Tonbo Imaging receives approval for IPO offering
Indian defence technology startup Tonbo Imaging has secured regulatory approval from SEBI for its IPO, which will see existing founders and investors divest up to 18.1 million shares. The offering, which does not include new capital, follows a fresh draft filing in August. Tonbo, backed by investors like Qualcomm Ventures and Florintree, reported net profit and revenue declines last year. Its products are deployed in 24 countries and focus on defence electronics and imaging systems.
- SEBI approved Tonbo Imaging's offer-for-sale IPO
- No new shares are being issued in this offering
- All three cofounders and several investors are selling shares
- Tonbo claims largest share of India's thermal imaging exports
- Company reported lower profits and revenue last year
Sources covering this
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