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Tonbo Imaging Cofounders Rake In ₹137 Cr From IPO

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Tonbo Imaging Cofounders Rake In ₹137 Cr From IPO

Tonbo Imaging’s promoters and investors have realised substantial gains from the company’s IPO, which closed earlier this week post witnessing an overwhelming demand from investors. 

The company’s three cofounders — CEO Arvind Lakshmikumar, CBO Ankit Kumar and chief commercial officer (CCO) Cecilia D’Souza — collectively pocketed ₹137.2 Cr from the defence tech company’s ₹852 Cr IPO. 

CEO Lakshmikumar raked in ₹80.5 Cr by offloading 11.5 Lakh shares at the upper end of the ₹665-700 price band. He continues to hold around 38.18 Lakh shares, making him one of the largest shareholders of Tonbo Imaging. 

Cofounder Kumar, who serves as the CBO and CRO of Tonbo, offloaded 5.8 Lakh shares worth ₹40.6 Cr and continues to hold 24.6 Lakh shares. Meanwhile CCO D’Souza, offloaded around 2.3 Lakh shares for ₹16.1 Cr.

The largest selling shareholders in Tonbo Imaging’s IPO were its related entities, Bengaluru-based CEAQ Technologies Pvt Ltd and Singapore-based CEAQ Technologies Pte Ltd. The cofounders are the directors of these aforementioned entities as well. 

While CEAQ Technologies Pvt Ltd  offloaded its entire shareholding of around 50 Lakh shares for  ₹350 Cr, the Singapore-based entity sold 41.6 Cr shares to rake in ₹291 Cr. The Singapore-based entity continues to retain 1.05 Cr post the IPO. 

Among other shareholders, Artiman, an early-stage sector agnostic venture fund, has made ₹13.8 Cr by selling 2 Lakh shares, clocking a return multiple of 4.8X on its investment. It will retain another 2 Lakh shares, valued at ₹13.8 Cr at the upper price band.

8 Cr.



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