The Tonbo IPO prospectus sets out an entirely existing-share sale alongside a fall in annual revenue. Tonbo Imaging India Limited’s RHP, dated October 10 and listed by SEBI on October 12, schedules public bidding for October 15–19, 2026. The company is not raising fresh equity capital through this offer.
The revenue disclosure behind the listing
The risk section reports revenue from operations of ₹3,626.48 million in FY2026, compared with ₹4,690.80 million in FY2025—a reported decline of 22.69%. CapKet’s unit conversion puts those amounts at approximately ₹362.65 crore and ₹469.08 crore. These are annual operating-revenue figures, not profit or IPO proceeds.
The company also describes short-term, generally non-recurring customer contracts and competitive tendering. Its warning is relevant to revenue visibility: an enquiry, bid or order should not automatically be treated as recognised sales. This report does not forecast when future orders will become revenue or assign a political explanation to the figures.
No new capital from the share sale
The cover specifies an offer for sale, or OFS, of up to 12,174,046 shares with ₹2 face value. OFS means shareholders sell shares they already own. The issuer’s “Objects of the Offer” section states that it will not receive the offer proceeds; sellers receive proceeds after their applicable expenses and taxes. Accordingly, the offer size is not a company expansion budget.
IPO facts
| Item | Verified detail |
|---|---|
| Maximum offered shares | Up to 12,174,046 shares |
| Fresh issue | Not applicable; no fresh shares |
| Offer for sale | Up to 12,174,046 existing shares |
| Face value | ₹2 per share |
| Anchor bidding | October 14, 2026 (scheduled) |
| Public bidding | October 15–19, 2026 (scheduled) |
| UPI mandate deadline | October 19, 2026, 5 PM IST |
| Allotment | On or about October 21, 2026 |
| Trading commencement | On or about October 23, 2026 |
| Proposed exchanges | BSE and NSE; final trading approval not verified |
| Registrar | KFin Technologies Limited |
| Price band / lot / minimum amount | Not independently verified; reviewed RHP leaves these blank |
| Cash offer size | Not verified; offer price blank in reviewed RHP |
What still needs checking before a bid
The reviewed RHP leaves the offer price and minimum lot blank and says these will be advertised separately. CapKet has not independently verified the price-band notice, so this article does not substitute media prices or an assumed lot. The ₹2 face value is a nominal share value, not a verified subscription price.
The timetable describes allotment around October 21 and trading around October 23 as indicative. Neither has happened at this observation. There is no verified subscription total, allotment result, grey-market premium or assured listing gain in this report. For a contrasting capital-raising structure, see CapKet’s Ravita fresh-issue report.
Official evidence and observation
Checked at 18:55 IST on October 12, 2026: SEBI’s dated filing entry and the complete official RHP. The cover, printed risk pages 22–23, objects page 134 and timetable page 473 support the figures and distinctions above. SEBI hosting a prospectus is not a recommendation to invest.