Tonbo Imaging India Limited

Red Herring Prospectus dated October 10, 2026

Summary

The IPO is an offer for sale of 1,21,74,046 shares by existing shareholders; Tonbo Imaging India Limited receives none of the money. The document does not yet state the price.

The review found 5 points to read closely and 17 worth checking.

Read closely

1. Criminal proceedings against the company, its directors or individual promoters
2. Land or assets bought from related parties
3. Large share of the issue is an offer for sale
4. Profits are not converting into operating cash
5. Working capital building up

How the capital was built

• The last priced issue of shares was on 27 Mar 2025: 70,000 shares to promoters and others at ₹25,000 each (11 allottees); it came 18 months before this prospectus.

Conclusion

Of the 5 points to read closely, 2 concern the promoters, management and their dealings (criminal proceedings against the company, its directors or individual promoters; land or assets bought from related parties), 1 concerns how the IPO money will be spent and 2 concern the financial statements. These could not be scored automatically and need reading: group entities in the same business; guarantees given for group entities; promoters have limited experience in this business. These wait for the price and the final share count: shares issued shortly before the IPO at a deep discount to the issue price; low promoter holding after the issue. The pages to read are 84, 327, 331, 353, 393 and 448–449.