JSA Advocates & Solicitors (JSA) is advising JM Financial Limited and IIFL Capital Services Limited (formerly known as IIFL Securities Limited), in their capacity as book running lead managers, in relation to the proposed initial public offering (IPO) of equity shares of Tonbo Imaging India Limited (the Issuer). Tonbo Imaging India Limited filed its Draft Red Herring Prospectus with SEBI and the stock exchanges on December 22, 2025.
The proposed IPO comprises an offer for sale of up to 18,085,246 equity shares by the Promoters and certain other shareholders of the Issuer.
The transaction is being led by Madhurima Mukherjee Saha, Lead Partner, with support from Sagar Batra, Partner; Bhavini Mohan, Senior Associate, and Aryaman Singh, Anshuman Singh, Shivani Agrawal, Tamanna Kapoor, Badal Singh, and Zaier Ahmad, Associates.
Madhurima Mukherjee is a Partner at JSA and Head of the Capital Markets practice, with over 20 years of experience advising on India's most significant domestic and international securities offerings. Recognised as one of India's leading capital markets lawyers, she has advised on landmark IPOs, QIPs, rights issues, REITs, InVITs, block trades and strategic capital-raising transactions for top corporates, financial institutions, investors and government entities.