Bengaluru-based defence electronics maker Tonbo Imaging taps capital markets, files IPO papers with pure OFS

Tonbo Imaging IPO News

Tonbo Imaging India, the Bengaluru-based defence electronics original equipment manufacturer, has approached capital markets by filing Draft Red Herring Prospectus (DRHP) with SEBI to raise funds via initial public offering (IPO).

The IPO will comprise of solely offer-for-sale of 1.8 crore equity shares with no fresh issue component. This means the entire IPO proceeds, excluding offer expenses, will be received by selling shareholders, as per the DRHP filed on December 22.

Apart from promoters (Arvind Kondangi Lakshmikumar, Ankit Kumar, Cecilia D’Souza, and Vinimaya Advisory LLP), investors - CEAQ Technologies (formerly known as Tonbo Imaging), Timothy Guy Mitchell, Artiman Partners, Amit Dilip Shah, and Ramesh Radhakrishnan will also be selling shareholders in the offer-for-sale of the defence technology company.

Promoters hold 18.57 percent shareholding in the company, non-promoter and non-public shareholders 78.1 percent, and employee trusts 3.33 percent.

With research and development centre at Bengaluru, Tonbo Imaging that offers electro-optical solutions operates an asset light business model, owning core design and intellectual property, while outsourcing the manufacturing part to certified electronics manufacturing services (EMS) partners like Kaynes Technology India, and Avalon Technology and Services.

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The defence tech start-up develops thermal imaging cores, weapon sights, hand-held thermal imaging binoculars, targeting systems, missile seekers, fire control systems, and missile guidance systems which are deployed in programs ranging from remote weapon stations (RWS) and missile seekers to situational awareness systems, optical reconnaissance payloads, and driver vision enhancement systems for armoured vehicles.

It caters to customers in global militaries, law enforcement and homeland security agencies and other global defence OEMs segments.

As of September 2025, it had an order book of Rs 266.6 crore, while in the last two months - October-November, it has received orders amounted to Rs 71.7 crore.

Tonbo Imaging has recorded profit of Rs 72.8 crore in the fiscal 2025, growing 6.2 percent from Rs 68.5 crore in previous fiscal. Revenue grew by 9.5 percent to Rs 469 crore, up from Rs 428.2 crore during the same period.

Profit in the quarter ended June 2025 stood at Rs 5.4 crore on revenue of Rs 68.6 crore.

JM Financial, and IIFL Capital Services are appointed as the merchant bankers for managing the Tonbo Imaging India IPO.