Tonbo Imaging shares surge 90% above IPO price after strong debut

Tonbo Imaging India’s shares jumped more than 17% on Monday, pushing the stock about 90% above its IPO price. The company listed on 23 October at ₹1,160 on the NSE and ₹1,162 on the BSE, each reflecting roughly a 66% premium over the ₹700 issue price. After the rally, the market value on the BSE reached roughly ₹7,111 crore. The IPO, sized at ₹852.18 crore, was subscribed 135.90 times, with qualified institutional buyers bidding 293.56 times, non‑institutional investors 170.94 times and retail investors 31.07 times. BSE data show PRB Securities bought 371,195 shares at ₹1,117.10 and sold 26,537 at ₹1,081.90, while Irage Broking Services bought 509,569 at ₹1,125.95 and sold 310,631 at ₹1,099.43. Mahesh M. Ojha, vice‑president of research at Kantilal Chhaganlal Securities, advised IPO‑allotted investors to book some profit now and keep the rest for the long term, citing strong product demand and a favourable sector outlook. Another analyst echoed the hold‑for‑the‑long‑term view and suggested that those who missed the issue could buy on any post‑listing pullback. The offer was an entirely off‑sale of 1.22 crore shares, meaning Tonbo will not receive any proceeds. The firm manufactures thermal imaging cores, weapon sights, missile seekers and other defence‑electronics systems.

Context

The strong subscription and premium reflect high investor appetite for defence‑tech stocks, a sector that has seen heightened interest after recent government spending announcements.