Tonbo Imaging Shares Surge 66% on Market Debut, Listing at Rs 1,162 on BSE

Shares of Bengaluru-based defence electronics company Tonbo Imaging India made a strong debut on the stock market on Friday, October 23, listing at a significant premium over their initial public offering (IPO) price.

The stock opened at Rs 1,162 per share on the Bombay Stock Exchange (BSE), marking a 66% increase over its issue price of Rs 700. However, it later slipped to Rs 1,059.05, down 8.86% from its listing price, while remaining 51.28% above the IPO price.

On the National Stock Exchange (NSE), Tonbo Imaging shares began trading at Rs 1,160 apiece, representing a 65.71% premium over the issue price. The stock subsequently fell to Rs 1,058.30, down 3.64% from its opening level but still trading 51.18% higher than the IPO price.

Following the listing, the company's market capitalisation stood at Rs 6,191.91 crore on the BSE and Rs 6,060.45 crore on the NSE.

Broader Market Trades Lower

Tonbo Imaging's strong debut came as the broader equity market faced selling pressure. The BSE Sensex fell 409.06 points, or 0.56%, to 72,840.33, while the NSE Nifty declined 173.65 points, or 0.77%, to 22,514.

IPO Receives Strong Investor Response

Tonbo Imaging's Rs 852.18-crore IPO attracted substantial investor interest, receiving nearly 136 times subscription by the close of bidding on Monday. The issue had already been fully subscribed on the first day of the offering, which opened the previous Thursday.

The IPO consisted entirely of an offer for sale (OFS) of approximately 1.22 crore equity shares held by the company's promoters and existing shareholders. It did not include a fresh issue of shares.

As a result, Tonbo Imaging will not receive any proceeds from the IPO. The funds raised through the sale will go to the shareholders selling their stakes.

The company had set its IPO price band at Rs 665 to Rs 700 per share.

About Tonbo Imaging

Headquartered in Bengaluru, Tonbo Imaging develops and manufactures advanced defence electronics and imaging technologies. Its systems are designed for applications including surveillance, reconnaissance, targeting and operational control.

The company's product portfolio includes thermal imaging cores, weapon sights, targeting systems, missile seekers, fire-control equipment and missile guidance systems.

As of June 30, 2026, Tonbo Imaging had deployed more than 28,000 tactical systems and served customers in 24 countries.

Competition in the Global Defence Electronics Market

Tonbo Imaging operates in a competitive international market for electro-optical and infrared technologies, thermal imaging equipment and specialised defence electronics.

According to the F&S Report, its competitors include US-based Epirus and Teledyne FLIR, Germany's Hensoldt, Israel-based Controp and Theon International.

The company's stock market debut places it in the public markets following an IPO that drew strong demand from investors. Its subsequent share-price performance will be watched as the market assesses its valuation and prospects in the specialised defence technology sector.