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Tonbo Imaging India’s ₹852.18 crore initial public offering was subscribed 4.00 times overall by 5:00 p.m. on 15 October 2026, the first day of bidding. Non-institutional investors (NII) led demand at 5.95x, followed by qualified institutional buyers (QIB) at 3.92x and retail investors at 3.20x, according to HDFC SKY’s timestamped update.
Tonbo Imaging IPO Day 1 subscription status
The most complete Day 1 snapshot was recorded at 5:00 p.m. on 15 October 2026. Subscription figures are cumulative demand compared with the shares reserved for each category, so they can change substantially during the trading day.
| Investor category | Day 1 subscription at 5:00 p.m., 15 October 2026 |
|---|---|
| Qualified institutional buyers (QIB) | 3.92x |
| Non-institutional investors (NII) | 5.95x |
| Retail investors | 3.20x |
| Overall | 4.00x |
Earlier readings were lower because they captured only part of the session: Groww reported 0.19x at 10:12 a.m., while Upstox reported 1.37 crore bids against 85,26,033 shares on offer at 1:37 p.m. Those numbers are not contradictory; they represent different times and should not be compared without the timestamp.
What the 4.00x figure means
An overall 4.00x subscription means bids covered four times the shares available across the issue at the stated cut-off time. It does not predict the listing price or guarantee an allotment. In an oversubscribed category, applications compete for a limited number of lots, and the final allocation depends on the completed issue, category rules and the basis of allotment.
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NII demand was strongest on Day 1 at 5.95x. QIB demand reached 3.92x and retail demand 3.20x. These are Day 1 levels only; the final subscription after bidding closes on 19 October may be different.
Issue terms at a glance
| Term | Details |
|---|---|
| Issue size | ₹852.18 crore |
| Structure | Offer for sale (OFS) only |
| Shares offered | Up to 1.22 crore equity shares |
| Price band | ₹665–₹700 per share |
| Face value | ₹2 per share |
| Lot size | 21 shares |
| Minimum retail application at the upper band | ₹14,700 (21 × ₹700) |
| Proposed exchanges | BSE and NSE |
| Lead managers | JM Financial Limited and IIFL Capital Services Limited |
| Registrar | KFin Technologies Limited |
Why the OFS structure matters
This is entirely an offer for sale. No fresh shares are being issued to raise new capital for Tonbo Imaging India. The IPO proceeds therefore go to the selling shareholders, after applicable expenses, rather than directly to the company for expansion, debt repayment, research or working capital. Investors evaluating the issue should distinguish an OFS from a fresh issue because the use of proceeds and post-listing share count have different implications.
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Reservation and demand mix
Moneycontrol lists 12,174,046 shares in the offer allocation. Its stated reservation mix is 20% for QIBs, 15% for NIIs, 35% for retail investors and 30% for others or anchor allocation. The subscription multiples above are calculated within those respective pools, not against one undivided pool of shares.
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Tonbo Imaging India: business context
Tonbo Imaging India manufactures defence electronics for thermal imaging, surveillance, target acquisition and missile-guidance applications. Its products use electro-optics, infrared imaging and embedded vision. Groww reported that, as of 30 June 2026, the company had deployed more than 28,000 systems in 24 countries.
That operating footprint describes the company’s existing deployment record, not a forecast of future orders or returns. The IPO being an OFS also means the issue itself does not provide new capital to accelerate that business.
IPO timetable and what investors should expect
| Event | Date | Status |
|---|---|---|
| Subscription opens | 15 October 2026 | Scheduled |
| Subscription closes | 19 October 2026 | Scheduled |
| Basis of allotment | 21 October 2026 | Expected |
| Refund initiation | 22 October 2026 | Expected |
| Shares credited | 22 October 2026 | Expected |
| Listing on BSE and NSE | 23 October 2026 | Expected |
The allotment, refund, credit and listing dates are expected dates and can be revised by the issuer, exchanges or other market authorities. Check the registrar or exchange notice after the issue closes for the operative schedule.
How to read live subscription updates
- Check the date and exact time attached to the figure.
- Identify whether the number is overall or specific to QIB, NII or retail bids.
- Compare the bid count with the shares offered in that category, not just the headline issue size.
- Treat intraday multiples as provisional; the closing-day figure is the relevant final demand snapshot.
- Use the published basis of allotment to determine whether your application received shares.
Minimum application calculation
One retail lot contains 21 shares. At the upper price-band limit of ₹700, one lot requires ₹14,700 before any applicable application-related charges. At the lower limit of ₹665, the same lot represents ₹13,965. The final payable amount depends on the price at which the issue is discovered within the band and the application mechanism used.
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Key cautions before applying
- Day 1 oversubscription is a demand indicator, not a valuation assessment or listing guarantee.
- The 4.00x headline is valid specifically for the 5:00 p.m. snapshot on 15 October 2026.
- Because the issue is OFS-only, investors should examine the company and selling-shareholder disclosures rather than assuming IPO proceeds will fund Tonbo’s operations.
- Expected dates may move, so rely on the final exchange, issuer or registrar notice for allotment and listing actions.
Product prices and availability are accurate as of the date/time indicated and are subject to change. Any price and availability information displayed on Amazon at the time of purchase will apply.
