Tonbo Imaging’s ₹700 per share issue of ₹852 crore closed on the first day with a 3.99× overall subscription, meaning roughly ₹3,400 crore in bids—nearly four times the offering size.
Non‑institutional investors dominated the auction, submitting bids at 5.93× the shares offered, while QIBs logged a 3.92× subscription and retail investors 3.19×. Employees were the most aggressive, with a 6.47× subscription that dwarfs the other cohorts.
CEO Arvind Lakshmikumar told CNBC‑TV18 that the company’s creditor relationships are solid, keeping working capital in check. He also forecasts revenue of ₹2,500‑₹3,500 crore from Hypa Microwave Systems starting FY2029‑2030, a signal of long‑term growth prospects.
Grey‑market traders are currently bidding at ₹1,200 per share—₹500 above the issue price—implying a 71% premium. This level of speculation suggests strong demand ahead of the listing, with traders betting on a high opening.
As a complete offer‑for‑sale, Tonbo will not receive proceeds from the issue; the offering will close on Monday, October 19. After the close, the shares will trade on the NSE/BSE, where the premium will be tested against market sentiment.