JSA Advocates and Solicitors (JSA) acted as Indian legal counsel to the lead managers, JM Financial Limited and IIFL Capital Services Limited, in connection with the initial public offering (IPO) of Tonbo Imaging India Limited, a global defence electronics original equipment manufacturer.
The IPO comprised an offer for sale of 12,174,046 equity shares of face value ₹2 each, aggregating to ₹8,520.92 million. In addition, existing shareholders undertook a pre-IPO secondary transfer of 5,911,200 equity shares, aggregating to ₹4,137.84 million. The total transaction value aggregated to ₹12,658.76 million. The IPO witnessed strong investor demand, with an overall subscription of 135.9 times the shares on offer.
Tonbo Imaging India Limited designs, develops and manufactures sensing, processing, communication and guidance systems for surveillance, reconnaissance, targeting and control. Its diversified product portfolio includes thermal imaging cores, weapon sights, handheld thermal imaging binoculars, targeting systems, missile seekers, fire control systems and missile guidance systems, supporting autonomy on the battlefield.
The JSA Capital Market team was led by Madhurima Mukherjee Saha, Partner, with Sagar Batra, Partner, and comprised Bhavini Mohan, Senior Associate; Tamanna Kapoor, Associate; Shivani Agrawal, Associate; Badal Singh, Associate and Zaier Ahmad, Associate.
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.