# Tonbo Imaging India IPO subscribed 7.78 times, GMP at 74% 2026-10-19T04:57:25+00:00 | Governance | Indian Opinion Desk Corroboration: 1 independent outlet The initial public offering (IPO) of Bengaluru-based defence technology company Tonbo Imaging India was subscribed 7.78 times by the end of Day 2, with the retail category seeing 7.13 times subscription against 42.56 lakh shares reserved. The grey market premium (GMP) rose to 74 per cent, or Rs 515 per share, indicating expected listing gains. The issue, which closes on Monday, 19 October 2026, aims to raise Rs 852.18 crore entirely through an offer for sale (OFS) of 1.22 crore shares, with the price band set at Rs 665 to 700 per share. Non-Institutional Investors (NIIs) led demand with 14.35 times subscription, while Qualified Institutional Buyers (QIBs) subscribed 3.95 times their portion. The company raised Rs 255 crore from anchor investors at the upper price band. Tonbo Imaging India’s total income for FY26 fell 22 per cent to Rs 370 crore, and profit after tax dropped 30 per cent to Rs 51 crore. The basis of allotment is expected on 21 October, with shares listing on BSE and NSE on 23 October. ## Indian Opinion Analysis The steep GMP and strong subscription numbers suggest high retail and institutional expectations for listing gains, even though the company's own financial performance deteriorated in FY26. The IPO is purely an OFS, so the company gets no fresh capital for growth. The real test for the stock will come after listing on 23 October, when the market price must sustain without the grey market's speculative support. Investors who were allotted shares will watch allotment finalisation on 21 October, and then the exchange listing to see if the premium holds. ## Coverage - economictimes.indiatimes.com Led with subscription numbers and GMP, neutral report of IPO details This brief was synthesised by AI from the source linked above. Tags: BSE, IPO, NSE, SEBI, Tonbo Imaging India Canonical: https://indianopinion.org/tonbo-imaging-india-ipo-subscribed-7-78-times-gmp-at-74/ License: Summary and commentary (c) Indian Opinion, reusable with attribution. Facts belong to the linked sources. Cite: https://indianopinion.org/tonbo-imaging-india-ipo-subscribed-7-78-times-gmp-at-74/#story-in-brief How this brief was made: an AI model read the report linked above and wrote this summary and analysis, which were published automatically. Published briefs are sampled every hour by an automated quality check; the editor verifies its findings and approves corrections, and corrected briefs carry a dated correction line. We do no original reporting. Methodology: https://indianopinion.org/ai-use-policy/