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Tonbo Imaging India’s ₹852.18 crore initial public offering was subscribed 4.00 times overall by 5:00 p.m. on 15 October 2026, the first day of bidding. Non-institutional investors (NII) led demand at 5.95 times, followed by qualified institutional buyers (QIB) at 3.92 times and retail investors at 3.20 times. The issue remains open through 19 October.
Day 1 subscription status at the latest reported time
The most recent Day 1 snapshot, reported at 5:00 p.m. on 15 October 2026, showed total bids equal to four times the shares available. Category-wise demand was:
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| Investor category | Subscription at 5:00 p.m., 15 October 2026 |
|---|---|
| Qualified institutional buyers (QIB) | 3.92x |
| Non-institutional investors (NII) | 5.95x |
| Retail investors | 3.20x |
| Overall | 4.00x |
Intraday numbers were substantially different. Groww recorded 0.19x at 10:12 a.m., while Upstox reported 1.37 crore bids against 85,26,033 shares on offer at 1:37 p.m. These figures are not contradictory: IPO subscription multiples change as applications arrive, so every live update must be read with its timestamp.
When the IPO opened, closes and lists
The bidding window runs from 15 October through 19 October 2026. The following dates are expected and may be revised by the company, exchanges or registrar:
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| Event | Expected date |
|---|---|
| Subscription opens | 15 October 2026 |
| Subscription closes | 19 October 2026 |
| Basis of allotment | 21 October 2026 |
| Refunds initiated | 22 October 2026 |
| Shares credited to successful applicants | 22 October 2026 |
| Listing on BSE and NSE | 23 October 2026 |
An allotment date is not a guarantee that shares will appear in a demat account at a particular hour. Applicants should check the registrar and exchange updates after the basis of allotment is finalised; the published schedule can change.
Price band, lot size and minimum application
The book-built offer has a price band of ₹665 to ₹700 per equity share. Each share has a face value of ₹2, and one retail lot contains 21 shares.
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| Term | Detail |
|---|---|
| Issue size | ₹852.18 crore |
| Price band | ₹665–₹700 per share |
| Face value | ₹2 per share |
| Lot size | 21 shares |
| Minimum retail application at the upper band | ₹14,700 (21 × ₹700) |
| Proposed listing venues | BSE and NSE |
Applications are made in multiples of 21 shares. At the upper-band price, a two-lot application would therefore represent ₹29,400 before any applicable intermediary or banking requirements.
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Tonbo Imaging India’s issue is entirely an offer for sale (OFS), with up to 1.22 crore existing equity shares being sold. There is no fresh issue component. Consequently, the money raised in the IPO goes to the selling shareholders, not to Tonbo Imaging India for new factories, working capital, debt repayment or other corporate purposes.
This structure is different from a combined fresh-issue-and-OFS offering, where part of the proceeds can enter the company. Investors evaluating this IPO should therefore examine the selling shareholders, the company’s existing operations and the risks described in its filings rather than assuming that the ₹852.18 crore will expand the business.
Reservation and how demand is distributed
Moneycontrol lists 12,174,046 shares in the allocation framework: 20% for QIBs, 15% for NIIs, 35% for retail investors and 30% for others or anchor allocation. The Day 1 figures show that NII applications were strongest relative to their reserved portion at the 5:00 p.m. snapshot, although category subscription levels can continue changing until the issue closes.
- QIB: 20% reservation; 3.92x subscribed at the cited Day 1 snapshot.
- NII: 15% reservation; 5.95x subscribed at the cited Day 1 snapshot.
- Retail: 35% reservation; 3.20x subscribed at the cited Day 1 snapshot.
- Others/anchor allocation: 30% in the allocation figures reported by Moneycontrol.
Company context
Tonbo Imaging India manufactures defence electronics for thermal imaging, surveillance, target acquisition and missile-guidance applications. Its products use electro-optics, infrared imaging and embedded-vision technologies. Groww reported that, as of 30 June 2026, more than 28,000 systems had been deployed in 24 countries.
SEBI’s filing-status record classifies the transaction as “IPO (OFS Only)” and identifies JM Financial as the coordinating lead manager. The issue’s lead managers are JM Financial Limited and IIFL Capital Services Limited, and KFin Technologies Limited is the registrar.
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How to interpret the Day 1 multiple
A 4.00x multiple means bids received by the cited time represented four times the shares available in the relevant aggregate calculation; it does not mean every applicant will receive four times the shares requested. Final allotment depends on valid applications, category rules and the oversubscription level at close. Retail applicants in an oversubscribed category may receive fewer shares than requested or none, with the exact outcome determined through the allotment process.
For a useful comparison with another IPO, use the same timestamp and check whether the other offer is fresh issue, OFS or a combination. Also compare the price band, minimum application, QIB/NII/retail reservation, category demand, company financials, risk factors and the expected allotment and listing dates.
Quick Recap
Key checks before applying
- Confirm that the bid is submitted before the 19 October closing deadline shown by your intermediary.
- Use the ₹665–₹700 band and 21-share lot size to calculate the amount for the number of lots selected.
- Understand that this is an OFS and that IPO proceeds are not being raised directly for Tonbo Imaging India.
- Save the application or UPI confirmation and monitor the registrar for allotment, refund and credit status.
- Recheck the final timetable because the 21–23 October dates are expected rather than guaranteed.
Product prices and availability are accurate as of the date/time indicated and are subject to change. Any price and availability information displayed on Amazon at the time of purchase will apply.
