The ₹852.18 crore initial public offering of defence electronics maker Tonbo Imaging India was subscribed 3.99 times on the first day of bidding, led by strong demand from non-institutional and institutional investors.
New Delhi, October 15 — The initial public offering of Tonbo Imaging India Ltd was fully subscribed on the first day of bidding, receiving bids for 3,40,36,590 shares against 85,26,033 shares on offer, according to NSE data.
The overall subscription stood at 3.99 times by the end of the first day.
Demand was strongest in the non-institutional investor category, which was subscribed 5.93 times. The portion reserved for qualified institutional buyers (QIBs) received 3.92 times subscription, while the retail investor quota was subscribed 3.19 times.
Ahead of the public issue, Tonbo Imaging India raised ₹255.36 crore from anchor investors on Wednesday.
The IPO, valued at ₹852.18 crore, will remain open for subscription until October 19.
The issue consists entirely of an offer for sale of 1.22 crore equity shares by promoters and existing shareholders. There is no fresh issue component, which means Tonbo Imaging India will not receive any proceeds from the IPO.
The company has fixed the IPO price band at ₹665 to ₹700 per share.
Tonbo Imaging operates in the defence electronics sector and designs and manufactures systems used across surveillance, reconnaissance, targeting, communication and guidance applications.
Its portfolio includes thermal imaging cores, weapon sights, targeting systems, missile seekers, fire-control systems and missile guidance systems.
The strong first-day subscription indicates healthy investor demand for the defence technology company, with bidding interest visible across institutional, non-institutional and retail categories.
