Tonbo Imaging India shares up 17%, jumps 90% from IPO price band | Buy, sell or hold?
Tonbo Imaging India shares jumped over 17% on Monday, 26 October, extending their strong post-listing rally. The stock made a stellar debut on 23 October, listing at ₹1,160 on the NSE, a 65.71% premium over its IPO price of ₹700 per share. On the BSE, it debuted at ₹1,162, marking a 66% premium.
The stock has now climbed around 90% above its issue price, reflecting strong investor interest following its market debut. After listing, Tonbo Imaging India's market capitalisation stood at around ₹7,111 crore on the BSE.
According to BSE data, PRB Securities Pvt. Ltd. bought 3,71,195 shares at ₹1,117.10 apiece and sold 26,537 shares at ₹1,081.90 on 23 October. Meanwhile, Irage Broking Services LLP bought 5,09,569 shares at ₹1,125.95 apiece and sold 3,10,631 shares at ₹1,099.43.
Mahesh M. Ojha, Vice President of Research and Business Development at Kantilal Chhaganlal Securities Pvt. Ltd., said investors who received an allotment in the IPO could consider booking partial profits on listing gains and holding the remaining shares for the long term, given strong product demand, a favourable sector outlook and the company's long-term growth potential.
Another analyst said investors who secured an IPO allotment could hold the shares for the long term. Those who missed the issue could consider entering on any post-listing correction.
The initial public offering (IPO) of defence electronics maker Tonbo Imaging India Ltd was subscribed 135.90 times on the final day of bidding, driven by strong demand across investor categories, according to NSE data.
The ₹852.18-crore IPO received bids for 1,15,87,19,247 shares against 85,26,033 shares on offer. Qualified institutional buyers (QIBs) led the demand, with their portion subscribed 293.56 times, while the non-institutional investor (NII) category was subscribed 170.94 times. The retail investor portion attracted bids 31.07 times the shares reserved for it.
The IPO was priced in the range of ₹665–700 per share and comprised an offer for sale (OFS) of 1.22 crore equity shares by promoters and existing shareholders. As the issue was entirely an OFS, Tonbo Imaging will not receive any proceeds from the public offering.
Tonbo Imaging designs and manufactures sensing, processing, communication and guidance systems for surveillance, reconnaissance, targeting and control applications. Its product portfolio includes thermal imaging cores, weapon sights, targeting systems, missile seekers, fire control systems and missile guidance systems.
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