Tonbo IPO lists at 66% premium after 135.9x demand

Tonbo IPO listing: the key numbers

Tonbo Imaging India shares listed on October 23 on both exchanges. The IPO issue price was ₹700 per share. On the BSE, the stock listed at ₹1,162. On the NSE, it listed at ₹1,160. That translated to a premium of about 66% versus the IPO price. Social timelines tracked the listing against grey market expectations. Many posts also highlighted the market capitalisation at listing. Reports put it at ₹6,656.18 crore on the BSE at the listing price.

How the stock traded after listing

After the strong open, the stock moved through a wide intraday range. On the BSE, the day high was ₹1,209.85. On the NSE, the day high was ₹1,211. Those highs implied gains of roughly 73% over the IPO price. The stock did not hold the listing level through the full session. It closed at ₹1,133.65 on the BSE. It closed at ₹1,133.80 on the NSE. The close was still about 62% above ₹700.

Subscription data driving the buzz

A major talking point was the scale of subscription. Posts repeatedly cited that the issue was subscribed over 132 times. Another widely shared figure put subscription at 135.9 times. One report also detailed bid and offer volumes. Bids were cited at 115.87 crore shares against 85.26 lakh shares on offer. The price band was ₹665-₹700 per share. The issue window ran from October 15 to October 19. The stock’s strong debut was widely framed as tracking that demand.

Grey market premium and what it signalled

Ahead of listing, the grey market premium was widely discussed. A GMP of about ₹450 per share was quoted in multiple posts. That was roughly 64% over the IPO price of ₹700. Several traders used GMP to estimate a listing near ₹1,150. The actual listing prints of ₹1,160-₹1,162 were close to that range. Many posts also added a caution on interpretation. GMP is an unofficial indicator and not a guarantee. Even so, the match between GMP and listing kept the conversation active.

OFS-only IPO: who received the proceeds

The IPO raised ₹852.18 crore through the public issue. It comprised an offer for sale of about 1.22 crore shares. There was no fresh issue component in the IPO. That means the company itself will not receive proceeds from the listing. Instead, the proceeds go to existing shareholders who sold shares. Social posts focused on this structure while debating long-term funding needs. They also pointed out that the transaction was primarily a liquidity event. Some reports named key promoters and selling shareholders in the discussion.

Promoters and reported selling proceeds

Promoter and shareholder names were circulated in multiple summaries. The promoter set was listed as Arvind Kondangi Lakshmikumar, Ankit Kumar, Cecilia D’Souza, and Vinimay Advisory LLP. Another report described the cofounders’ sale proceeds through the IPO. It said Arvind Lakshmikumar, Ankit Kumar, and Cecilia D’Souza collectively pocketed ₹137.2 crore. It also attributed ₹80.5 crore of that amount to Lakshmikumar. These figures were used to explain why OFS matters to retail investors. The same thread often paired the proceeds with listing gains. It also compared the listing to the debut-day close.

Lot size maths retail investors shared

The lot size was 21 shares, per the IPO terms cited online. With a ₹700 issue price, one lot cost ₹14,700. At the NSE listing price of ₹1,160, one lot was worth ₹24,360. That implies a listing gain of ₹9,660 per lot, matching figures shared on social media. Some posts also cited a gain of about ₹9,702 per lot, based on the alternate listing print. The slight difference came from using ₹1,162 versus ₹1,160. Investors also tracked the close versus the open. Since the stock closed below the listing print, not all paper gains held through the session.

Financial snapshot investors are quoting

Alongside the listing, investors discussed recent financial trends. Total income was cited as declining 22% to about ₹370 crore in FY26 from ₹474 crore in FY25. Profit after tax was reported at about ₹51 crore in FY26 versus ₹73 crore in FY25, a drop of 30%. Quarterly figures for April to June 2026 were also shared. Revenue for that quarter was cited at ₹37.32 crore. The company reported a net loss of ₹17.74 crore in the same quarter. Borrowings were cited at ₹129.72 crore. These numbers became a counterpoint to the strong listing premium.

What the company does and why defence themes mattered

Tonbo Imaging India was described as a defence technology and defence electronics OEM. Posts called out its imaging and surveillance focus. It was also described as operating across 24 countries. Some threads highlighted “100% in-house IP” as part of its positioning. “ITAR-free exportability” was repeatedly cited as a differentiator. Export exposure also featured in the discussion. FY25 export revenue share was cited at 65.52%. Another claim circulating was a 94% share of India’s thermal-imaging export volume, used to frame the company’s niche.