Tonbo Imaging India opened at ₹1,162 on the BSE, a 66% premium to its ₹700 IPO price, while the NSE mirrored the move at ₹1,160, 65.71% over the issue price, as per the BSE filing.
The ₹852.18‑crore issue closed on October 19 after a 135.9× subscription depth, with 1,15,86,91,464 shares demanded against 85,26,033 shares on offer, and QIBs bided 293.56×, NII 170.94×, retail 31.06×, per data from InvestorGain.
With the price band capped at ₹700, the post‑issue market cap sits at around ₹4,010 crore, and since the issue was an offer‑sale, Tonbo will not receive fresh proceeds—only the selling shareholders get the cash.
Tonbo’s asset‑light strategy keeps R&D at 8.2% of FY26 expenses, yet 77.8% of FY26 revenue came from its top ten customers, a concentration risk that could hit in the next procurement cycle. Analysts note the high subscription multiple suggests investor confidence, but the company’s exposure to government cycles and limited global supplier base may temper the upside. The first trading day sets a bullish tone, but investors will watch the next earnings call for guidance on revenue growth and defense contracts.