Tonbo Imaging - IPO Report

Tonbo Imaging India Limited is a Bengaluru-headquartered global defence electronics original equipment manufacturer (OEM) specialising in advanced thermal imaging, electro-optical systems, targeting and autonomous combat solutions. It operates an asset-light, non-ITAR-compliant product ecosystem serving defence, homeland security and law enforcement agencies across 24 countries. The company is India's largest manufacturer of thermal imaging systems for government and defence agencies during FY24–FY26 and the country's largest exporter of thermal imaging systems by volume.

The company generates revenue primarily through the design, development and sale of advanced electro-optical and infrared (EO/IR) systems, classified into two major product lines: Tactical Systems, contributing 60.29% of product revenue in Q1 FY27, and Platform Systems, accounting for the remaining 39.71%.

India is the company's primary market, contributing 93.06% of revenue in FY26 and 99.75% in Q1 FY27. Tonbo also serves international customers across markets including the USA, UAE and various NATO member nations, supported by its global customer network.

The IPO comprises an Offer for Sale (OFS) of 1,21,74,046 equity shares, with no fresh issue component. Consequently, the company will not receive any proceeds from the IPO, as the net proceeds after offer-related expenses will be distributed to the selling shareholders.