Tonbo Imaging India, a defence electronics manufacturer, has received the approval from SEBI l for its initial public offering (IPO). The IPO will comprise of an offer for sale (OFS) of up to 18,085,246 equity shares of face value Rs 2 each. The OFS includes shares offered by the promoter selling shareholders, promoter group selling shareholder and investor selling shareholders. Founded in 2003, Tonbo Imaging transitioned into a defence-focused product manufacturing company in 2012 following the buyout of its erstwhile parent by its promoters. The company is promoted by Arvind Kondangi Lakshmikumar, Ankit Kumar and Cecilia D’Souza. The company’s investors include Qualcomm Ventures, Artiman, Celesta, Edelweiss Value and Growth Fund, HBL Engineering, Tenacity Ventures, Export-Import Bank of India and Florintree, among others. As per the Frost & Sullivan (F&S) Report cited in the DRHP, Tonbo Imaging was the largest manufacturer by sales value of thermal imaging systems supplied to government and defence agencies in India during FY24-FY26, and accounted for 94.3% of India's thermal imaging exports by units during the period. As of March 31, 2026, the company had over 28,000 systems deployed across 24 countries. Its portfolio spans thermal imaging cores, weapon sights, thermal binoculars, targeting systems, missile seekers, fire-control and missile-guidance systems. Tonbo owns 100% of its intellectual property since FY24, covering optics, embedded software and electronics. It follows an asset-light model, with manufacturing outsourced to certified EMS partners including Kaynes Technology India and Avalon Technology, while prototype development, system integration and qualification testing are conducted in-house.