The Securities and Exchange Board of India (Sebi) this week approved initial public offering (IPO) proposals from four companies, including defence electronics maker Tonbo Imaging India, manufacturing technology firm Zetwerk Manufacturing Business, Hyderabad-based retailer Marri Retail and Gujarat Victory Forgings, expanding the pipeline of companies preparing to tap the public markets.
Tonbo Imaging’s IPO will consist entirely of an offer for sale of up to 18.09 million shares, including 1.96 million shares from promoters, 339,700 shares from a promoter group entity and 15.64 million shares from existing investors. No fresh shares will be issued.
Founded in 2003 by technologists with experience at the US Department of Defense and Sarnoff Corporation, Tonbo shifted to defence product manufacturing in 2012 after a promoter-led buyout. The company is led by Arvind Lakshmikumar, Ankit Kumar and Cecilia D’Souza. Its investors include Qualcomm Ventures, Artiman, Edelweiss Value, Celesta Capital, HBL Engineering, Tenacity Ventures, India Exim Bank and Florintree.
According to an F&S report cited in its draft prospectus, Tonbo Imaging was India’s fastest-growing defence technology company by revenue, Ebitda and net profit growth between FY23 and FY25. It was also the country’s largest supplier of thermal imaging systems to government and defence agencies by sales value over the period.
In FY25, Tonbo accounted for 93 per cent of India’s thermal imaging exports, making it the country’s largest exporter of such systems. The company supplies advanced sensing, imaging, communications and guidance systems to militaries, law enforcement agencies, homeland security organisations and global defence manufacturers. Its products range from thermal imaging cores and weapon sights to missile seekers, fire-control systems and integrated autonomous battlefield platforms.
As of June 30, Tonbo had deployed more than 20,000 systems across 24 countries. The company said it owns all its intellectual property across optics, embedded software and electronics, while following an asset-light model that outsources manufacturing to partners and retains design, system integration and testing in-house. JM Financial and IIFL Capital Services are the book-running lead managers for the offering.
Meanwhile, Zetwerk Manufacturing Business also received Sebi’s approval for its IPO. The offering is expected to include a mix of fresh shares and an offer for sale by existing investors, including Khosla Ventures, Baillie Gifford, Rakesh Gangwal, Accel, Peak XV, GreenOak and Lightspeed. The final issue size and valuation will be determined through the book-building process. The firm is looking to raise up to Rs 4,200 crore, according to sources.
Zetwerk operates a technology-driven manufacturing platform that connects industrial customers with a network of suppliers and factories across sectors including energy, electronics, defence, aerospace and capital goods. Its proprietary Zetwerk OS manages sourcing, production planning, supplier coordination and project execution across the network.
Founded in 2018 by Amrit Acharya, Srinath Ramakkrushnan, Vishal Chaudhary, Ankit Fatehpuria and Rahul Sharma, the company has expanded through a mix of owned factories and a global supplier network.
