Tonbo Imaging Gears Up for IPO: Defense Tech Powerhouse Files DRHP with SEBI

Key Highlights

• IPO Structure: Pure OFS of 18,085,246 shares; major sellers include CEAQ Technologies Pvt Ltd (1.02 crore shares), CEO Arvind Kondangi (11.5 lakh shares); BRLMs: JM Financial, IIFL Capital; Registrar: KFin Technologies.​
• Financial Snapshot: FY25 revenue Rs 469 crore (up 120% CAGR FY23-25), PAT Rs 72.76 crore; exports hit 65.5% of sales, dominating 93% of India's thermal imaging exports.​
• Business Edge: Designs ITAR-free EO/IR systems for surveillance, targeting; asset-light model with in-house R&D (90+ engineers); order book Rs 266 crore as of Sept 2025; deployed in 24 countries.
• ​Risks Noted: Supplier dependency (top 10 key), short-term contracts, export reliance for components.

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Tonbo Imaging, founded in 2003 and pivoted to defence in 2012, leads India's defence optics with AI-fused tactical/platform systems. This IPO signals maturing indigenous tech amid 'Atmanirbhar Bharat'.
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Sources: Financial Express, IPOCentral.in, Economic Times, Business Standard.