Defence Electronics Firm Tonbo Imaging Moves Toward IPO, Files DRHP

Global defence electronics manufacturer Tonbo Imaging India Limited has filed its DRHP with SEBI, outlining plans for an IPO comprising only an Offer for Sale of up to 18.08 million equity shares.

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The Offer for Sale will be undertaken by promoter, promoter group and investor selling shareholders. The company will not receive any proceeds from the issue. JM Financial Limited and IIFL Capital Services Limited are the book-running lead managers to the issue.

Tonbo Imaging designs and manufactures ITAR-free sensing, imaging, communication and guidance systems for surveillance, reconnaissance, targeting and control applications. Its product portfolio spans thermal imaging cores, weapon sights, binoculars, missile seekers, fire control systems and guidance systems, covering visible to long-wave infrared and multi-sensor imaging.

As of June 30, 2025, the company had deployed over 20,000 systems across 24 countries and reported an order book of ₹2,665.70 million, with additional orders worth ₹716.80 million received between October and November 2025.