Tonbo Imaging India will open its Rs 852 crore initial public offering (IPO) on October 15, with a price band of Rs 665-700 per share. The issue comprises 1.22 crore existing shares offered for sale by promoters and investors, with no fresh issue. 

At the upper end, the company is valued at approximately Rs 4,010 crore, or about 79 times FY26 profit after tax. The offer closes on October 19, with listing expected on October 23.

The IPO is primarily an exit opportunity for existing shareholders. The largest sellers are CEAQ Technologies Private Limited, offering 49.98 lakh shares, and CEAQ Technologies Pte. Ltd., offering 41.55 lakh shares. Together, they account for about 75.2% of the shares on offer. 

Promoters Arvind Kondangi Lakshmikumar, Ankit Kumar and Cecilia D’Souza will sell 11.50 lakh, 5.80 lakh and 2.30 lakh shares, respectively. Other sellers include Vinimaya Advisory LLP, Timothy Guy Mitchell, Artiman Partners and other individual and institutional investors.

The selling reflects an already investor-heavy ownership structure. Before the offer, CEAQ Singapore held 25.47%, CEAQ India 8.73% and HBL Engineering 14.25%. The three promoters collectively held 17.43%. Other notable shareholders included Florintree Flowtech LLP with 5.17%, Amansa Investments with 4.25% and Yali Deeptech Fund I with 4.19%.

If all offered shares are sold, the promoters’ combined stake would fall to approximately 14.01%, CEAQ India would exit its disclosed holding and CEAQ Singapore would retain about 18.22%. These are calculations based on the disclosed holdings and proposed sale quantities, rather than final post-offer figures.

The Bengaluru-based company, incorporated in 2003, develops thermal imaging equipment, tactical sights and integrated defence sensor platforms.

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