Tonbo Imaging IPO Draws 136 Times Bids as Zetwerk's ₹5,012 Crore Issue Closes at 3 Times

Tonbo Imaging India's ₹852.18 crore initial public offering was subscribed about 136 times when bidding closed on 19 October 2026, while Zetwerk Manufacturing Businesses' far larger ₹5,012.33 crore issue closed at about three times, according to exchange data compiled by IPO Guru and HDFC Sky.

Both companies are set to list on the BSE and NSE on 23 October, with allotment due on 21 October. The contrast comes as Jio Platforms' IPO opens on 21 October.

Tonbo: institutions lead a rush

Bengaluru-based Tonbo makes sensing, targeting and surveillance systems for defence, including thermal weapon sights. Its final subscription by category, per IPO Guru at 17:11 IST:

• Qualified institutional buyers: 293.56 times
• Non-institutional investors: 170.94 times
• Retail investors: 31.07 times
• Employees: 54.31 times

The issue was priced at ₹665–₹700 a share and is entirely an offer for sale, so the company receives none of the money. Promoter holding falls from 18.58% to 15.72% after the sale.

Zetwerk: retail stays away

Zetwerk runs a managed manufacturing marketplace that matches industrial and consumer companies with factories. Its book closed at 3.06 times overall, IPO Guru said; HDFC Sky put it at 3.10 times. Institutions bid 4.73 times their quota, but retail investors bid for only 0.73 times theirs.

The issue, priced at ₹143–₹151 a share, combines a fresh issue of up to ₹2,830 crore with the sale of 14.45 crore existing shares, Reuters reported. Co-founders Amrit Acharya and Srinath Ramakkrushnan, and investors Peak XV Partners, Lightspeed and Accel India, are selling part of their stakes.

Zetwerk raised ₹2,251 crore from anchor investors including Capital Group, BlackRock and Goldman Sachs before the issue opened, Reuters said. At the top of the band it is valued at about ₹25,583 crore. Fresh proceeds will go towards repaying debt and funding acquisitions.

What it means for the IPO pipeline

The results suggest investors are discriminating rather than buying every large listing. Grey-market quotes for Zetwerk were about 2% above the issue price on 19 October, IPO Guru said; such quotes are unofficial. Next in line are Jio Platforms and Cult.fit, which has SEBI approval.