Tonbo Imaging
Listing performance
Scheduled dates
Tentative timetable — a past date is not confirmation the step completed
Subscription
- Qualified institutionalQIB
- 293.56×
- Big non-institutionalbNII · above ₹10 lakh
- 184.73×
- Small non-institutionalsNII · ₹2–10 lakh
- 143.37×
- Retail individualRII · up to ₹2 lakh
- 31.11×
- Employeesreserved quota
- 54.31×
Bids received
The demand behind each multiple — what was offered, what was bid for, and what those bids are worth
| Category | Shares offered | Shares bid for | Bids (₹ Cr) | Times |
|---|---|---|---|---|
| Qualified institutional | 24,32,010 | 71,39,33,115 | ₹49,975 Cr | 293.56× |
| Non-institutional | 18,24,007 | 28,52,03,562 | ₹19,964 Cr | 156.36× |
| Big non-institutionalwithin NII | 12,16,005 | 22,46,27,487 | ₹15,724 Cr | 184.73× |
| Small non-institutionalwithin NII | 6,08,002 | 8,71,72,008 | ₹6,102 Cr | 143.37× |
| Retail individual | 42,56,016 | 13,24,10,271 | ₹9,269 Cr | 31.11× |
| Employees | 14,000 | 7,60,305 | ₹53.22 Cr | 54.31× |
| Total | 85,26,033 | 1,13,23,07,253 | ₹79,262 Cr | 132.81× |
Times subscribed is the figure published for each category, not shares bid for divided by shares offered — a category's multiple is struck against its own allottable base, which is not always the offered count shown beside it. Observed 19 Oct, 05:44 pm IST; the registrar publishes the final basis of allotment.
Issue details
- IPO date
- 15 Oct 2026 – 19 Oct 2026
- Listing date
- 23 Oct 2026
- Face value
- ₹2 per share
- Price band
- ₹665 – ₹700
- Issue price
- ₹700 per share
- Lot size
- 21 shares
- Sale type
- Offer for sale
- Issue type
- Book Building issue
- Listing at
- NSE
- Total issue size
- ₹852 Cr
- Fresh issue
- ₹0 Cr 0 shares
- Offer for sale
- ₹852 Cr 1,21,74,046 shares
- Market cap at offer price
- ₹4,010 Cr
- Promoter holding
- 18.58% → 14.56% pre-issue → post-issue
- ISIN
- INE0LDG01026
- CIN
- U26700KA2003PLC033043
- Registrar
- Kfin Technologies Ltd.
- Lead managers
- JM Financial Ltd.
- Registered office
- No.3 Chikkayellappa Tower-II, 1st C Main, Sarjapur Main Road, Jakkasandra Extension, Chikkayellappa Industrial Layout, Bengaluru 560 034, Karnataka, India
Reservation and application size
How the issue is split between investor categories, and what each may bid
| Investor category | Shares | % of net | % of total |
|---|---|---|---|
| QIB | 24,32,009 | 28.57% | 28.52% |
| Anchor investor · within QIB | 36,48,013 | — | 42.79% |
| NII (HNI) | 18,24,007 | 21.43% | 21.39% |
| bNII > ₹10L · within NII | 12,16,005 | — | 14.26% |
| sNII < ₹10L · within NII | 6,08,002 | — | 7.13% |
| Retail (RII) | 42,56,017 | 50.00% | 49.92% |
| Employee | 14,000 | — | 0.16% |
| Total issue | 85,26,033 | — | 100.00% |
Net offer to the public of 85,12,033 shares, out of a total issue of 85,26,033. Indented rows sit inside the category above them and are not added to it.
Application size
Minimum 21 shares per lot, in multiples, at ₹700
| Application | Lots | Shares | Amount |
|---|---|---|---|
| Retail (min) | 1 | 21 | ₹14,700 |
| Retail (max) | 13 | 273 | ₹1,91,100 |
| S-HNI (min) | 14 | 294 | ₹2,05,800 |
| S-HNI (max) | 68 | 1,428 | ₹9,99,600 |
| B-HNI (min) | 69 | 1,449 | ₹10,14,300 |
Category limits
| Category | Bid size | Cut-off |
|---|---|---|
| Retail (RII) | Up to ₹2 lakh | Yes |
| Small HNI (sNII) | ₹2 lakh – ₹10 lakh | No |
| Big HNI (bNII) | Above ₹10 lakh | No |
| Employee | Up to ₹5 lakh | Yes |
Bidding at cut-off means accepting the final issue price without naming one. Only retail and employee applicants may do so.
Anchor investors
Institutional allocation placed a day before the issue opens, carved out of the QIB portion and locked in after listing.
Valuation and performance
Valuation at offer price
| Metric | Pre-issue | Post-issue |
|---|---|---|
| EPS (₹) | 8.88 | −12.39 |
| P/E (×) | 78.83 | — |
| Price to book (×) | 7.25 | — |
| Market cap | — | ₹4,010 Cr |
No price-to-earnings multiple is shown: the company reported a loss, and an earnings multiple struck on negative earnings would read as a cheap valuation while meaning the opposite.
Key performance indicators
- Return on net worth
- 9.75%
- ROCE
- 13.00%
- PAT margin
- 13.75%
- EBITDA margin
- 28.85%
- NAV per share
- ₹96.57
- Price to book
- 7.25
Single period as reported. Year-on-year movement is in the financials table below, where every period is published.
Company financials
| Period ended | FY26 | FY25 | FY24 |
|---|---|---|---|
| Profit and loss | |||
| Total income | 369.94 | 474.39 | 431.89 |
| Revenue from operations | 362.64 | 469.08 | 428.19 |
| Other income | 7.29 | 5.31 | 3.7 |
| Total expenses | 299.98 | 374.34 | 336.94 |
| Operating profit | 69.96 | 100.05 | 94.95 |
| Operating margin | 18.91% | 21.09% | 21.98% |
| Profit before tax | 69.96 | 99.26 | 94.55 |
| Profit after tax | 50.88 | 72.75 | 68.54 |
| PAT margin | 13.75% | 15.34% | 15.87% |
| Balance sheet | |||
| Total assets | 782.5 | 726.36 | 574.68 |
| Current assets | 511.55 | 445.79 | 363.12 |
| Current liabilities | 193.71 | 185.51 | 287.41 |
| Total liabilities | 229.33 | 236.22 | 344.55 |
| Net worth | 553.15 | 490.13 | 230.1 |
| Current ratio | 2.64× | 2.40× | 1.26× |
| Return on equity | 9.20% | 14.84% | 29.79% |
| Cash flow | |||
| Operating cash flow | -63.21 | -136.11 | 78.33 |
| Investing cash flow | -32.26 | -24.69 | -190.16 |
| Financing cash flow | 32.19 | 147.05 | 187.81 |
| Net cash flow | -63.29 | -13.74 | 75.97 |
Objects of the issue
1 Offer for Sale of Equity Shares —
The IPO involves an Offer for Sale of Equity Shares, is aimed at achieving the benefits of listing the Equity Shares on the Stock Exchanges.
2 Enhancing Visibility and Brand Image —
The proposed listing of Equity Shares is intended to enhance the company's visibility and brand image, provide liquidity to existing Shareholders, and create a public market for the Equity Shares in India.
3 Utilisation of Offer Proceeds by Selling Shareholders —
The company will not receive any proceeds from the Offer; all Offer Proceeds will be received by the Selling Shareholders in proportion to their respective Offered Shares, after deducting their portion of Offer-related expenses and relevant taxes.
4 Offer-Related Expenses —
The Offer expenses, estimated at an approximate amount in millions, cover listing fees, selling commission, brokerage, fees to intermediaries, printing, advertising, and all other incidental expenses for listing the Equity Shares on the Stock Exchanges.
4 of 4 objects carry no stated amount — typically general corporate purposes, funded from whatever remains — so the total above is the quantified portion only, not the whole issue.
About Tonbo Imaging
Tonbo Imaging India Limited was incorporated on December 18, 2003 as Sarnoff Innovative Technologies Private Limited under the Companies Act, 1956. It was later renamed Serial Innovations India Private Limited (2008) and Tonbo Imaging India Private Limited (2016), and converted to a public limited company as Tonbo Imaging India Limited, with a fresh certificate of incorporation dated September 11, 2025. The company designs and manufactures tactical electro-optical sights for dismounted soldiers and platform-grade stabilized multi-sensor gimbals and EO/IR payloads for vehicles, aircraft, naval assets and weapon-station turrets. Its directed energy systems are still in development, and no revenue has been booked for them. Its customers include global militaries, system integrators, NATO country procurements, law enforcement and homeland security agencies, and other global defence OEMs, and it has served customers in over 24 countries. Revenue from operations was ₹4,281.89 million in Fiscal 2024, ₹4,690.80 million in Fiscal 2025, ₹3,626.48 million in Fiscal 2026 and ₹360.08 million in the three months ended June 30, 2026. The company's subsidiaries are Tonbo LLC and Tonbo Systems Pty Ltd. The company does not own manufacturing facilities for all of its products, since its manufacturing and assembly are outsourced to EMS providers in part.
Management
Sonal Shrivastava
Director
Arvind Kondangi Lakshmikumar
MD
Strengths
As stated in the offer document
Leading Defence Technology Solutions Provider with Pioneering Proprietary Technologies
The company owns 100% of its intellectual property since Fiscal 2024, with proprietary technology ranging from optics to embedded software, AI-accelerated image processing, and sub-5 �rad multi-axis gimbal stabilization, enabling full control over its technology roadmap with no material licensing dependencies.
Driving Innovation in Defence Electronics through In-house R&D with an Asset Light Business Model
The company operates an asset-light model with 130 R&D engineers (~38% of workforce) and R&D costs of ₹258.56 million in Fiscal 2026; manufacturing is outsourced to certified EMS partners (Kaynes and Avalon), enabling capital efficiency and focus on core design competence.
Among the Few Defence Electronics OEMs with Wide Global Acceptability
The company has deployed over 28,000 systems across 24 countries as of June 30, 2026, and holds a 94% market share of thermal imaging exports from India by units (FY24–FY26), being the largest manufacturer of thermal imaging systems to Indian government and defence agencies by sales value.
Diversified Defence Product Portfolio with Deployability Across All Domains
The company offers a broad portfolio spanning tactical systems, platform systems, and directed energy systems across ground, air, naval, and missile domains, with modular and scalable designs; its thermal weapon sight Spartan-S is benchmarked as superior in size, weight, and power versus Indian competition per the F&S Report.
Sound Financials with Healthy Performance
The company reported Revenue from Operations of ₹4,690.80 million in Fiscal 2025 and ₹3,626.48 million in Fiscal 2026, with EBITDA margins of 29.65% and 28.85% respectively, and a Net Worth of ₹5,531.59 million as of March 31, 2026, supported by an asset-light model that minimizes capex.
Experienced and Dedicated Promoters and Key Managerial Personnel with Extensive Domain Knowledge
The company is led by three Promoters each with over 21 years of experience in defence engineering, R&D, and international finance; the 339-member team includes engineers with deep expertise in infrared imaging, AI, and sensor fusion, providing stability and competitive advantage in global defence markets.
Risk factors
As stated in the offer document
Cyclical and Tender-Based Business with Poor Revenue Visibility
The company operates in a geopolitically driven defence electronics sector subject to government budget cycles and episodic emergency procurement, resulting in significant revenue volatility. Revenue from operations declined from ₹4,690.80 million in Fiscal 2025 to ₹3,626.48 million in Fiscal 2026, partly due to delays in international orders arising from the West Asia conflict and deferment of anticipated orders.
Dependence on Limited Global Suppliers for Critical Components
The company relies on a narrow global supplier base for critical components such as infrared focal plane arrays, OLED micro displays, and specialized optics, with key raw materials like Germanium sourced primarily from China and Russia, which are subject to export restrictions and price volatility. Supply chain disruptions in Fiscal 2023 led to liquidated damages of ₹218.20 million and ₹189.27 million paid to customers in Fiscals 2024 and 2025, respectively.
Significant Customer Concentration Risk
The company's top 5 customers contributed 92.06%, 53.03%, 86.36%, and 72.19% of revenue from operations in the three months ended June 30, 2026, and Fiscals 2026, 2025, and 2024, respectively. As contracts are short-term and non-recurring, the loss of any major customer or failure to win new tenders could materially impact revenue and financial stability.
Negative Cash Flows and Working Capital Strain
The company reported negative net cash flows from operating activities of ₹(146.83) million, ₹(632.16) million, and ₹(1,361.19) million in the three months ended June 30, 2026, and Fiscals 2026 and 2025, respectively. Working Capital Days deteriorated sharply from 152 days in Fiscal 2024 to 517 days in Fiscal 2026, reflecting increasing liquidity pressure and reliance on external financing.
Highly Regulated Industry with Stringent Compliance Requirements
The company operates in a heavily regulated defence sector requiring multiple licenses, SCOMET export approvals, and compliance with IDDM indigenous content thresholds under DAP 2020 (currently 50%, proposed to increase to 60% under draft DAP 2026). Non-compliance could result in disqualification, liquidated damages, forfeiture of performance guarantees, and blacklisting from future government procurements.
Export Revenue Concentration and International Market Risks
The company derived 65.52% and 48.61% of revenue from exports in Fiscals 2025 and 2024, respectively, with significant concentration in Europe; however, export revenue collapsed to just 5.57% in Fiscal 2026 due to geopolitical disruptions. Emerging EU regulations (SAFE and EDIP) requiring 65% EU-origin content in defence procurements may further constrain the company's export opportunities to Europe.
Company Analysis
from RHPTonbo Imaging India Limited is an Indian private sector defence electronics company that designs, develops and manufactures electro-optical, infrared and imaging systems across the defence and security industries.
Tonbo Imaging India Limited was incorporated on December 18, 2003 as Sarnoff Innovative Technologies Private Limited under the Companies Act, 1956. It was later renamed Serial Innovations India Private Limited (2008) and Tonbo Imaging India Private Limited (2016), and converted to a public limited company as Tonbo Imaging India Limited, with a fresh certificate of incorporation dated September 11, 2025. The company designs and manufactures tactical electro-optical sights for dismounted soldiers and platform-grade stabilized multi-sensor gimbals and EO/IR payloads for vehicles, aircraft, naval assets and weapon-station turrets. Its directed energy systems are still in development, and no revenue has been booked for them. Its customers include global militaries, system integrators, NATO country procurements, law enforcement and homeland security agencies, and other global defence OEMs, and it has served customers in over 24 countries. Revenue from operations was ₹4,281.89 million in Fiscal 2024, ₹4,690.80 million in Fiscal 2025, ₹3,626.48 million in Fiscal 2026 and ₹360.08 million in the three months ended June 30, 2026. The company's subsidiaries are Tonbo LLC and Tonbo Systems Pty Ltd. The company does not own manufacturing facilities for all of its products, since its manufacturing and assembly are outsourced to EMS providers in part.
Issue Structure
- Total Issue
- Up to 12,174,046 Equity Shares of face value of ₹2 each aggregating to ₹[●] million
- Fresh Issue
- Not applicable
- Offer for Sale
- Up to 12,174,046 Equity Shares of face value of ₹2 each aggregating to ₹[●] million
- Face Value
- ₹2 each
Business Model
The company earns revenue by selling defence optronics products and solutions to government and defence customers. It wins most contracts through competitive tenders issued by defence and security agencies, based on pricing, technical capability, quality and track record. Contracts are typically short term and non-recurring, so the company reports no annuity revenue. Pricing and payment terms are set in advance in each contract. Customers may require performance bank guarantees of 3% to 5% of contract value, and the company pays liquidated damages for delivery delays.
Business Segments
SWOT Analysis
- • Complete ownership of a large IP portfolio across core sensing and defence technologies(p.32)
- • In-house IP and vertically integrated design allow re-engineering around alternate components(p.26)
- • Customer base spans multinational and Indian customers in over 24 countries(p.23)
- • Not dependent on a single customer, and past tender showcases may give an edge in future bids(p.23)
- • Owns 100% of its IP, with no dependence on external technology partners(p.138)
- • Asset-light model focused on in-house design, with manufacturing outsourced(p.138)
- • ITAR-free defence electronics supply without export constraints(p.138)
- • Products sold across developed and emerging defence markets(p.138)
- • Financial position seen as an advantage in access to financing(p.138)
- • Experienced promoter-led management team(p.138)
- • Confirmed order book rose to ₹3,142.40 million as of June 30, 2026, up from ₹2,790.16 million at March 31, 2026(p.149)
- • Tactical product line of electro-optical sights for dismounted soldiers(p.146)
- • Low-SWaP EO/IR payloads, edge ATR and ATAK-native capability(p.203)
- • Recognised among leading Indian private exporters, particularly in electro-optics(p.194)
- • 100% IP ownership since FY2024, no reliance on external technology partners(p.258)
- • ITAR-free product portfolio enabling export to non-aligned markets(p.260)
- • Largest supplier of thermal imaging systems to Indian government and defence agencies by sales value(p.259)
- • Installed base of 28,000+ tactical systems across 24 countries(p.261)
- • Asset-light model with in-house design and outsourced manufacturing via EMS partners(p.256)
- • Products selected through globally competitive tenders against established international products(p.261)
- • Eligible IDDM supplier under India's DAP 2020 framework(p.319)
- • Unqualified auditor opinion on restated consolidated financials(p.325)
- • Large long-dated term deposit balance as at June 30, 2026 (INR 661.98 million)(p.353)
- • Senior management owns key defence, government and international partner relationships(p.315)
- • Owns core IP outright with no royalty obligation(p.445)
- • Technology portfolio usable across geographies without restriction(p.445)
- • Clean statutory audit reports across the period(p.445)
- • Holds all material approvals required for operations(p.460)
- • Five US patent registrations granted(p.460)
- • No SEBI disciplinary actions against promoters in last five years(p.452)
- • Revenue from operations declined in Fiscal 2026 due to delayed international order execution(p.22)
- • Net loss in the three months ended June 30, 2026(p.23)
- • Order book significantly concentrated among a few large defence customers(p.24)
- • Heavy dependence on ten largest suppliers with no long-term contracts(p.25)
- • Export revenue share high and concentrated in Europe(p.27)
- • Recurring liquidated damages paid for delivery delays(p.30)
- • Acquired IP may not deliver projected economic benefits or may face impairment(p.32)
- • Significant revenue dependence on tactical systems(p.34)
- • May need future equity raises to fund growth(p.79)
- • Limited history of public-company scrutiny; listing will add significant costs and reporting load(p.82)
- • Share price exposure to sales by promoters or major shareholders(p.79)
- • Revenue from operations declined 22.69% in FY2026(p.149)
- • Negative EBITDA of ₹(130.37) million for the three months ended June 30, 2026(p.149)
- • Export share fell from 65.52% in FY2025 to 5.57% in FY2026 and 0.25% in the three months to June 2026(p.149)
- • Working capital days of 517 in FY2026, up from 280 in FY2025(p.149)
- • Revenue is concentrated in the second half of the financial year because of cyclical business(p.149)
- • Revenue concentrated in few tender-based customers with short-term relationships(p.447)
- • Loss before tax in three months ended June 30, 2026(p.441)
- • Negative operating cash flow in Fiscal 2025 driven by receivables and payable reduction(p.441)
- • Trade receivables rose sharply, absorbing operating cash(p.442)
- • Aggregate indebtedness of ₹2,462.53 million(p.443)
- • Restrictive lender covenants limit corporate actions(p.451)
- • Promoter named in Singapore High Court suit by minority shareholder of group company(p.455)
- • FIR registered against an Independent Director, pending before court(p.454)
- • Localise sourcing and production in Europe to meet SAFE and EDIP requirements(p.28)
- • Supply knockdown kits or sub-systems to EU-domiciled OEMs and integrators bidding on EU-funded programmes(p.28)
- • R&D investment in Germanium-free lenses to reduce reliance on constrained material(p.26)
- • Use of technical showcases to win future bids over competitors(p.23)
- • Rising defence demand as militaries modernise for unrestricted systems(p.138)
- • Strategic leverage with countries pursuing defence autonomy and resilient supply chains(p.138)
- • Global acceptance expected to support adoption in India(p.138)
- • Domestic procurement reservation and demand for specialised firms like Tonbo Imaging(p.168)
- • EO/IR sensors growing faster than the overall defence market(p.179)
- • Rising investment in counter-drone sensing and effectors(p.178)
- • Global defence spending forecast to grow at a 5.6% CAGR from CY2026 to CY2030(p.173)
- • India defence electronics market forecast to be the fastest growing globally(p.200)
- • Indigenisation policy tailwind from Atmanirbhar Bharat and DAP 2020 favouring local EO/IR sourcing(p.210)
- • Indian armed forces prioritising DEW, unmanned, ISR and counter-drone capabilities per TPCR-2025(p.239)
- • Planned expansion across Asia, Europe and the Middle East using ITAR-free positioning(p.260)
- • R&D focus on cost reduction to extend products into industrial and commercial applications(p.259)
- • IDDM eligibility positioned within India's Make in India defence initiative(p.319)
- • Management expects revenue from operations to grow in India(p.444)
- • Domestic capital raise to capitalise on India opportunity(p.444)
- • Episodic conflict-driven procurement may not be sustained(p.22)
- • Competitive tender-based contracting with pricing pressure(p.23)
- • Scarcity and export restrictions on Germanium affecting supply(p.26)
- • Highly regulated industry with stringent licensing and compliance requirements(p.28)
- • Draft DAP 2026 proposes higher IDDM indigenous-content threshold(p.29)
- • EU SAFE and EDIP local-sourcing rules constrain European exports(p.28)
- • Foreign sanctions, embargoes and tariffs could affect export markets(p.28)
- • Delay or denial of FDI sectoral cap increases could hurt business(p.80)
- • Further FDI policy restrictions could limit foreign investment(p.80)
- • Exchange controls may limit foreign debt financing(p.81)
- • Economic slowdown and trade tariffs weigh on global investment and trade(p.83)
- • Emergency procurement demand is episodic and may not be sustained(p.169)
- • Rising wholesale input costs could compress manufacturing margins(p.167)
- • US export controls restrict market access for exporters in US-linked supply chains(p.184)
- • EU SAFE/EDIP local-content requirement for certain European procurements(p.185)
- • Competition from established global EO/IR and imaging leaders(p.179)
- • Defence funding subject to government budget delays and reprioritisation(p.447)
- • Emergency procurement demand may not be sustained(p.447)
- • Foreign exchange exposure, USD as prime foreign currency(p.445)
- • Third-party claim seeking compensation tied to preference share allotment(p.457)
Promoters
| Name | Role | Pre-Issue | Post-Issue |
|---|---|---|---|
| Ankit Kumar | Promoter | — | — |
| Arvind Kondangi Lakshmikumar | Promoter | — | — |
| Cecilia D'Souza | Promoter | — | — |
| Vinimaya Advisory LLP | Promoter Group | — | — |
| Arvind Kondangi Lakshmikumar | Promoter | — | — |
| Ankit Kumar | Promoter | — | — |
| Cecilia D’Souza | Promoter | — | — |
| Arvind Kondangi Lakshmikumar | Promoter | 8.67% | — |
| Ankit Kumar | Promoter | 5.30% | — |
| Cecilia D'Souza | Promoter | 3.45% | — |
| Vinimaya Advisory LLP | Promoter Group | 1.15% | — |
| Arvind Kondangi Lakshmikumar | Promoter | — | — |
| Ankit Kumar | Promoter | — | — |
| Cecilia D'Souza | Promoter | — | — |
| Arvind Kondangi Lakshmikumar | Promoter | — | — |
| Ankit Kumar | Promoter | — | — |
| Cecilia D'Souza | Promoter | — | — |
| Ankit Kumar | Promoter | 5.30% | — |
| Arvind Kondangi Lakshmikumar | Promoter | 8.67% | — |
| Cecilia D'Souza | Promoter | 3.45% | — |
| Arvind Kondangi Lakshmikumar | Promoter | — | — |
| Ankit Kumar | Promoter | — | — |
| Cecilia D'Souza | Promoter | — | — |
| Arvind Kondangi Lakshmikumar | Promoter | — | — |
| Ankit Kumar | Promoter Selling Shareholder | — | — |
| Arvind Kondangi Lakshmikumar | Promoter Selling Shareholder | — | — |
| Cecilia D’Souza | Promoter Selling Shareholder | — | — |
| Vinimaya Advisory LLP | Promoter Group Selling Shareholder | — | — |
Leadership
Auto-extracted from the company's RHP using AI, with each fact linked to its source passage (hover any row to see the quote & page). Provided for research only, not investment advice — verify against the official RHP before relying on it.
Peer comparison
| Company | EPS | NAV | P/E | P/BV | RoNW |
|---|---|---|---|---|---|
| Tonbo Imaging India Ltd. THIS ISSUE | 9.19 | 96.57 | — | 7.25, computed at the offer price | 9.75% |
| 10.93 | 90.02 | 117.88 | 14.29 | — | |
| 48.47 | 310.08 | 87.29 | 13.65 | 17.00% | |
| 20.32 | 138.46 | 83.92 | 12.33 | — | |
| 21.52 | 209.22 | 73.44 | 7.56 | — | |
| 8.29 | 32.82 | 45.70 | 11.81 | — |
Blank cells are figures the offer document does not publish. This issue is unlisted, so it has no market price and the document publishes no multiple for it — its P/BV here is computed at the offer price, on the post-issue share count, and is comparable to a listed peer's.