Tonbo Imaging India IPO GMP at ₹500; Issue Subscribed 1.20 Times on Day 2

15 Oct 2026 , 12:58 PM

Tonbo Imaging India’s grey market premium (GMP) traded at ₹500 per share on October 15, 2026, suggesting ₹1,200 per share listing compared to the upper issue price of ₹700. The IPO has been subscribed 1.20 times overall as of 12:21 PM, with non-institutional investors dominating bids. The discrepancy between the high GMP and the lower-than-expected overall IPO subscription rate is worth following closely for investors.

Tonbo Imaging India IPO Subscription Status

Tonbo Imaging’s IPO has attracted bids for 85.26 lakh shares as of 12:21 PM on October 15, 2026, representing 120% of the shares on offer. The non-institutional investor category has been subscribed 2.21 times, while the retail individual investor category subscribed 1.46 times the shares reserved for it. The employee category witnessed subscription of 3.24 times the shares reserved for it. The qualified institutional buyer category had no subscription as of the time of the report.

Category-wise subscription

Investor category	Subscription
Qualified Institutional Buyers (QIB)	0.00x
Non-Institutional Investors (NII)	2.21x
Small NII (up to ₹10 lakh)	3.54x
Big NII (above ₹10 lakh)	1.54x
Retail Individual Investors (RII)	1.46x
Employees (EMP)	3.24x
Overall subscription	1.20x

The NII category witnessed the highest IPO subscription rate among major categories, with small NII applications at 3.54 times the shares reserved for it. Retail investors have also subscribed to 150% of the shares reserved for the RII category. The QIB subscription remains at zero as of this report. Institutional bidding can change as the issue nears closures.

Tonbo Imaging India IPO GMP Today

The GMP for Tonbo Imaging hovered at ₹500 per share as of October 15, according to the grey market tracker. Given the upper issue price (UIP) of ₹700, this suggests an indicative listing price of ₹1,200 per share.

Particulars	Details
Upper issue price	₹700
Latest GMP	₹500
Indicative listing price	₹1,200
Implied listing premium	71.43%
Estimated profit per lot	₹10,500

The indicative listing price has been derived by adding the GMP to the UIP. The estimated profit per lot assumes the lot size used by the grey market tracker and the indicative listing price mentioned above.

Tonbo Imaging India IPO GMP Trend

Date	GMP	Implied premium
10/15/26	₹500	71.43%
10/14/26	₹500	71.43%
10/13/26	₹490	70.00%
10/12/26	₹425	60.71%
10/11/26	₹270	NA

The GMP rose from ₹425 on October 12 to ₹490 on October 13, before climbing to ₹500 on October 14 and remaining there on October 15. This shows strong grey-market demand for the IPO as of the latest report.

However, investors must remember that the GMP is an unofficial indicator and not a traded price on an exchange. Therefore, the premium should not be taken as a certainty for the listing price, especially as the subscription rate and grey-market demand suggest otherwise.

What Does Tonbo Imaging India Do?

Founded in December 2003, Tonbo Imaging India Limited is a defence electronics original equipment manufacturer (OEM) engaged in the design and development of imaging, surveillance, guidance and communication systems and subsystems for the domestic as well as overseas defence and security markets.

Its product portfolio includes thermal imaging equipment, weapon sights and missile seekers; fire-control systems, missile-guidance systems and targeting equipment; and handheld thermal imaging devices.

The company operates in three distinct markets:

Tactical systems: Imaging, surveillance, reconnaissance and targeting equipment.

Platform systems: Subsystems to enable a diverse range of aerial, ground and weapons platforms to perform the required observation and fire control functions; end platforms to neutralise threats.

Directed energy systems: Includes counter-drone swarm solution technology, of which the high-power microwave platform called WaveStrike is one.

The group’s networks extend across 24 countries and it supports over 28,000 systems deployed in the operational scenario across multiple defence and security segments. It has also announced itself to be India’s largest manufacturer of thermal imaging systems for government and defence agencies for the FY24–FY26 and the highest-volume exporter of thermal imaging systems in the country.

The abovementioned designations apply to the specified financial years and parameters notified by the company and should be examined in conjunction with the disclosures made in its offer documents.

Tonbo Imaging India’s Key Strengths

Proprietary defence technology

The company boasts its in-house-developed technologies in the field of electro-optic, infrared and thermal imaging. These proprietary technologies can give the company a competitive edge and control over its R&D and manufacturing processes.

Export presence

Tonbo Imaging’s systems are present across 24 countries and the company claims its products are free of International Traffic in Arms Regulations (ITAR) compliance issues, enabling it to access the export markets with ease, subject to the applicable export controls and regulations.

Research and development capabilities

As a company that focuses on providing innovative products and solutions, and backed by the in-house R&D capabilities, product development and manufacturing expertise, Tonbo Imaging covers a comprehensive value chain for its specialty products.

Alignment with domestic defence manufacturing

The company enjoys the Designated Approval for defence procurements under the Indigenously Designed, Developed and Manufactured (IDDM) Defence Procurement Programme and as such fits in well with the government-backed push for domestic defence manufacturing. However, it will still have to rely on the government’s purchase intent to bolster the share price.

Diversified product portfolio

The company’s products fall into three categories – tactical systems, platforms and directed energy. Each category represents systems or subsystems that can be used for diverse applications and are therefore not limited to a single use.

Key Risks Investors Should Consider

While the Tonbo Imaging IPO opens exciting opportunities for investors, they should keep the following risk factors in mind before investing:

Valuation: A high GMP does not guarantee that the IPO’s valuation is justified based on its fundamentals and growth prospects.

Dependence on defence procurement: The company’s revenue generation is subject to the defence procurements and contracts.

Technology and product development: Being in the defence electronics space, the company has to continuously invest in research and product development to stay ahead of its competitors. As a new entrant in the exchange, the company has to prove its mettle in the competitive product development environment.

Export considerations: The export sales are dependent on the applicable export regulations and guidelines, which are subject to changes based on evolving geopolitical scenarios and export policies.

Subscription and GMP divergence: The GMP suggests a high level of underground demand for the IPO. At the same time, the overall subscription rate stands at 1.20 as of 12:21 PM on October 15, 2026. These are two separate metrics and the former does not necessarily indicate the latter.

The IPO’s offer documents, including the financials, pricing, application money usage and the risk factors, become crucial in understanding the company’s prospects better. The figures mentioned in this article do not include the financial performance of the company and the issue price of the IPO.

Tonbo Imaging India IPO: What the Latest Numbers Indicate

Tonbo Imaging India’s recent performance shows that it has garnered significant interest in the grey market, with its GMP suggesting a ₹1,200 listing price, a 71.43% premium over the UIP of ₹700. Nonetheless, the IPO has witnessed only a 1.20-times subscription as of 12:21 PM on October 15 with non-institutional investors outpacing other categories.

The company operates its business in a specialised segment of defence electronics. It boasts a strong patent portfolio, a diverse product portfolio and international clientele. With that said, potential investors should consider its valuation, revenue-generating capacity, order book and risk exposure before considering the IPO.

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