TONBO Imaging has opened an offer for sale that will raise more than ₹850 crore, with existing shareholders selling their stakes from Oct 15 to Oct 19, as disclosed in the company’s BSE filing.
Unlike a fresh issue, the proceeds will go straight to the selling shareholders; the company will not receive any capital infusion.
The company currently holds 65% of India’s thermal‑weapon‑sight market, having supplied 20,000 units out of the 30,000 deployed nationwide, according to CEO Arvind Lakshmikumar.
Lakshmikumar projects that demand could rise to 300,000 units by 2029, a ten‑fold jump that could create significant revenue streams.
Tonbo also supplies missile‑seeker systems to a handful of manufacturers and expects uptake to accelerate in 2028‑29, while its high‑power microwave line already has letters of intent from the Indian Navy and European customers.
The offer’s subscription levels and the company’s next‑quarter financials will be key indicators of whether Tonbo can convert its market share into earnings growth.