Tonbo Imaging Limited, a global defence electronics original equipment manufacturer (OEM), has recevied Securities and Exchange Board of India (SEBI) approval for IPO.
The company’s initial public offering comprises an Offer for Sale (OFS) of up to 18,085,246 equity shares of face value ₹2 each.
The Offer for Sale comprises 1,960,000 equity shares by Promoter Selling Shareholders, 339,700 equity shares by the Promoter Group Selling Shareholder, and 15,635,046 equity shares by Investor Selling Shareholders.
Founded in 2003 by technologists with prior experience at the U.S. Department of Defense and Sarnoff Corporation, Tonbo Imaging transitioned into a defence-focused product manufacturing company in 2012 following the buyout by its promoters. The company is promoted by Arvind Lakshmikumar, Ankit Kumar and Cecilia D’Souza. The promoters have been together for two decades and bring together a wealth of experience in global defence programs product engineering and capital raising.
Marquee investors who are invested in the company include Qualcomm Ventures, Artiman, Edelweiss Value, Celesta Capital II LP, HBL Engineering, Tenacity Ventures, India Exim Bank and Florintree.
As per the F&S Report in its DRHP, Tonbo Imaging is the fastest-growing defence technology player in India in terms of revenue, EBITDA and PAT margin growth (CAGR FY23–FY25) among listed peers. During the same period, it was also the largest manufacturer by sales value of thermal imaging systems supplied to government and defence agencies in India.
In FY25, the company accounted for 93% of India’s thermal imaging exports, positioning it as the largest exporter of such systems from the country. It serves a diversified customer base including global militaries, law enforcement agencies, homeland security organisations and global defence OEMs.
The company designs, develops and manufactures International Traffic in Arms Regulations (U.S.) free advanced sensing, processing, communication and guidance systems for surveillance, reconnaissance, targeting and control applications. It is evolving from standalone tactical systems to integrated autonomous platform solutions, combining multiple hardware and software subsystems for battlefield deployment.
Its diversified product portfolio is broadly classified into tactical systems and platform systems, spanning the electromagnetic spectrum from visible imaging to long-wave infrared and multi-sensor imaging and includes thermal imaging cores, weapon sights, hand-held thermal imaging binoculars, targeting systems, missile seekers, fire control systems and missile guidance systems, enabling autonomy on the battlefield.
As on June 30,2025 it has over 20,000 systems deployed across 24 countries.
The company is among the few Indian defence players with 100% ownership of its intellectual property, spanning optics, embedded software and electronics, with no dependence on external technology partners. It operates an asset-light model, retaining core design and IP ownership while outsourcing manufacturing to certified electronics manufacturing services (EMS) partners such as Kaynes Technology India Limited and Avalon Technology and Services Private Limited though all prototype development, system integration, and qualification testing are conducted in-house.
JM Financial Limited and IIFL Capital Services Limited are the Book Running Lead Managers to the issue.
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