Tonbo Imaging sets ₹852 crore IPO price band, targets ₹4,010 crore valuation

What happened: Tonbo Imaging India, a defence electronics maker, set a price band of ₹665-700 per share for its ₹852 crore IPO, an entirely offer for sale issue of 12.2 million shares by promoters and existing investors. Key numbers: Price band ₹665-700 per share. IPO size ₹852 crore. Valuation around ₹4,010 crore at upper end. Why it matters: The listing comes as India's defence sector builds a pipeline despite weak Q2 FY27 ordering. Tonbo says about half its revenue comes from exports, and it has empanelled for programmes across 24 countries to reduce concentration.

Tonbo Imaging India, a defence electronics maker, set a price band of ₹665-700 per share for its ₹852 crore IPO, an entirely offer for sale issue of 12.2 million shares by promoters and existing investors.

The listing comes as India's defence sector builds a pipeline despite weak Q2 FY27 ordering. Tonbo says about half its revenue comes from exports, and it has empanelled for programmes across 24 countries to reduce concentration.