{"id":326183,"date":"2026-10-26T11:18:37","date_gmt":"2026-10-26T05:48:37","guid":{"rendered":"https:\/\/univest.in\/blogs-2\/?p=326183"},"modified":"2026-10-26T11:18:37","modified_gmt":"2026-10-26T05:48:37","slug":"tonbo-imaging-india-shares-up-17-percent-jump-90-percent-from-initial-public-offering-price-buy-sell-or-hold","status":"publish","type":"post","link":"https:\/\/univest.in\/blogs-2\/tonbo-imaging-india-shares-up-17-percent-jump-90-percent-from-initial-public-offering-price-buy-sell-or-hold\/","title":{"rendered":"Tonbo Imaging Shares Up 17%, Jump 90% From the Initial Public Offering Price: Buy, Sell or Hold?"},"content":{"rendered":"<p style=\"border-left:4px solid #1F4E79;background:#EBF3FB;padding:10px 16px;font-style:italic;\"><em>Tonbo Imaging shares jumped as much as 17.3% to Rs 1,330.50 on Monday, 26 Oct 2026, which is about 90% above the issue price of Rs 700. The stock traded near Rs 1,243.30 around 11:08 AM, up 9.7% from Friday&#8217;s close of Rs 1,133.80 and about 77.6% above the issue price. The Rs 852.18 crore issue was subscribed 135.90 times and listed at a 66% premium on 23 Oct.<\/em><\/p>\n<div style=\"background:#F0F9FF;border-left:4px solid #2E7D32;border-radius:6px;padding:14px 18px;margin:18px 0;\">\n<p style=\"margin:0;color:#1F4E79;font-size:14px;\"><strong>Quick Answer<\/strong><\/p>\n<p style=\"margin:8px 0 0;\">Tonbo Imaging shares extended their gains on 26 Oct, rising as much as 17.3% to Rs 1,330.50 before easing to about Rs 1,243.30, while the headline says analysts suggest allotted investors consider partial profit-booking or holding for the long term. The stock trades at a trailing price to earnings of about 127.66 against an industry level of 45.08, and FY26 revenue fell 22.7% to Rs 362.65 crore. The issue was entirely an offer for sale, so the company received no money from it. This is educational and not a recommendation to buy, sell or hold.<\/p>\n<\/p><\/div>\n<p>Tonbo Imaging shares, with a Tonbo Imaging share price near Rs 1,243.30, have now gained about 77.6% from the issue price in four sessions, which is a very large move for a stock with falling revenue. That is why the question of whether to buy, sell or hold matters more than the headline gain.<\/p>\n<p>This article covers the day&#8217;s move, the issue details, the financials, valuation, price levels and a framework for allotted investors and new buyers. It is educational and not advice.<\/p>\n<p style=\"margin-top:24px;\"><strong>Click Here &#8211; Get Free Investment Predictions<\/strong><\/p>\n<div id=\"ez-toc-container\" class=\"ez-toc-v2_0_65 counter-hierarchy ez-toc-counter ez-toc-grey ez-toc-container-direction\">\n<div class=\"ez-toc-title-container\">\n<p class=\"ez-toc-title \" >Table of Contents<\/p>\n<span class=\"ez-toc-title-toggle\"><a href=\"#\" class=\"ez-toc-pull-right ez-toc-btn ez-toc-btn-xs ez-toc-btn-default ez-toc-toggle\" aria-label=\"Toggle Table of Content\"><span class=\"ez-toc-js-icon-con\"><span class=\"\"><span class=\"eztoc-hide\" style=\"display:none;\">Toggle<\/span><span class=\"ez-toc-icon-toggle-span\"><svg style=\"fill: #999;color:#999\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" class=\"list-377408\" width=\"20px\" height=\"20px\" viewBox=\"0 0 24 24\" fill=\"none\"><path d=\"M6 6H4v2h2V6zm14 0H8v2h12V6zM4 11h2v2H4v-2zm16 0H8v2h12v-2zM4 16h2v2H4v-2zm16 0H8v2h12v-2z\" fill=\"currentColor\"><\/path><\/svg><svg style=\"fill: #999;color:#999\" class=\"arrow-unsorted-368013\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"10px\" height=\"10px\" viewBox=\"0 0 24 24\" version=\"1.2\" baseProfile=\"tiny\"><path d=\"M18.2 9.3l-6.2-6.3-6.2 6.3c-.2.2-.3.4-.3.7s.1.5.3.7c.2.2.4.3.7.3h11c.3 0 .5-.1.7-.3.2-.2.3-.5.3-.7s-.1-.5-.3-.7zM5.8 14.7l6.2 6.3 6.2-6.3c.2-.2.3-.5.3-.7s-.1-.5-.3-.7c-.2-.2-.4-.3-.7-.3h-11c-.3 0-.5.1-.7.3-.2.2-.3.5-.3.7s.1.5.3.7z\"\/><\/svg><\/span><\/span><\/span><\/a><\/span><\/div>\n<nav><ul class='ez-toc-list ez-toc-list-level-1 ' ><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-1\" href=\"https:\/\/univest.in\/blogs-2\/tonbo-imaging-india-shares-up-17-percent-jump-90-percent-from-initial-public-offering-price-buy-sell-or-hold\/#Tonbo_Imaging_Shares_Today_The_Move_in_Numbers\" title=\"Tonbo Imaging Shares Today: The Move in Numbers\">Tonbo Imaging Shares Today: The Move in Numbers<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-2\" href=\"https:\/\/univest.in\/blogs-2\/tonbo-imaging-india-shares-up-17-percent-jump-90-percent-from-initial-public-offering-price-buy-sell-or-hold\/#From_Issue_to_Listing_What_Happened_to_Tonbo_Imaging_Shares\" title=\"From Issue to Listing: What Happened to Tonbo Imaging Shares\">From Issue to Listing: What Happened to Tonbo Imaging Shares<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-3\" href=\"https:\/\/univest.in\/blogs-2\/tonbo-imaging-india-shares-up-17-percent-jump-90-percent-from-initial-public-offering-price-buy-sell-or-hold\/#Business_and_Financials_Behind_Tonbo_Imaging_Shares\" title=\"Business and Financials Behind Tonbo Imaging Shares\">Business and Financials Behind Tonbo Imaging Shares<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-4\" href=\"https:\/\/univest.in\/blogs-2\/tonbo-imaging-india-shares-up-17-percent-jump-90-percent-from-initial-public-offering-price-buy-sell-or-hold\/#Valuation_What_the_Market_Pays_for_Tonbo_Imaging_Shares\" title=\"Valuation: What the Market Pays for Tonbo Imaging Shares\">Valuation: What the Market Pays for Tonbo Imaging Shares<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-5\" href=\"https:\/\/univest.in\/blogs-2\/tonbo-imaging-india-shares-up-17-percent-jump-90-percent-from-initial-public-offering-price-buy-sell-or-hold\/#Price_Levels_for_Tonbo_Imaging_Shares\" title=\"Price Levels for Tonbo Imaging Shares\">Price Levels for Tonbo Imaging Shares<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-6\" href=\"https:\/\/univest.in\/blogs-2\/tonbo-imaging-india-shares-up-17-percent-jump-90-percent-from-initial-public-offering-price-buy-sell-or-hold\/#Buy_Sell_or_Hold_Tonbo_Imaging_Shares_A_Framework\" title=\"Buy, Sell or Hold Tonbo Imaging Shares: A Framework\">Buy, Sell or Hold Tonbo Imaging Shares: A Framework<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-7\" href=\"https:\/\/univest.in\/blogs-2\/tonbo-imaging-india-shares-up-17-percent-jump-90-percent-from-initial-public-offering-price-buy-sell-or-hold\/#Grey_Market_Premium_and_Tonbo_Imaging_Shares\" title=\"Grey Market Premium and Tonbo Imaging Shares\">Grey Market Premium and Tonbo Imaging Shares<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-8\" href=\"https:\/\/univest.in\/blogs-2\/tonbo-imaging-india-shares-up-17-percent-jump-90-percent-from-initial-public-offering-price-buy-sell-or-hold\/#Risks_to_Check_Before_You_Buy_Sell_or_Hold\" title=\"Risks to Check Before You Buy, Sell or Hold\">Risks to Check Before You Buy, Sell or Hold<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-9\" href=\"https:\/\/univest.in\/blogs-2\/tonbo-imaging-india-shares-up-17-percent-jump-90-percent-from-initial-public-offering-price-buy-sell-or-hold\/#Conclusion\" title=\"Conclusion\">Conclusion<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-10\" href=\"https:\/\/univest.in\/blogs-2\/tonbo-imaging-india-shares-up-17-percent-jump-90-percent-from-initial-public-offering-price-buy-sell-or-hold\/#Frequently_Asked_Questions\" title=\"Frequently Asked Questions\">Frequently Asked Questions<\/a><ul class='ez-toc-list-level-3' ><li class='ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-11\" href=\"https:\/\/univest.in\/blogs-2\/tonbo-imaging-india-shares-up-17-percent-jump-90-percent-from-initial-public-offering-price-buy-sell-or-hold\/#Why_did_the_Tonbo_Imaging_share_price_rise_17_today\" title=\"Why did the Tonbo Imaging share price rise 17% today?\">Why did the Tonbo Imaging share price rise 17% today?<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-12\" href=\"https:\/\/univest.in\/blogs-2\/tonbo-imaging-india-shares-up-17-percent-jump-90-percent-from-initial-public-offering-price-buy-sell-or-hold\/#Should_I_buy_sell_or_hold_Tonbo_Imaging_shares_after_the_listing\" title=\"Should I buy, sell or hold Tonbo Imaging shares after the listing?\">Should I buy, sell or hold Tonbo Imaging shares after the listing?<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-13\" href=\"https:\/\/univest.in\/blogs-2\/tonbo-imaging-india-shares-up-17-percent-jump-90-percent-from-initial-public-offering-price-buy-sell-or-hold\/#What_was_the_issue_price_and_listing_price\" title=\"What was the issue price and listing price?\">What was the issue price and listing price?<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-14\" href=\"https:\/\/univest.in\/blogs-2\/tonbo-imaging-india-shares-up-17-percent-jump-90-percent-from-initial-public-offering-price-buy-sell-or-hold\/#How_much_was_the_issue_subscribed\" title=\"How much was the issue subscribed?\">How much was the issue subscribed?<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-15\" href=\"https:\/\/univest.in\/blogs-2\/tonbo-imaging-india-shares-up-17-percent-jump-90-percent-from-initial-public-offering-price-buy-sell-or-hold\/#Did_the_company_receive_money_from_the_issue\" title=\"Did the company receive money from the issue?\">Did the company receive money from the issue?<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-16\" href=\"https:\/\/univest.in\/blogs-2\/tonbo-imaging-india-shares-up-17-percent-jump-90-percent-from-initial-public-offering-price-buy-sell-or-hold\/#What_are_Tonbo_Imagings_financials\" title=\"What are Tonbo Imaging&#8217;s financials?\">What are Tonbo Imaging&#8217;s financials?<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-17\" href=\"https:\/\/univest.in\/blogs-2\/tonbo-imaging-india-shares-up-17-percent-jump-90-percent-from-initial-public-offering-price-buy-sell-or-hold\/#Is_this_Tonbo_Imaging_shares_article_investment_advice\" title=\"Is this Tonbo Imaging shares article investment advice?\">Is this Tonbo Imaging shares article investment advice?<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-18\" href=\"https:\/\/univest.in\/blogs-2\/tonbo-imaging-india-shares-up-17-percent-jump-90-percent-from-initial-public-offering-price-buy-sell-or-hold\/#Is_this_article_investment_advice\" title=\"Is this article investment advice?\">Is this article investment advice?<\/a><\/li><\/ul><\/li><\/ul><\/nav><\/div>\n<h2><span class=\"ez-toc-section\" id=\"Tonbo_Imaging_Shares_Today_The_Move_in_Numbers\"><\/span><strong>Tonbo Imaging Shares Today: The Move in Numbers<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<table style=\"border-collapse:collapse;width:100%;\">\n<tr>\n<th style=\"text-align:left;padding:8px;border:1px solid #DDDDDD;background:#0A0E1A;color:#FFFFFF;\">Tonbo Imaging shares: measure (NSE, about 11:08 AM)<\/th>\n<th style=\"text-align:left;padding:8px;border:1px solid #DDDDDD;background:#0A0E1A;color:#FFFFFF;\">Reading<\/th>\n<\/tr>\n<tr>\n<td style=\"padding:8px;border:1px solid #DDDDDD;\">Last price<\/td>\n<td style=\"padding:8px;border:1px solid #DDDDDD;\">Rs 1,243.30, up 9.66%<\/td>\n<\/tr>\n<tr>\n<td style=\"padding:8px;border:1px solid #DDDDDD;\">Previous close (23 Oct)<\/td>\n<td style=\"padding:8px;border:1px solid #DDDDDD;\">Rs 1,133.80<\/td>\n<\/tr>\n<tr>\n<td style=\"padding:8px;border:1px solid #DDDDDD;\">Open<\/td>\n<td style=\"padding:8px;border:1px solid #DDDDDD;\">Rs 1,214.00<\/td>\n<\/tr>\n<tr>\n<td style=\"padding:8px;border:1px solid #DDDDDD;\">Day high and low<\/td>\n<td style=\"padding:8px;border:1px solid #DDDDDD;\">Rs 1,330.50 and Rs 1,196.75<\/td>\n<\/tr>\n<tr>\n<td style=\"padding:8px;border:1px solid #DDDDDD;\">Day high versus previous close<\/td>\n<td style=\"padding:8px;border:1px solid #DDDDDD;\">Up 17.3% (my calculation)<\/td>\n<\/tr>\n<tr>\n<td style=\"padding:8px;border:1px solid #DDDDDD;\">Issue price<\/td>\n<td style=\"padding:8px;border:1px solid #DDDDDD;\">Rs 700<\/td>\n<\/tr>\n<tr>\n<td style=\"padding:8px;border:1px solid #DDDDDD;\">Last price versus issue price<\/td>\n<td style=\"padding:8px;border:1px solid #DDDDDD;\">Up 77.6% (my calculation)<\/td>\n<\/tr>\n<tr>\n<td style=\"padding:8px;border:1px solid #DDDDDD;\">Day high versus issue price<\/td>\n<td style=\"padding:8px;border:1px solid #DDDDDD;\">Up 90.1% (my calculation)<\/td>\n<\/tr>\n<tr>\n<td style=\"padding:8px;border:1px solid #DDDDDD;\">Volume<\/td>\n<td style=\"padding:8px;border:1px solid #DDDDDD;\">About 6.2 million shares<\/td>\n<\/tr>\n<\/table>\n<p>The headline gain of 17% in Tonbo Imaging shares is the intraday high and not the level at 11:08 AM. The stock opened 7.1% above Friday&#8217;s close, rose to Rs 1,330.50 and then eased back, so buyers who chased the high are already behind by about 6.5% (my calculation). The low of Rs 1,196.75 was still 5.6% above the previous close, which shows steady demand through the morning.<\/p>\n<p style=\"margin-top:24px;\"><strong>Track new listings and defence stocks on the Univest screeners page<\/strong><\/p>\n<h2><span class=\"ez-toc-section\" id=\"From_Issue_to_Listing_What_Happened_to_Tonbo_Imaging_Shares\"><\/span><strong>From Issue to Listing: What Happened to Tonbo Imaging Shares<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<table style=\"border-collapse:collapse;width:100%;\">\n<tr>\n<th style=\"text-align:left;padding:8px;border:1px solid #DDDDDD;background:#0A0E1A;color:#FFFFFF;\">Tonbo Imaging shares: issue and listing item<\/th>\n<th style=\"text-align:left;padding:8px;border:1px solid #DDDDDD;background:#0A0E1A;color:#FFFFFF;\">Detail<\/th>\n<\/tr>\n<tr>\n<td style=\"padding:8px;border:1px solid #DDDDDD;\">Price band<\/td>\n<td style=\"padding:8px;border:1px solid #DDDDDD;\">Rs 665 to Rs 700 per share<\/td>\n<\/tr>\n<tr>\n<td style=\"padding:8px;border:1px solid #DDDDDD;\">Issue size<\/td>\n<td style=\"padding:8px;border:1px solid #DDDDDD;\">Rs 852.18 crore, entirely an offer for sale of about 1.22 crore shares<\/td>\n<\/tr>\n<tr>\n<td style=\"padding:8px;border:1px solid #DDDDDD;\">Bidding dates<\/td>\n<td style=\"padding:8px;border:1px solid #DDDDDD;\">15 Oct to 19 Oct 2026<\/td>\n<\/tr>\n<tr>\n<td style=\"padding:8px;border:1px solid #DDDDDD;\">Lot size<\/td>\n<td style=\"padding:8px;border:1px solid #DDDDDD;\">21 shares, about Rs 14,700 at the upper band<\/td>\n<\/tr>\n<tr>\n<td style=\"padding:8px;border:1px solid #DDDDDD;\">Overall subscription<\/td>\n<td style=\"padding:8px;border:1px solid #DDDDDD;\">135.90 times<\/td>\n<\/tr>\n<tr>\n<td style=\"padding:8px;border:1px solid #DDDDDD;\">QIB, NII and retail subscription<\/td>\n<td style=\"padding:8px;border:1px solid #DDDDDD;\">293.56 times, 170.94 times and 31.07 times<\/td>\n<\/tr>\n<tr>\n<td style=\"padding:8px;border:1px solid #DDDDDD;\">Employees<\/td>\n<td style=\"padding:8px;border:1px solid #DDDDDD;\">54.31 times<\/td>\n<\/tr>\n<tr>\n<td style=\"padding:8px;border:1px solid #DDDDDD;\">Anchor book<\/td>\n<td style=\"padding:8px;border:1px solid #DDDDDD;\">Rs 255.36 crore from 36,48,013 shares<\/td>\n<\/tr>\n<tr>\n<td style=\"padding:8px;border:1px solid #DDDDDD;\">Listing price<\/td>\n<td style=\"padding:8px;border:1px solid #DDDDDD;\">Rs 1,162 on BSE and Rs 1,160 on NSE, about a 66% premium<\/td>\n<\/tr>\n<tr>\n<td style=\"padding:8px;border:1px solid #DDDDDD;\">Listing-day close (23 Oct)<\/td>\n<td style=\"padding:8px;border:1px solid #DDDDDD;\">Rs 1,133.80, about 2.3% below the NSE listing price (my calculation)<\/td>\n<\/tr>\n<\/table>\n<p>Because the Tonbo Imaging subscription was heavy but the issue was an offer for sale, existing shareholders sold shares and the company did not receive proceeds. The anchor book included SBI, ICICI Prudential, HDFC and Kotak mutual funds, HDFC Life, Goldman Sachs, BlackRock, Allianz Global Investors and Prudential Assurance. Demand from qualified institutional buyers (QIB) of 293.56 times and from non-institutional investors of 170.94 times explains why the Tonbo Imaging listing was so strong, and the Tonbo Imaging subscription data is the main reason Tonbo Imaging shares still attract buyers.<\/p>\n<h2><span class=\"ez-toc-section\" id=\"Business_and_Financials_Behind_Tonbo_Imaging_Shares\"><\/span><strong>Business and Financials Behind Tonbo Imaging Shares<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<table style=\"border-collapse:collapse;width:100%;\">\n<tr>\n<th style=\"text-align:left;padding:8px;border:1px solid #DDDDDD;background:#0A0E1A;color:#FFFFFF;\">Tonbo Imaging shares: financial item<\/th>\n<th style=\"text-align:left;padding:8px;border:1px solid #DDDDDD;background:#0A0E1A;color:#FFFFFF;\">Figure<\/th>\n<th style=\"text-align:left;padding:8px;border:1px solid #DDDDDD;background:#0A0E1A;color:#FFFFFF;\">Comparison<\/th>\n<\/tr>\n<tr>\n<td style=\"padding:8px;border:1px solid #DDDDDD;\">FY26 revenue from operations<\/td>\n<td style=\"padding:8px;border:1px solid #DDDDDD;\">Rs 362.65 crore<\/td>\n<td style=\"padding:8px;border:1px solid #DDDDDD;\">Down 22.7% from Rs 469.08 crore<\/td>\n<\/tr>\n<tr>\n<td style=\"padding:8px;border:1px solid #DDDDDD;\">FY26 profit after tax<\/td>\n<td style=\"padding:8px;border:1px solid #DDDDDD;\">Rs 50.88 crore<\/td>\n<td style=\"padding:8px;border:1px solid #DDDDDD;\">Down about 30.1% from Rs 72.76 crore (my calculation)<\/td>\n<\/tr>\n<tr>\n<td style=\"padding:8px;border:1px solid #DDDDDD;\">Q1 FY27 revenue<\/td>\n<td style=\"padding:8px;border:1px solid #DDDDDD;\">Rs 36.01 crore<\/td>\n<td style=\"padding:8px;border:1px solid #DDDDDD;\">Quarterly figure<\/td>\n<\/tr>\n<tr>\n<td style=\"padding:8px;border:1px solid #DDDDDD;\">Q1 FY27 net loss<\/td>\n<td style=\"padding:8px;border:1px solid #DDDDDD;\">Rs 17.74 crore<\/td>\n<td style=\"padding:8px;border:1px solid #DDDDDD;\">Loss-making quarter<\/td>\n<\/tr>\n<\/table>\n<p>Tonbo is a Bengaluru-based defence electronics company with systems deployed in 24 countries, making thermal imaging systems, weapon sights, missile seekers and fire-control systems for surveillance, reconnaissance and targeting. The fall in FY26 revenue was attributed to delayed international orders linked to the West Asia conflict, with some orders deferred to FY27, according to Business Standard.<\/p>\n<p>The Q1 FY27 loss of Rs 17.74 crore on revenue of Rs 36.01 crore is the figure that sits uncomfortably with a price gain of about 77.6%. The business is lumpy and depends on order timing, so one quarter does not decide the year, but it does mean that the share price now reflects expected recovery.<\/p>\n<h2><span class=\"ez-toc-section\" id=\"Valuation_What_the_Market_Pays_for_Tonbo_Imaging_Shares\"><\/span><strong>Valuation: What the Market Pays for Tonbo Imaging Shares<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<table style=\"border-collapse:collapse;width:100%;\">\n<tr>\n<th style=\"text-align:left;padding:8px;border:1px solid #DDDDDD;background:#0A0E1A;color:#FFFFFF;\">Tonbo Imaging shares: valuation (data provider)<\/th>\n<th style=\"text-align:left;padding:8px;border:1px solid #DDDDDD;background:#0A0E1A;color:#FFFFFF;\">Reading<\/th>\n<\/tr>\n<tr>\n<td style=\"padding:8px;border:1px solid #DDDDDD;\">Market capitalisation<\/td>\n<td style=\"padding:8px;border:1px solid #DDDDDD;\">About Rs 6,494 crore<\/td>\n<\/tr>\n<tr>\n<td style=\"padding:8px;border:1px solid #DDDDDD;\">Price to earnings (trailing)<\/td>\n<td style=\"padding:8px;border:1px solid #DDDDDD;\">127.66 against an industry level of 45.08<\/td>\n<\/tr>\n<tr>\n<td style=\"padding:8px;border:1px solid #DDDDDD;\">Price to book<\/td>\n<td style=\"padding:8px;border:1px solid #DDDDDD;\">11.74<\/td>\n<\/tr>\n<tr>\n<td style=\"padding:8px;border:1px solid #DDDDDD;\">Earnings per share<\/td>\n<td style=\"padding:8px;border:1px solid #DDDDDD;\">Rs 8.88<\/td>\n<\/tr>\n<tr>\n<td style=\"padding:8px;border:1px solid #DDDDDD;\">Book value per share<\/td>\n<td style=\"padding:8px;border:1px solid #DDDDDD;\">Rs 96.57<\/td>\n<\/tr>\n<tr>\n<td style=\"padding:8px;border:1px solid #DDDDDD;\">Debt to equity<\/td>\n<td style=\"padding:8px;border:1px solid #DDDDDD;\">0.26<\/td>\n<\/tr>\n<tr>\n<td style=\"padding:8px;border:1px solid #DDDDDD;\">Market capitalisation to FY26 revenue<\/td>\n<td style=\"padding:8px;border:1px solid #DDDDDD;\">About 17.9 times (my calculation)<\/td>\n<\/tr>\n<\/table>\n<p>At about 2.8 times the industry price to earnings (my calculation), Tonbo Imaging shares are priced for a strong recovery in orders and profit. The secondary transactions of more than Rs 413 crore at Rs 700 per share before the issue valued the company at about Rs 4,000 crore on a fully diluted basis, so the market capitalisation has risen sharply since.<\/p>\n<p style=\"margin-top:24px;\"><em>Download the Univest iOS App or Univest Android App to track Tonbo Imaging and other new listings.<\/em><\/p>\n<h2><span class=\"ez-toc-section\" id=\"Price_Levels_for_Tonbo_Imaging_Shares\"><\/span><strong>Price Levels for Tonbo Imaging Shares<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<table style=\"border-collapse:collapse;width:100%;\">\n<tr>\n<th style=\"text-align:left;padding:8px;border:1px solid #DDDDDD;background:#0A0E1A;color:#FFFFFF;\">Tonbo Imaging shares: level<\/th>\n<th style=\"text-align:left;padding:8px;border:1px solid #DDDDDD;background:#0A0E1A;color:#FFFFFF;\">Rs<\/th>\n<th style=\"text-align:left;padding:8px;border:1px solid #DDDDDD;background:#0A0E1A;color:#FFFFFF;\">What it marks<\/th>\n<\/tr>\n<tr>\n<td style=\"padding:8px;border:1px solid #DDDDDD;\">Resistance<\/td>\n<td style=\"padding:8px;border:1px solid #DDDDDD;\">1,330.50<\/td>\n<td style=\"padding:8px;border:1px solid #DDDDDD;\">Today&#8217;s intraday high<\/td>\n<\/tr>\n<tr>\n<td style=\"padding:8px;border:1px solid #DDDDDD;\">Support 1<\/td>\n<td style=\"padding:8px;border:1px solid #DDDDDD;\">1,196.75<\/td>\n<td style=\"padding:8px;border:1px solid #DDDDDD;\">Today&#8217;s low<\/td>\n<\/tr>\n<tr>\n<td style=\"padding:8px;border:1px solid #DDDDDD;\">Support 2<\/td>\n<td style=\"padding:8px;border:1px solid #DDDDDD;\">1,160 to 1,162<\/td>\n<td style=\"padding:8px;border:1px solid #DDDDDD;\">Listing prices on NSE and BSE<\/td>\n<\/tr>\n<tr>\n<td style=\"padding:8px;border:1px solid #DDDDDD;\">Support 3<\/td>\n<td style=\"padding:8px;border:1px solid #DDDDDD;\">1,133.80<\/td>\n<td style=\"padding:8px;border:1px solid #DDDDDD;\">Listing-day close<\/td>\n<\/tr>\n<tr>\n<td style=\"padding:8px;border:1px solid #DDDDDD;\">Reference<\/td>\n<td style=\"padding:8px;border:1px solid #DDDDDD;\">700<\/td>\n<td style=\"padding:8px;border:1px solid #DDDDDD;\">Issue price<\/td>\n<\/tr>\n<\/table>\n<p>The Tonbo Imaging share price has only four sessions of history, so Tonbo Imaging shares have no reliable averages yet, and the Tonbo Imaging listing prices act as the first support. The Tonbo Imaging subscription of 135.90 times and the Tonbo Imaging listing at a 66% premium explain the demand, but a Tonbo Imaging share price at this level needs earnings to follow. A newly listed stock has little chart history, so there are no reliable averages or trend indicators yet. The levels above come from the first four sessions, and a close below the listing prices of Rs 1,160 to Rs 1,162 would mean that the post-listing gains in Tonbo Imaging shares are being tested. These levels are not forecasts.<\/p>\n<h2><span class=\"ez-toc-section\" id=\"Buy_Sell_or_Hold_Tonbo_Imaging_Shares_A_Framework\"><\/span><strong>Buy, Sell or Hold Tonbo Imaging Shares: A Framework<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<table style=\"border-collapse:collapse;width:100%;\">\n<tr>\n<th style=\"text-align:left;padding:8px;border:1px solid #DDDDDD;background:#0A0E1A;color:#FFFFFF;\">Investor type<\/th>\n<th style=\"text-align:left;padding:8px;border:1px solid #DDDDDD;background:#0A0E1A;color:#FFFFFF;\">Things to weigh<\/th>\n<th style=\"text-align:left;padding:8px;border:1px solid #DDDDDD;background:#0A0E1A;color:#FFFFFF;\">What the headline suggests<\/th>\n<\/tr>\n<tr>\n<td style=\"padding:8px;border:1px solid #DDDDDD;\">Allotted investor with a large gain<\/td>\n<td style=\"padding:8px;border:1px solid #DDDDDD;\">A gain of about 77.6% in four sessions against falling revenue and a loss in Q1<\/td>\n<td style=\"padding:8px;border:1px solid #DDDDDD;\">Consider partial profit-booking<\/td>\n<\/tr>\n<tr>\n<td style=\"padding:8px;border:1px solid #DDDDDD;\">Allotted investor with a long horizon<\/td>\n<td style=\"padding:8px;border:1px solid #DDDDDD;\">Order execution, international demand and defence spending<\/td>\n<td style=\"padding:8px;border:1px solid #DDDDDD;\">Consider holding for the long term<\/td>\n<\/tr>\n<tr>\n<td style=\"padding:8px;border:1px solid #DDDDDD;\">New buyer<\/td>\n<td style=\"padding:8px;border:1px solid #DDDDDD;\">A price to earnings of 127.66 and a price already far above the issue price<\/td>\n<td style=\"padding:8px;border:1px solid #DDDDDD;\">Caution is warranted, as one analysis puts it<\/td>\n<\/tr>\n<\/table>\n<p>On a 21-share lot, the gain at Rs 1,243.30 is about Rs 11,409 and at the day high about Rs 13,241 (my calculation). Partial profit-booking locks in some of that gain while keeping exposure, and holding keeps the full exposure to the business. Neither is a recommendation, and I could not retrieve the named analysts&#8217; quotes behind the headline, so please read their original notes.<\/p>\n<h2><span class=\"ez-toc-section\" id=\"Grey_Market_Premium_and_Tonbo_Imaging_Shares\"><\/span><strong>Grey Market Premium and Tonbo Imaging Shares<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>Grey market premium (GMP) is an unofficial, unregulated indicator that is not endorsed by SEBI, NSE, or BSE. Investors looking for indicative GMP data can go through other relevant sources, though such figures should never be the sole basis for an investment decision.<\/p>\n<p>This article does not quote grey market numbers. The official facts, which are the issue price, subscription, financials and live prices, are a better base for any decision.<\/p>\n<h2><span class=\"ez-toc-section\" id=\"Risks_to_Check_Before_You_Buy_Sell_or_Hold\"><\/span><strong>Risks to Check Before You Buy, Sell or Hold<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<ol>\n<li><strong>Valuation risk.<\/strong> For Tonbo Imaging shares, a price to earnings of 127.66 leaves little room for a miss.<\/li>\n<li><strong>Earnings risk.<\/strong> FY26 revenue fell 22.7% and Q1 FY27 was loss-making.<\/li>\n<li><strong>Order risk.<\/strong> Defence orders can be delayed, as the West Asia conflict showed.<\/li>\n<li><strong>Supply risk.<\/strong> Shares held by anchor investors and pre-issue holders become tradable in stages under the lock-in rules, so please check the prospectus for dates.<\/li>\n<li><strong>Volatility.<\/strong> The stock moved from Rs 1,196.75 to Rs 1,330.50 in a single morning, so stop-loss planning matters.<\/li>\n<\/ol>\n<h2><span class=\"ez-toc-section\" id=\"Conclusion\"><\/span><strong>Conclusion<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>Tonbo Imaging shares rose as much as 17.3% to Rs 1,330.50 on 26 Oct and trade about 77.6% above the issue price, but revenue fell in FY26, Q1 FY27 was a loss and the valuation is high. Analysts quoted in the headline suggest partial profit-booking or a long-term hold. Check the facts and decide according to your own risk profile.<\/p>\n<div style=\"background:#CC0000;border-radius:8px;padding:16px 20px;margin:24px 0;\">\n<p style=\"color:#FFFFFF;font-size:13px;line-height:1.7;margin:0;\"><strong style=\"color:#FFFFFF;\">Disclaimer:<\/strong> Data and figures in this article are sourced from publicly available information. These may or may not be accurate. Please verify all data with the official NSE (nseindia.com) and BSE (bseindia.com) websites before making any investment decision. Investments in securities are subject to market risk. This content is for educational purposes only and is not investment advice by Univest (SEBI RA INH000013776).<\/p>\n<\/p><\/div>\n<h2><span class=\"ez-toc-section\" id=\"Frequently_Asked_Questions\"><\/span><strong>Frequently Asked Questions<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<h3><span class=\"ez-toc-section\" id=\"Why_did_the_Tonbo_Imaging_share_price_rise_17_today\"><\/span><strong>Why did the Tonbo Imaging share price rise 17% today?<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p><strong>Ans.<\/strong> Tonbo Imaging shares rose as much as 17.3% to Rs 1,330.50 on 26 Oct, extending gains after a listing at a premium of about 66% and a subscription of 135.90 times. No company-specific news was reported, so the move looks like continued demand for a scarce, heavily oversubscribed stock.<\/p>\n<h3><span class=\"ez-toc-section\" id=\"Should_I_buy_sell_or_hold_Tonbo_Imaging_shares_after_the_listing\"><\/span><strong>Should I buy, sell or hold Tonbo Imaging shares after the listing?<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p><strong>Ans.<\/strong> That depends on your horizon and risk profile. The headline says analysts suggest partial profit-booking or holding for the long term, and one analysis says caution is warranted for new buyers. This article does not give a recommendation.<\/p>\n<h3><span class=\"ez-toc-section\" id=\"What_was_the_issue_price_and_listing_price\"><\/span><strong>What was the issue price and listing price?<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p><strong>Ans.<\/strong> The issue price was Rs 700 in a price band of Rs 665 to Rs 700. The shares listed at Rs 1,162 on BSE and Rs 1,160 on NSE on 23 Oct 2026, a premium of about 66%.<\/p>\n<h3><span class=\"ez-toc-section\" id=\"How_much_was_the_issue_subscribed\"><\/span><strong>How much was the issue subscribed?<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p><strong>Ans.<\/strong> The Rs 852.18 crore issue was subscribed 135.90 times overall, with qualified institutional buyers at 293.56 times, non-institutional investors at 170.94 times, retail at 31.07 times and employees at 54.31 times.<\/p>\n<h3><span class=\"ez-toc-section\" id=\"Did_the_company_receive_money_from_the_issue\"><\/span><strong>Did the company receive money from the issue?<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p><strong>Ans.<\/strong> No. The issue was entirely an offer for sale of about 1.22 crore shares by existing shareholders, so the company did not receive proceeds. Please read the prospectus for the selling shareholders.<\/p>\n<h3><span class=\"ez-toc-section\" id=\"What_are_Tonbo_Imagings_financials\"><\/span><strong>What are Tonbo Imaging&#8217;s financials?<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p><strong>Ans.<\/strong> FY26 revenue from operations was Rs 362.65 crore, down 22.7% from Rs 469.08 crore, and profit after tax was Rs 50.88 crore against Rs 72.76 crore. Q1 FY27 revenue was Rs 36.01 crore with a net loss of Rs 17.74 crore.<\/p>\n<h3><span class=\"ez-toc-section\" id=\"Is_this_Tonbo_Imaging_shares_article_investment_advice\"><\/span><strong>Is this Tonbo Imaging shares article investment advice?<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p><strong>Ans.<\/strong> No. This article is educational. Prices, ratios and issue figures come from news reports and data providers and may change. Please check the facts and your own risk profile before you invest.<\/p>\n<h3><span class=\"ez-toc-section\" id=\"Is_this_article_investment_advice\"><\/span><strong>Is this article investment advice?<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p><strong>Ans.<\/strong> No. It is educational and not a recommendation to buy or sell. Please check the figures against company filings and your own risk profile before you act on anything you read here.<\/p>\n<div class=\"faq-schema\"><script type=\"application\/ld+json\">{\"@context\":\"https:\/\/schema.org\",\"@type\":\"FAQPage\",\"mainEntity\":[{\"@type\":\"Question\",\"name\":\"Why did the Tonbo Imaging share price rise 17% today?\",\"acceptedAnswer\":{\"@type\":\"Answer\",\"text\":\"Tonbo Imaging shares rose as much as 17.3% to Rs 1,330.50 on 26 Oct, extending gains after a listing at a premium of about 66% and a subscription of 135.90 times. 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Please check the figures against company filings and your own risk profile before you act on anything you read here.\"}}]}<\/script><\/div>\n","protected":false},"excerpt":{"rendered":"<p>Tonbo Imaging shares jumped 17% to Rs 1,330.50 on 26 Oct, about 90% above the issue price. See the numbers, valuation, levels and a buy, sell or hold framework.<\/p>\n","protected":false},"author":29,"featured_media":326182,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[842],"tags":[5249,7852,12139,4690,15728,15729,15236,15240,15726,15727],"class_list":["post-326183","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news","tag-defence-electronics-stocks","tag-new-listings","tag-offer-for-sale","tag-profit-booking","tag-tonbo-imaging-buy-sell-or-hold","tag-tonbo-imaging-financials","tag-tonbo-imaging-listing","tag-tonbo-imaging-share-price","tag-tonbo-imaging-shares","tag-tonbo-imaging-subscription"],"metadata":{"rank_math_internal_links_processed":["1"],"_thumbnail_id":["326182"],"rank_math_title":["Tonbo Imaging Shares Up 17%: Buy, Sell or Hold?"],"rank_math_description":["Tonbo Imaging shares jumped 17% to Rs 1,330.50 on 26 Oct, about 90% above the issue price. 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