Tonbo Imaging Raises ₹255.36 Crore from Anchor Investors Ahead of IPO

Bengaluru-based defence technology company Tonbo Imaging has raised ₹255.36 crore from anchor investors ahead of its initial public offering (IPO), according to a report published by Entrackr on October 15, 2026.

The company allotted 36.48 lakh equity shares at ₹700 per share, the upper end of its IPO price band. The anchor book attracted global institutional investors, including BlackRock, Goldman Sachs, Temasek Holdings, Allianz Global Investors and Prudential, alongside domestic mutual funds and insurance companies.

The development comes as Tonbo Imaging prepares to enter the public markets with an ₹852.2 crore IPO. The company develops imaging and surveillance systems for defence and security applications, including thermal imaging equipment, weapon sights, targeting systems, missile seekers and fire control systems.

Tonbo Imaging IPO: Key Details

Tonbo Imaging has set a price band of ₹665 to ₹700 per share for its public offering. The IPO opened for subscription on October 15, 2026, and is scheduled to close on October 19, 2026.

The company allotted 36.48 lakh shares to anchor investors at ₹700 per share, raising ₹255.36 crore before the broader public subscription period.

The IPO is structured entirely as an offer for sale (OFS), with existing shareholders offering approximately 1.22 crore shares. There is no fresh issue component, according to the source report.

This means the offering involves the sale of existing shares rather than the issuance of new shares by the company. The report does not provide a detailed breakdown of the shares being sold by each shareholder.

JM Financial and IIFL Capital Services are managing the IPO. Tonbo Imaging's shares are proposed to be listed on the BSE and NSE.

Global Investors Participate in the Anchor Book

The anchor allocation attracted participation from several prominent international financial institutions, alongside Indian mutual funds and insurance companies.

The investors named in the report include:

• BlackRock

• Goldman Sachs

• Temasek Holdings

• Allianz Global Investors

• Prudential

• SBI Mutual Fund

• HDFC Mutual Fund

• ICICI Prudential Mutual Fund

Anchor investors are institutional investors that receive an allocation of shares ahead of the main IPO subscription process. Their participation provides an indication of institutional interest in the offering, although it does not guarantee the stock's performance after listing.

The ₹255.36 crore anchor allocation represents part of the broader public offering process. The total IPO size is ₹852.2 crore.

What Does Tonbo Imaging Do?

Founded by Ankit Kumar, Arvind Kondangi Lakshmikumar and Cecilia D'Souza, Tonbo Imaging develops advanced imaging and surveillance technologies for defence and security applications.

Its product portfolio includes thermal imaging systems, weapon sights, targeting systems, missile seekers and fire control systems. These technologies support defence and security operations that require imaging capabilities and systems for detecting, observing or targeting objects.

The company supplies products to government and defence agencies and operates in the defence electronics segment.

Tonbo Imaging's business is positioned within India's broader push to strengthen domestic defence manufacturing. The sector has received increased attention as the country seeks to build its domestic industrial and technological capabilities.

The source report does not disclose a product-wise revenue breakdown or provide a detailed split of Tonbo Imaging's domestic and international sales.

Tonbo Imaging's Financial Performance

While the anchor investment marks an important step ahead of the IPO, the company's latest financial figures show a decline in revenue and profitability.

According to the report, Tonbo Imaging's revenue fell 22.7% to ₹362.65 crore in FY26, while net profit declined 30% to ₹50.88 crore.

The company also reported a loss in the first quarter of FY27.

India's Defence Electronics Sector

Tonbo Imaging operates in defence electronics, a segment that includes technologies used in surveillance, imaging, targeting and other defence applications.

The company's product portfolio places it within a specialised part of the defence technology industry, where hardware development and supplying government and defence customers are central to its business.

India's efforts to strengthen domestic defence manufacturing provide broader context for the sector. However, the source report does not quantify how much of Tonbo Imaging's future growth will come from domestic procurement, exports or specific government programmes.

The IPO will give public-market investors an opportunity to assess the company through its disclosed financial performance, business model and risks.

What Investors Should Know About the IPO

Tonbo Imaging's ₹852.2 crore IPO combines an anchor allocation of ₹255.36 crore with a broader offering scheduled to close on October 19, 2026.

The ₹700 anchor allocation price is at the upper end of the ₹665-₹700 price band. The issue consists of an offer for sale by existing shareholders, with no fresh capital being raised through newly issued shares.

Investors may want to consider several factors when evaluating the offering:

• The company's position in defence imaging and surveillance technology.

• Its relationships with government and defence customers.

• The reported declines in FY26 revenue and net profit.

• The loss reported in the June quarter of FY27.

• The terms of the offer for sale and the selling shareholders.

• The company's financial disclosures and risk factors in the official IPO documents.

The anchor book's participation by prominent investors is one part of the IPO story. The company's financial performance and future business prospects remain important considerations in assessing the offering.