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Indian defence tech startup Tonbo Imaging, a Bengaluru-headquartered defence electronics original equipment manufacturer (OEM), is all set to launch its initial public offering (IPO). It has filed its draft red herring prospectus (DRHP) with the market regulator, the Securities and Exchange Board of India (SEBI), marking a significant step towards listing amid strong growth in India’s defence electronics segment.
Tonbo is the company that worked with the military on ‘Operation Sindoor’ and the Uri surgical strike. Tonbo has appointed IIFL Securities and JM Financial as Bankers, and the DRHP is expected within three months. Tonbo aims to raise Rs 800-1000 crore via an IPO. Tonbo is one of the global leaders in strategic defence technologies. It designs, builds and deploys advanced imaging and sensor systems and many other critical components
The proposed initial public offering (IPO) will be entirely an Offer for Sale (OFS) of up to 18,085,246 equity shares of face value Rs 2 each. The OFS includes 1,960,000 equity shares from promoter selling shareholders, 339,700 equity shares from a promoter group selling shareholder, and 15,635,046 equity shares from investor selling shareholders.
Tonbo Imaging designs, develops, and manufactures advanced sensing, processing, communication, and guidance systems for surveillance, reconnaissance, targeting, and control applications. Its portfolio is compliant with International Traffic in Arms Regulations (ITAR) and increasingly focuses on transitioning from standalone tactical systems to integrated autonomous platform solutions.
The company’s product range spans the electromagnetic spectrum, from visible imaging to long-wave infrared, and includes thermal imaging cores, weapon sights, handheld thermal binoculars, targeting systems, fire control systems, missile seekers and missile guidance systems, enabling enhanced battlefield autonomy.
As of September 30, 2025, Tonbo Imaging reported an order book of Rs 266.57 crore, with additional orders worth Rs 71.68 crore secured between October 1 and November 30, 2025. As of June 30, 2025, the company had deployed over 20,000 systems across 24 countries, underscoring its growing international footprint.
In FY25, Tonbo Imaging accounted for 93 per cent of India’s thermal imaging exports, supplying global militaries, law enforcement agencies and defence OEMs. The company was also cited as India’s fastest-growing listed defence technology company in terms of revenue, EBITDA and PAT margins over FY23–FY25, and the country’s largest supplier of thermal imaging systems to government and defence agencies.
Founded in 2003 by technologists with prior experience at the US Department of Defence and Sarnoff Corporation, Tonbo Imaging transitioned into a defence-focused product manufacturing company in 2012 following a promoter buyout.
The firm retains full ownership of its intellectual property across optics, software and electronics. While manufacturing is outsourced to certified electronics manufacturing services (EMS) partners, prototype development, system integration, and testing are conducted in-house.
Key programmes include the development of a high-performance EO/IR gimbal-based airborne system for an Indian defence R&D organisation; a multi-spectral infrared seeker and command launcher unit with advanced computer vision capabilities for a defence manufacturer; and a cost-effective free-space optical (FSO) communication system for terrestrial and naval applications tailored to the Indian armed forces’ operational environments.
The company is promoted by Arvind Lakshmikumar, Ankit Kumar and Cecilia D’Souza. Tonbo has an impressive investor portfolio, including Qualcomm Ventures, Artiman, Edelweiss Value, Celesta Capital II LP, HBL Engineering, Tenacity Ventures, India Exim Bank, and Florintree. JM Financial Limited and IIFL Capital Services Limited are the book-running lead managers to the issue.
Team BharatShakti
