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Ahead of the commencement of the bidding for its public issue on October 15, defence tech startup Tonbo Imaging has raised ₹255.4 Cr from anchor investors.

According to BSE data, the startup allotted 36.5 Lakh equity shares to 43 anchor investors at ₹700 apiece, the upper band of its IPO price band. 

Of the total anchor allocation, 21.1 Lakh shares, or 57.7%, were lapped up by 12 domestic mutual funds via a total of 25 schemes. The domestic mutual funds that anchored the round included SBI Infrastructure Fund, Axis Mutual Fund, HDFC Mutual Fund, Kotak Mahindra Services Fund, Mirae Asset, Canara Robeco Mutual Fund, among others. 

Other investors who participated in the round included Goldman Sachs, BlackRock, WhiteOak Capital, Aranda Investments, Allianz, among others.

With this, Tonbo Imaging’s public issue will now go live on October 15 and close on October 19. The defence tech startup’s public issue consists entirely of an offer for sale (OFS) component of up to 1.22 Cr equity shares, with no fresh issue component.

It has also set a price band of ₹665-₹700 per equity share for its ₹852 Cr IPO, which values the company at ₹4,009.8 Cr (about $480 Mn) at the upper end of the spectrum. 

The startup had initially filed its draft IPO papers with SEBI in December last year. It then received SEBI’s approval in July this year. However, the company then re-filed a fresh DRHP in August this year. 

Founded in 2012 by Arvind Lakshmikumar, Ankit Kumar and Cecilia D’Souza, Tonbo Imaging designs and develops advanced imaging and sensor systems for surveillance, reconnaissance and other military applications. Its product portfolio includes thermal imaging systems, weapon sights, handheld thermal imaging binoculars, driver-vision systems, targeting equipment, fire-control systems and missile seekers.

The startup claims that its expertise lies in blending micro-optics, low-power electronics and digital image processing to produce low-power platforms across visible and infrared spectrums.

It counts the likes of NATO, US Navy SEALs, Israeli Defense Forces (IDF), and the defence ministry of Armenia as its customers. At the end of June 2026, the startup claims to have deployed more than 28,000 systems across 24 countries.

On the financial front, Tonbo Imaging reported a net loss of ₹17.7 Cr in Q1 FY27 against an operating revenue of ₹36 Cr. 

For the full fiscal year 2025-26 (FY26), the startup’s revenue from operations declined 22.7% to ₹362.6 Cr from ₹469.1 Cr in FY25. Meanwhile, net profit declined 30% to ₹50.8 Cr in the fiscal under review from ₹72.8 Cr in the previous year.

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