Tonbo Imaging gets SEBI nod for 1.81 crore-share OFS-only IPO
Kalpana Maurya
1 Oct 2026 · 3 min read
Defence electronics maker Tonbo Imaging has received SEBI's observations on its refiled IPO papers, clearing an offer for sale of up to 1.81 crore shares. Because there is no fresh issue, the company itself will raise nothing; the listing gives its three co-founders and early investors a route to sell.
Bengaluru-based defence tech company Tonbo Imaging has received SEBI's approval for its IPO, according to Inc42 and BW Businessworld. SEBI's processing status shows the regulator issued its observations on 21 September 2026. The offer consists entirely of an offer for sale (OFS) of up to 1.81 crore equity shares.
With no fresh issue, Tonbo will not receive any IPO proceeds. JM Financial and IIFL Capital Services are the book running lead managers.
Second approval after refiling
Tonbo first filed its draft red herring prospectus in December 2025 and received SEBI's approval in July 2026. It then filed fresh draft papers in August, keeping the offer size largely the same, and has now secured clearance on the new filing.
All three co-founders, Arvind Kondangi Lakshmikumar, Ankit Kumar and Cecilia D'Souza, plan to sell part of their holdings, alongside a promoter group shareholder and existing investors.
Business and market position
Tonbo makes thermal imaging and electro-optical systems for defence and security users. Its portfolio covers thermal imaging cores, weapon sights, thermal binoculars, targeting and fire-control systems, missile seekers and missile-guidance systems. As of 31 March 2026 it had deployed more than 28,000 systems across 24 countries.
A Frost & Sullivan report cited in the DRHP says Tonbo was India's largest manufacturer, by sales value, of thermal imaging systems supplied to government and defence agencies between FY24 and FY26, and accounted for 94.3% of India's thermal imaging exports by units over that period.
The company says it has owned all of its intellectual property, across optics, embedded software and electronics, since FY24. It runs an asset-light model: production is outsourced to certified electronics manufacturing partners such as Kaynes Technology and Avalon Technology, while prototyping, system integration and qualification testing stay in-house.
Financials
Tonbo reported a net profit of ₹362.6 crore in FY26, down 30% from ₹469.1 crore a year earlier. Operating revenue fell 22.7% to ₹299.9 crore from ₹374.3 crore in FY25, according to Inc42.
About Tonbo Imaging
Tonbo Imaging was founded in 2003 and became a defence-focused product manufacturer in 2012, after its promoters bought out its former parent company. Its promoters have worked together for more than two decades across defence programmes, engineering, research, fundraising and international business.
Its investors include Qualcomm Ventures, Artiman, Celesta, Edelweiss Value and Growth Fund, HBL Engineering, Tenacity Ventures, Export-Import Bank of India and Florintree. In April 2025 it raised ₹175 crore in a Series D round from Florintree Advisors and EXIM Bank at a valuation of ₹1,500 crore.
Key facts
- Company: Tonbo Imaging India
- Co-founders: Arvind Kondangi Lakshmikumar, Ankit Kumar, Cecilia D'Souza
- Headquarters: Bengaluru
- IPO structure: OFS of up to 1.81 crore shares, no fresh issue
- SEBI observations issued: 21 September 2026
- Lead managers: JM Financial, IIFL Capital Services
- FY26: net profit ₹362.6 crore, operating revenue ₹299.9 crore
- Last private round: ₹175 crore Series D (April 2025) at ₹1,500 crore valuation
Frequently asked questions
Has Tonbo Imaging received SEBI approval for its IPO?
Yes. SEBI issued its observations on Tonbo's refiled draft papers on 21 September 2026.
Will Tonbo Imaging raise money in the IPO?
No. The issue is an offer for sale of up to 1.81 crore shares by existing shareholders, so the proceeds go to the sellers.
Who founded Tonbo Imaging?
Arvind Kondangi Lakshmikumar, Ankit Kumar and Cecilia D'Souza, all of whom plan to sell part of their stakes in the IPO.
What does Tonbo Imaging make?
Thermal imaging and electro-optical defence systems, including weapon sights, targeting systems and missile seekers.
