietary research and intellectual property development, while collaborating with certified electronics manufacturing services (EMS) partners for production. Tonbo Imaging delivers advanced battlefield solutions including thermal optics, tactical surveillance gear, missile seekers, and automated target acquisition systems to defence organizations in more than 24 countries worldwide. As a key contributor to India's defence technology landscape, Tonbo Imaging develops ITAR-free electro-optical equipment under the Make in India and Atmanirbhar Bharat initiatives. Recognized as a major domestic manufacturer and exporter of thermal imaging devices by volume, the company continues to expand its technology portfolio for land forces, naval defense, and aerial platform integration.
Tonbo Imaging India secured Rs 255.36 crore from institutional anchor investors on October 14, 2026, allocating 36,48,013 equity shares at the upper price band of Rs 700 per share, with major participation from BlackRock, Goldman Sachs, Temasek Holdings, Allianz Global Investors, Prudential Assurance, SBI Mutual Fund, HDFC Mutual Fund, and ICICI Prudential Mutual Fund.
Source: RHP • Analysis provided for informational purposes
Last Updated: 12 October 2026, 11:45 PM
Proprietary Electro-Optic IP
Maintains fully owned, ITAR-free intellectual property in advanced thermal imaging, sensor fusion, and embedded vision technologies.
Global Market Presence
Supplies tactical electro-optical systems and surveillance payloads to defence and security agencies in over 24 countries.
Asset-Light Operating Model
Emphasizes core R&D and system design while leveraging certified contract electronics manufacturers for scalable production.
Dependence on Defence Procurement Cycles
Business performance relies heavily on government defence budgets and long procurement cycles across key target markets.
Export Controls and Compliance Risks
Cross-border sales of military-grade thermal imaging and guidance systems are subject to strict regulatory approvals and international trade compliance.
No Fresh Capital Infusion
The offering is structured entirely as an Offer for Sale, meaning no proceeds from the issue will flow to the company for operational expansion.
Tonbo Imaging India Limited
No. 3, Chikkayellappa Tower-II, 1st C Main, Sarjapur Main Road, Jakkasandra Extension, Chikkayellappa Industrial Layout, Bengaluru - 560034, Karnataka, India
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