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Tonbo Imaging sets IPO price band at ₹665-700 per share

The offer is fully an offer for sale, with promoters and existing investors selling 12.2 million shares and no fresh capital raised by the company.

Reported · Written up by our desk · Emerging Markets

Tonbo Imaging, a defense electronics maker, has set a price band of ₹665 to ₹700 per share for its ₹852 crore initial public offering, as shown in its red herring prospectus filed on Monday, according to LiveMint Markets.

At the upper end of the range, the IPO implies a valuation of about ₹4,010 crore.

The IPO will be entirely structured as an offer for sale, involving 12.2 million equity shares sold by promoters and existing investors, with no fresh issue component, meaning the company will not receive new capital from the transaction.

Promoters including Arvind Kondangi Lakshmikumar, Ankit Kumar, and Cecilia D’Souza are partially selling holdings as part of the promoter group, Vinimaya Advisory LLP, the prospectus indicates.

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