Mumbai: Defence electronics manufacturer Tonbo Imaging India has announced a price band of ₹665–700 per share for its ₹852 crore initial public offering. Public subscriptions will open on October 15 and close on October 19, according to the company’s announcement.
The issue will allow promoters and existing investors to sell shares, while bringing the defence technology business to public market investors.
IPO Consists Entirely Of Share Sale
Tonbo Imaging’s IPO comprises an offer for sale of 1.22 crore equity shares, with no fresh issue component.
Consequently, the company will not receive money from the offering. Proceeds will go to shareholders selling their stakes, distinguishing the transaction from an IPO that raises fresh capital for business expansion.
The ₹665–700 price band sets the bidding range for investors participating in the public issue.
Promoters And Investors To Offload Shares
Promoters Arvind Kondangi Lakshmikumar, Ankit Kumar and Cecilia D’Souza are among the selling shareholders.
Other participants include Vinimaya Advisory LLP, CE AQ Technologies, Timothy Guy Mitchell, Artiman Partners LLC, Amit Dilip Shah and Ramesh Radhakrishnan.
Their shares form part of the offer for sale, rather than issued equity.
Defence Imaging And Guidance Portfolio
Founded in 2003, Tonbo Imaging was established by technologists with experience at the US Department of Defense and Sarnoff Corporation. It shifted towards defence product manufacturing in 2012.
The company develops sensing, processing, communication and guidance systems for surveillance, reconnaissance, targeting and control applications.
Its products include thermal imaging cores, weapon sights, handheld thermal imaging binoculars and targeting systems. It also manufactures missile seekers, fire control systems and missile guidance systems.
These offerings place the company across several defence electronics applications, spanning observation, targeting and guidance requirements.
Global Customers And IPO Managers
Tonbo Imaging supplies defence forces, law enforcement agencies, homeland security organisations and defence original equipment manufacturers worldwide.
JM Financial and IIFL Capital Services are the book-running lead managers. KFin Technologies will act as registrar for the offering.
