Shardul Amarchand Mangaldas & Co. (SAM) advised Tonbo Imaging India Limited on the Indian law aspects of its initial public offering (IPO), aggregating to approximately ₹8,520.92 million. The equity shares of Tonbo Imaging India Limited were listed on the BSE and NSE on October 23, 2026.
The IPO was undertaken through an offer for sale by certain existing shareholders of the company, including its promoters, promoter group, institutional investors and other individual shareholders. The offering witnessed strong investor demand, with the issue subscribed over 135 times overall.
The qualified institutional buyer (QIB) portion was subscribed over 293 times, the non-institutional investor (NII) portion over 170 times, the retail individual investor (RII) portion over 30 times, and the eligible employee portion over 53 times.
Tonbo Imaging India Limited is a global defence electronics OEM with expertise across electro optics, infrared and embedded vision systems.
The SAM transaction team comprised Nikhil Naredi (Partner), Krupa Brahmbhatt (Partner), Harsh Loonker (Principal Associate), Veronica Miranda (Senior Associate), Anoushka PV (Senior Associate), Richa Singh (Associate) and Thejaswi Melarkode (Associate). The disputes team comprising Shreya Gupta, Partner and Prachi Gupta, Senior Associate, assisted on the deal.
