Tonbo Imaging IPO closes strongly oversubscribed
Tonbo Imaging’s ₹852 crore initial public offering closed significantly oversubscribed on its second day, Inc42 reported. The defence technology company’s issue, entirely an offer for sale by existing shareholders, saw strong demand by October 16.
Non-institutional investors led the subscription, building on day-one interest. The company had raised funds from anchor investors ahead of the IPO, which opened for bidding earlier in the week. Tonbo Imaging received SEBI approval for the offering in September after refiling its draft papers.
The oversubscription follows earlier reports of weak profitability, raising questions about whether investor enthusiasm reflects confidence in Tonbo Imaging’s growth prospects or broader sector trends. The company’s backers appear to be using the IPO as an exit opportunity, with no fresh capital raised for the business itself.
Tonbo Imaging’s listing will test whether public markets sustain the sector’s momentum after recent defence tech tailwinds. Investors will watch for post-IPO performance, particularly as the company’s financials remain under scrutiny.
Sources: inc42.com
“Tonbo Imaging’s IPO demand signals investor appetite for defence tech despite profitability concerns.”
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