Shares of Tonbo Imaging India, a manufacturer of defense electronics, debuted on the stock exchange on Friday with a premium of 66% over the issue price of 700 rupees.
On the BSE, the shares debuted at a price of 1,162 rupees per share, representing a 66% premium to the issue price. Later, the price fell to 1,059.05 rupees, which meant a drop of 8.86% from the starting price, but maintained a premium of 51.28% above the issue price.
On the NSE, the shares opened at a price of 1,160 rupees, which represented a jump of 65.71% above the issue price. They later traded at 1,058.30 rupees, a decrease of 3.64% from the initial level, but still 51.18% above the issue price.
After listing, the company's market capitalization reached 619,191 crore rupees on the BSE and 606,045 crore rupees on the NSE.
The broader stock market saw a decline: the BSE Sensex index fell by 409.06 points or 0.56%, reaching 72,840.33, and the NSE Nifty index dropped by 173.65 points or 0.77%, reaching 22,514.
The Initial Public Offering (IPO) worth 852.18 crore rupees was subscribed nearly 136 times on the last trading day on Monday. The public offering was fully subscribed on the first day of trading last Thursday.
The offering consisted exclusively of an Offer for Sale (OFS) of 1.22 crore shares from shareholders and promoters, without any new issuance. Since the IPO is entirely an OFS, the company will not receive revenue from this placement.
The price range for the IPO was set between 665–700 rupees per share.
Tonbo Imaging, based in Bengaluru, develops and manufactures processing, communication, guidance, and surveying systems used in surveillance, intelligence, targeting, and control applications. Its product portfolio includes thermal imaging cores, sights, guidance systems, missile interceptors, and fire control systems.
As of June 30, 2026, the company has implemented over 28,000 tactical systems and served clients in 24 countries.
According to an F&S report, Tonbo Imaging competes with players such as Epirus and Teledyne FLIR (USA), Hensoldt (Germany), Theon International, and Controp (Israel), who are recognized market participants in electro-optics/infrared technology, thermal imaging systems, and advanced defense electronics.
