Tonbo Imaging India Limited IPO

What this number is not. Grey-market premium is an unregulated, thinly-traded quote from private dealers. It is not a forecast of the listing price, it is not verifiable, and it can be moved by the same people who benefit from it looking high. We publish it because you will look it up anyway — and we deliberately do not convert it into an expected listing gain, because that arithmetic implies a reliability the number has never earned. For what actually happened to comparable issues, see recent outcomes below.

Past issues are context, not a forecast — this issue is a different company at a different price. We show it because "how have issues like this one actually opened" is a question with a real answer, and grey-market premium is not that answer.

Tonbo Imaging India Limited is a defence electronics original equipment manufacturer (OEM) engaged in the design, development, and manufacturing of sensing, processing, communication and guidance systems for defence and security applications. The company's product portfolio is divided into tactical systems and platform systems. Its products include thermal imaging cores, weapon sights, handheld thermal imaging binoculars, targeting systems, missile seekers, fire control systems, missile guidance systems, and surveillance equipment. These products are used in surveillance, reconnaissance, targeting, and control applications. The company supplies its products to government defence agencies, law enforcement and homeland security agencies, and other defence equipment manufacturers in India and overseas. The company operates an R&D centre in Bengaluru, Karnataka, where it undertakes product design, development and prototyping. It follows an asset-light manufacturing model, outsourcing production to electronics manufacturing services partners, including Kaynes Technology India Limited and Avalon Technology and Services Private Limited. Use of proceeds: The IPO is an offer-for-sale (OFS). The company will not receive any proceeds from the offer. Net proceeds from the offer will go to the selling shareholders in proportion to the number of shares offered by them for sale. The primary objective of the offer is to achieve the benefits of listing the equity shares on the stock exchanges, which is expected to enhance the company’s visibility and brand recognition. Listing will also provide liquidity to the existing shareholders and create a public market for the company’s shares in India.