# Tonbo Imaging Sets ₹852 Crore IPO Price Band

> Tonbo Imaging targets ₹4,010 crore valuation with ₹665-700 IPO price band.
- Title: Tonbo Imaging Sets ₹852 Crore IPO Price Band · mint | Shortify
- Summary: Tonbo Imaging targets ₹4,010 crore valuation with ₹665-700 IPO price band. Tonbo Imaging India sets ₹852 crore IPO price band at ₹665-700 per share…
- Keywords: tonbo imaging, ipo, defence electronics, florintree advisors, tenacity ventures, exim bank, vinimaya advisory llp, ceaq technologies, qualcomm ventures, celesta capital, artiman partners, sebi
- Source: mint — https://livemint.com/market/ipo/tonbo-imaging-sets-852-crore-ipo-price-band-targets-4-010-crore-valuation-11791796275436.html
- Author: Rwit Ghosh
- Published: 2026-10-13T00:15:31+00:00
- Read time: 1 min
- Topics: tonbo imaging, ipo, defence electronics, florintree advisors, tenacity ventures, exim bank, vinimaya advisory llp, ceaq technologies, qualcomm ventures, celesta capital, artiman partners, sebi
## Tonbo Imaging Sets IPO Price Band
Tonbo Imaging India has set a price band of ₹665-700 per share for its ₹852 crore initial public offering.
## Targeted Valuation
The company targets a valuation of ₹4,010 crore with the upper end of the price band.
## Offer for Sale Structure
The issue is entirely an offer for sale of 12.2 million equity shares by promoters and existing investors with no fresh capital infusion.
## Promoter Exits
Promoters Arvind Kondangi Lakshmikumar, Ankit Kumar, and Cecilia D’Souza are partially selling their holdings.
## Investor Exits
Other investors including Singapore-based CEAQ Technologies and angel investors are partially exiting their stakes.
## Liquidity Event
Arvind Lakshmikumar said they’re selling right now because this is a liquidity event to return money to their limited partners.
## Defence Sector Context
India’s defence sector builds a deep pipeline despite weak ordering in the second quarter of fiscal year 2026-27.
## Bid-to-Win Ratio
Tonbo’s bid-to-win ratio has slipped from 40.91% in FY24 to 14.29% in the three months ended June 2026.
## Market Strategy
Tonbo skips mass-market tenders and tries to persuade customers to tighten specifications before bidding.
## Revenue Concentration
Tonbo’s top five customers contributed to 72% of revenue in FY24, rising to 86% in FY25 before declining to 53% in FY26.
## Global Expansion
The company has empanelled itself for defence programmes across 24 countries to diversify revenue.
## Key takeaway

Tonbo Imaging India sets ₹852 crore IPO price band at ₹665-700 per share, targeting ₹4,010 crore valuation with no fresh capital infusion.