Tonbo Imaging Files Draft Papers For OFS-Only IPO; Check Details

Global defence electronics original equipment manufacturer (OEM) Tonbo Imaging has filed preliminary papers with markets regulator Sebi to raise funds through an initial public offering (IPO).

The company's maiden public offering will be entirely an Offer for Sale (OFS) of 18,085,246 equity shares by its promoters and investors, with no fresh issue component, according to the draft red herring prospectus (DRHP) filed on Monday.

Since the IPO is entirely an OFS, the company will not receive any proceeds from the issue, and the entire proceeds will go to the selling shareholders.

Tonbo Imaging was founded in 2003 by technologists who had earlier worked with the US Department of Defense and Sarnoff Corporation. The company shifted its focus to defence product manufacturing in 2012, following a buyout by the current promoters.

The company is promoted by Arvind Lakshmikumar, Ankit Kumar and Cecilia D'Souza. Its investor base includes Qualcomm Ventures, Artiman, Edelweiss Value, Celesta Capital II LP, HBL Engineering, Tenacity Ventures, India Exim Bank and Florintree, according to its DRHP.

Tonbo Imaging designs and manufactures sensing, processing, communication and guidance systems.

Its product portfolio is divided into tactical systems and platform systems, covering visible, infrared and multi-sensor imaging technologies.

These include thermal imaging cores, weapon sights, hand-held thermal imaging binoculars, targeting systems, missile seekers, fire control systems and missile guidance systems.

The company supplies products to customers, such as global defence forces, law enforcement agencies, homeland security organisations and defence OEMs.

The defence tech firm reported an order book of Rs 266.57 crore as of September 30, 2025. It further received additional orders worth Rs 71.68 crore between October 1, 2025 and November 30, 2025.

On the financial front, for the quarter ended June 30, 2025, revenue from operations stood at Rs 68.68 crore, of which Rs 63.29 crore came from India, contributing 92 per cent of total revenue. Profit after tax for the period was Rs 5.43 crore.

In FY25, revenue from operations was Rs 469.08 crore, while profit after tax stood at Rs 72.76 crore.

JM Financial and IIFL Capital Services are the book-running lead managers to the issue.