Tonbo makes spectacular debut

Tonbo Imaging India made a spectacular stock market debut today, October 23, 2026, listing at Rs. 1,162 on the BSE against its IPO price of Rs. 700, a premium of 66%. The stock subsequently touched Rs. 1,209.85 before profit booking pulled it down to Rs. 1,076.70. Even after declining 7.34% from its opening price, it remained 53.81% above the IPO price. Trading was active, with 11.10 lakh shares changing hands and turnover of Rs. 126.68 crore. Market capitalisation stood at Rs. 6,111.71 crore.

Trigger

• IPO price: Rs. 700 per share.
• BSE listing: Rs. 1,162, a premium of 66%.
• Intraday high: Rs. 1,209.85, representing a 72.84% gain over the issue price.
• Issue size: Rs. 852 crore, entirely an offer for sale.
• Overall subscription: 135.9 times.
• QIB subscription: 293.56 times.
• HNI subscription: 170.94 times.
• Retail subscription: 31.07 times.

Tonbo Imaging is a 22-year-old Bengaluru based defence company with design capabilities across electro optics and infrared systems (EO/IR) and embedded vision systems.

In our IPO Analysis, we had concluded - Tonbo is a promising, profitable player with pioneering proprietary technology in the highly bullish defence electronics space. Hence, we recommend applying in the IPO.