IPO · Government, Defense & Space
Tonbo Imaging files draft papers for IPO
By Startup Enthusiast ·
- Date
- Company
- Tonbo Imaging
- What it does
- Thermal imaging for defence
- Kind
- IPO
- Stage
- DRHP
- Based in
- Bengaluru
- Founded
- 2003
What they do
Tonbo Imaging is a Bengaluru defence electronics maker known for thermal imaging systems and India's largest exporter of them
What happened
In December 2025 it filed draft IPO papers with SEBI for a sale of about 1.81 crore existing shares, with no new money raised
Why it matters
Promoters, a promoter group holder and investors such as Qualcomm Ventures and Florintree would sell part of their holdings
The details
- Tonbo Imaging filed its draft red herring prospectus (DRHP) with SEBI on 23 December 2025.
- The IPO would be entirely an offer for sale of up to 1,80,85,246 shares of ₹2 each.
- Promoters would sell 19.6 lakh shares and a promoter group holder 3.4 lakh.
- Investor shareholders would sell about 1.56 crore shares.
- The company itself would raise no fresh money.
The bigger picture
- Tonbo moved into defence product manufacturing in 2012 after a promoter buyout.
- It counts Qualcomm Ventures, Artiman, Celesta, HBL Engineering and India Exim Bank among investors.
- It is India's largest exporter of thermal imaging systems.
About the business
- Tonbo makes thermal imaging and other defence electronics.
- It was founded in 2003.
- It is based in Bengaluru.
What happens next
- SEBI would review the papers before the IPO could go ahead.
The deal
- Type
- ipo
Investors
- Qualcomm Ventures (seller)
- Florintree (seller)
About Tonbo Imaging
- Product
- Thermal imaging systems, surveillance systems, high power microwave systems and other defense electronics for military applications
- Customers
- Defense and government organizations, including Indian military branches
- How it makes money
- Defense technology manufacturing and OEM services with domestic and export sales
- What sets it apart
- Indigenous defense technology addressing military and strategic needs with domestic manufacturing
Other articles talking about it
More on Tonbo Imaging
- Tonbo Imaging gets SEBI nod for IPO28 September 2026 · IPO
- Tonbo Imaging India files for initial public offering12 September 2026 · IPO
- Tonbo reports profit drop ahead of IPO filing11 August 2026 · Results
- SEBI approves Tonbo Imaging's first IPO filing10 July 2026 · IPO
- Tonbo Imaging wins Navy microwave weapon contract19 May 2026 · Partnership