Tonbo Imaging eyes $89.1M IPO at $40B valuation
What's the deal? Indian defence technology company Tonbo Imaging has set a price band of US$9.03–US$9.51 per share for its US$115.7M IPO, opening for subscription on October 15, 2026, and closing October 19. The offering is entirely an offer for sale of 12.2 million shares by promoters and existing investors, meaning the company receives no proceeds.
Who's selling? The selling shareholders include co-founders Arvind Kondangi Lakshmikumar, Ankit Kumar, and Cecilia D'Souza, alongside existing investors. At the top of the price band, Tonbo is valued at roughly US$544.6M.
What's the endgame? Founded in 2003, Tonbo shifted to defence manufacturing in 2012. It develops imaging, sensing, communication, and guidance systems for defence and security, having deployed more than 28,000 systems across 24 countries as of June 30, 2026.
The numbers: In its fiscal first quarter of FY27, Tonbo reported operating revenue of US$4.89M and a net loss of US$2.4M. In April 2025, it raised US$23.8M in a Series D round from investors including Florintree AdvisorsDealroom has a profile for this one. Try Dealroom →, Tenacity VenturesDealroom has a profile for this one. Try Dealroom →, and EXIM BankDealroom has a profile for this one. Try Dealroom →, at a reported valuation of US$203.7M.
Why now? The anchor investor bidding is scheduled for October 14. JM FinancialDealroom has a profile for this one. Try Dealroom → and IIFL Capital ServicesDealroom has a profile for this one. Try Dealroom → are the book-running lead managers, with KFin TechnologiesDealroom has a profile for this one. Try Dealroom → as registrar.
The signal: As an all-OFS listing, the IPO lets early backers and founders cash out rather than fund growth — a sign of investor appetite for defence technology even as the company remains loss-making.
Read more: viestories.com
Image credit: Defence Images
