Tonbo Imaging India IPO Day 2: GMP Soars to 71% as Subscription Reaches 4x – Key Details Inside!

The Tonbo Imaging India IPO has entered its second day of bidding, demonstrating robust investor interest. The IPO’s grey market premium (GMP) is reported at 71%, reflecting optimistic expectations for listing gains among retail investors. The firm aims to raise Rs 852.18 crore through this public offering, with the issue being entirely an offer for sale (OFS) of 1.22 crore shares at a price band of Rs 665–700 per share. This marks a strategic move for existing shareholders to liquidate their stakes, as the company itself will not benefit financially from the offering.

As of the first day of bidding, the IPO was oversubscribed by 4 times, with notable demand from Non-Institutional Investors (NIIs) who subscribed 5.96 times against the shares allocated for them. Retail Individual Investors (RIIs) were also active, subscribing 3.20 times to their portion. The IPO subscription is open until October 19, 2026, with shares expected to list on the BSE and NSE on October 23.

This IPO presents a potential opportunity for Indian investors, particularly those interested in the defence technology sector. However, while the substantial grey market premium indicates high expectations for listing gains, investors should approach this unofficial indicator with caution, as actual listing performance can vary significantly. The listing could further attract retail participation in the growing defence manufacturing landscape in India.

Source: The Economic Times

(Expert Note: This report was prepared by the Wealthova IPO team.)