Stories
How Arvind Lakshmikumar Built Defence Tech Giant Tonbo Imaging
- •Tonbo Imaging, founded by Arvind Lakshmikumar, is preparing for an initial public offering to raise Rs 852.18 crore with a valuation of approximately Rs 4,010 crore.
- •The company's advanced thermal imaging and night-vision systems were notably deployed during the 2016 Uri surgical strikes and Operation Sindoor in May 2025.
- •Tonbo is a leading Indian defence exporter and manufacturer, supplying thermal weapon sights, missile seekers, and targeting systems to elite domestic and international security forces.
- •The company is currently developing the Wave Strike system, a high-power microwave weapon designed to counter the growing threat of drone swarms by disrupting multiple targets simultaneously.
Key Questions Answered
Tonbo Imaging India Limited's initial public offering aims to raise Rs 852.18 crore, with a valuation of approximately Rs 4,010 crore at the upper end of its price band. The issue consists entirely of an offer for sale (OFS) of 1.22 crore equity shares by promoters and existing shareholders, meaning the company will not receive any proceeds from the public issue.
Tonbo's night vision and thermal imaging equipment were deployed during the 2016 Uri surgical strikes. Its thermal imaging and target-tracking systems were also utilized on ZU-23 air-defense guns to counter drones during Operation Sindoor in May 2025.
The Rs 852.18-crore IPO opened for subscription on October 15, 2026, and closed on October 19, 2026. By the second day of bidding on Friday, October 16, 2026, the public offer had been subscribed 7.77 times.
