Defence electronics firm Tonbo Imaging may go public soon, as the company has filed its Draft Red Herring Prospectus (DRHP) with the Securities and Exchange Board of India (SEBI). The company plans to raise funds through the offer-for-sale (OFS) route by offloading over 1.8 crore equity shares, each with a face value of Rs 2. JM Financial and IIFL Capital have been appointed as the book-running lead managers for the issue. Here are five key details you should know about the upcoming IPO.
#1 Tonbo Imaging: About the issue
The issue is entirely an offer for sale, with no fresh issuance of shares. The company will offload over 1.8 crore equity shares, with promoter group entity CEAQ Technologie Private selling the largest portion at over 1 crore shares. Tonbo Imaging’s CEO and managing director, Arvind Kondangi, will also offload over 11 lakh shares. Each equity share carries a face value of Rs 2.
#2 Tonbo Imaging: Product portfolio
The company operates in the defence electronics and imaging segment, manufacturing equipment used across defence, homeland security and industrial applications. Its product portfolio includes thermal imaging systems, weapon sights, night-vision devices, targeting systems and missile seekers, among other products used in battlefield environments.
#3Tonbo Imaging: Overseas presence
Tonbo Imaging operates two overseas subsidiaries — Tonbo Systems Pty in Australia and Tonbo LLC in Armenia. The company sells its products across multiple geographies, including Asia, US, Europe, Middle East and Latin America.
Exports account for over 6% of the company’s total revenue. According to the company’s DRHP, Tonbo Imaging accounted for 93% of India’s thermal imaging export volumes, making it the country’s largest exporter of thermal imaging systems by units shipped in FY24 and FY25.
#4 Tonbo Imaging: Key risks
The company is exposed to several company-specific and sector-specific risks. As per the DRHP, Tonbo Imaging operates with short-term contracts with many of its suppliers and is highly dependent on its top ten suppliers. Additionally, it relies significantly on exports and global suppliers for critical components.
#5 Tonbo Imaging: FY25 financial performance
For FY25, Tonbo Imaging reported revenue from operations of about Rs 469 crore, while the restated profit for the same year stood at Rs 72.7 crore, as per its DRHP.