Tonbo Imaging India, a Bengaluru-based defence electronics original equipment manufacturer (OEM), has filed its Draft Red Herring Prospectus (DRHP) with the Securities and Exchange Board of India (SEBI) to raise funds through an initial public offering (IPO).
The proposed IPO will consist entirely of an offer-for-sale (OFS) of 1.8 crore equity shares, with no fresh issue component. Consequently, all proceeds from the issue, excluding offer-related expenses, will be received by the selling shareholders, according to the DRHP filed on December 22.
The selling shareholders include the company’s promoters—Arvind Kondangi Lakshmikumar, Ankit Kumar, Cecilia D’Souza, and Vinimaya Advisory LLP—along with investors such as CEAQ Technologies (formerly Tonbo Imaging), Timothy Guy Mitchell, Artiman Partners, Amit Dilip Shah, and Ramesh Radhakrishnan.
As per the filing, promoters hold 18.57% of the company’s equity, while non-promoter, non-public shareholders own 78.1%, and employee trusts hold 3.33%.
Tonbo Imaging operates an asset-light business model, retaining ownership of core designs and intellectual property while outsourcing manufacturing to certified electronics manufacturing services (EMS) partners, including Kaynes Technology India and Avalon Technology and Services. The company’s research and development centre is located in Bengaluru.
The defence technology start-up develops advanced electro-optical systems such as thermal imaging cores, weapon sights, handheld thermal binoculars, targeting systems, missile seekers, fire control systems, and missile guidance systems. These products are deployed across multiple defence applications, including remote weapon stations, armoured vehicles, optical reconnaissance payloads, and situational awareness systems.
The company serves customers across global militaries, law enforcement agencies, homeland security organisations, and international defence OEMs.
As of September 2025, Tonbo Imaging reported an order book of ₹266.6 crore and secured additional orders worth ₹71.7 crore during October–November.
For FY25, the company posted a profit of ₹72.8 crore, marking a 6.2% year-on-year increase, while revenue rose 9.5% to ₹469 crore from ₹428.2 crore in the previous fiscal. In the quarter ended June 2025, profit stood at ₹5.4 crore on revenue of ₹68.6 crore.
JM Financial and IIFL Capital Services have been appointed as the merchant bankers for the proposed IPO.
Disclaimer: This article is for information purposes only and does not constitute investment or legal advice. Readers should refer to official filings before making any decision.
