Tonbo Imaging India shares list at 66% premium on NSE; here's how much investors made per lot

Shares of defence electronics manufacturer Tonbo Imaging India Ltd made a robust debut on the stock exchanges on Friday, October 23.

The stock started trading at ₹1,160 per share on the National Stock Exchange (NSE). This reflects a premium of 65.71% over the IPO issue price of ₹700.

On the BSE, it listed at ₹1,162, up 66% from the issue price.

Tonbo Imaging India share price: Here's how much investors made per lot

The initial public offering consisted solely of an offer-for-sale (OFS) of 1.22 crore equity shares valued at ₹852.18 crore by promoters and existing shareholders, with no fresh issue component.

Since there was no fresh issue component, the firm will not get any proceeds from the issue.

"Our company expects that the proposed listing of its equity shares will enhance our visibility and brand image and provide liquidity to its existing shareholders. Listing will also provide a public market for the equity shares in India," the company said in its red herring prospectus.

The initial share sale was subscribed a massive 135.90 times, as it attracted bids for 1,15,87,19,247 shares against 85,26,033 shares on offer, as per the NSE data.

The bidding was led by qualified institutional buyers (QIBs) who subscribed their portion 293.56 times. The non-institutional investors' part was booked 170.94 times. The retail category saw 31.07 times subscription.

Tonbo Imaging is involved in designing and manufacturing sensing, processing, communication and guidance systems used in reconnaissance, surveillance, targeting and control applications. Its products include targeting systems, thermal imaging cores, missile seekers, weapon sights, fire control systems and missile guidance systems.