From mint · Rwit Ghosh · · 1m 40s
Tonbo Imaging Sets ₹852 Crore IPO Price Band
Tonbo Imaging targets ₹4,010 crore valuation with ₹665-700 IPO price band.
In brief
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, targeting ₹4,010 crore valuation with no fresh capital infusion. Originally reported by mint.
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.
Here's the gist
Tonbo Imaging India sets ₹852 crore IPO price band at ₹665-700 per share, targeting ₹4,010 crore valuation with no fresh capital infusion.
