An Initial Public Offering (IPO) provides existing shareholders with an opportunity to sell part or all of their holdings and realise returns on their investments. However, the outcomes can vary significantly depending on when investors acquired their shares, their average acquisition cost, and the price at which they sell during the IPO.
Tonbo Imaging India’s IPO presents an interesting case study of shareholder exits and investment returns. The reported exit figures cover 10 shareholders, including companies, promoters, promoter-group entities, venture capital investors, trusts and individual investors. Their exit amounts and return multiples offer different perspectives on the value realised and the returns generated relative to their acquisition costs.
Based on the provided data, CEAQ Technologies Private Limited leads in terms of IPO exit amount, with ₹349.87 crore, followed by CEAQ Technologies Pte Limited at ₹290.86 crore. Meanwhile, promoter Arvind Kondangi Lakshmikuma records the highest reported return multiple at 4,057.53x.
The IPO is structured entirely as an Offer for Sale (OFS), meaning the shares offered are sold by existing shareholders rather than newly issued by the company. This structure makes the shareholder exit analysis particularly relevant for understanding how existing investors are monetising their holdings.
Tonbo Imaging India IPO: Overview
| IPO Particulars | Details |
|---|---|
| IPO Date | 15-19 October 2026 |
| Listing Date | 23 October 2026 |
| Face Value | ₹2 per share |
| Price Band | ₹665-₹700 per share |
| Lot Size | 21 shares |
| Sale Type | Offer for Sale (OFS) only |
| Issue Type | Bookbuilding IPO |
| Listing Exchanges | BSE and NSE |
| Total Issue Size | 1,21,74,046 shares |
| Total Issue Value | Up to ₹852 crore |
| Offer for Sale | 1,21,74,046 shares |
| Pre-Issue Shareholding | 5,72,82,100 shares |
| Post-Issue Shareholding | 5,72,82,100 shares |
Source: IPO details provided.
Understanding the IPO Structure
Tonbo Imaging India’s IPO comprises an OFS of 1,21,74,046 shares, with an aggregate offer value of up to ₹852 crore.
In an OFS, existing shareholders sell their shares to public investors. The proceeds from these sales generally go to the selling shareholders rather than to the company. Unlike a fresh issue, an OFS does not introduce additional shares into the company’s capital through the IPO itself.
The pre-issue and post-issue shareholding figures in the supplied data are both 5,72,82,100 shares. This is consistent with an OFS-only structure, in which the IPO does not increase the total number of shares outstanding.
The price band is ₹665–₹700 per share, while the face value is ₹2 per share. The lot size of 21 shares means that an application for one lot at the upper end of the price band would amount to ₹14,700, before any applicable charges.
Because the offer is an OFS, the shareholder exit figures provide a useful perspective on the existing investors selling shares as part of the IPO.
Tonbo Imaging India IPO: Shareholder Exit Overview
The reported figures show different exit strategies among the 10 shareholders. CEAQ Technologies Private Limited and CEAQ Technologies Pte Limited are classified as full exits, while the remaining eight shareholders are recorded as partial exits.
| Investor | Investor Type | IPO Exit Amount (₹ Cr) | Exit Status | Return Multiple |
|---|---|---|---|---|
| CEAQ Technologies Private Limited | Company | 349.87 | Full Exit | 145.07x |
| CEAQ Technologies Pte Limited | Company | 290.86 | Full Exit | 76.67x |
| Arvind Kondangi Lakshmikuma | Promoter | 80.50 | Partial Exit | 4,057.53x |
| Ankit Kumar | Promoter | 40.60 | Partial Exit | 20.64x |
| Vinimaya Advisory LLP | Promoter Group | 23.78 | Partial Exit | 3.55x |
| Cecilia D’Souza | Promoter | 16.10 | Partial Exit | 20.64x |
| Timothy Guy Mitchell | Individual | 14.61 | Partial Exit | 329.74x |
| Artiman Ventures | Venture Capital | 18.75 | Partial Exit | 4.54x |
| Amit Shah Family Trust | Trust | 5.92 | Partial Exit | 4.05x |
| Ramesh Radhakrishnan | HNI | 5.60 | Partial Exit | 4.76x |
| Tiruvidaimarudhur Srivatsan Sivashankar & Meera Sivashankar | Individual’s | 5.60 | Partial Exit | 9.24x |
| Total | 852.19 |
Source: Compiled shareholder exit data. Investor classifications, exit statuses and return multiples are based on the figures provided.
Note: Return Multiple = Exit Price Per Share ÷ Average Acquisition Cost Per Share (AACPS). AACPS excludes bonus shares, gifted shares, ESOPs, and other shares acquired without direct monetary consideration.
Together, these top 10 shareholders account for ₹846.59 crore in reported IPO exit proceeds. The two CEAQ entities contribute ₹640.73 crore, representing approximately 75.7% of the total proceeds within this selected group.
However, their return multiples are considerably lower than those recorded by some individual shareholders. CEAQ Technologies Private Limited has the largest exit amount at ₹349.87 crore and a return multiple of 145.07x. Meanwhile, Arvind Kondangi Lakshmikuma has a smaller exit amount of ₹80.50 crore but a reported return multiple of 4,057.53x.
This difference demonstrates why exit proceeds and return multiples should be assessed separately when evaluating shareholder outcomes.
IPO Exit Amount by Shareholder
The exit amount represents the reported value of shares sold by each shareholder in the IPO. Comparing these amounts helps identify which shareholders account for the largest share of the reported proceeds.
| Investor | IPO Exit Amount (₹ Cr) |
|---|---|
| CEAQ Technologies Private Limited | 349.87 |
| CEAQ Technologies Pte Limited | 290.86 |
| Arvind Kondangi Lakshmikuma | 80.50 |
| Ankit Kumar | 40.60 |
| Vinimaya Advisory LLP | 23.78 |
| Cecilia D’Souza | 16.10 |
| Timothy Guy Mitchell | 14.61 |
| Artiman Ventures | 18.75 |
| Amit Shah Family Trust | 5.92 |
| Ramesh Radhakrishnan | 5.60 |
| Tiruvidaimarudhur Srivatsan Sivashankar & Meera Sivashankar | 5.60 |
| Total | 852.19 |
CEAQ Technologies Private Limited is the largest seller in the dataset, accounting for approximately 41.3% of the combined exit proceeds. CEAQ Technologies Pte Limited follows with approximately 34.4%.
Together, these two shareholders account for approximately three-quarters of the total reported proceeds among the 10 investors. The remaining eight shareholders account for ₹205.86 crore, with Arvind Kondangi Lakshmikuma contributing the largest amount among this group.
These figures describe the selected shareholders covered by the dataset, rather than necessarily representing every selling shareholder or the complete IPO proceeds.
Full Exit vs Partial Exit: What Does It Mean?
The reported exit status indicates whether a shareholder is selling all or only part of the relevant holding.
Full Exit: A shareholder classified as a full exit has sold the entire holding covered by the reported exit data. In this dataset, CEAQ Technologies Private Limited and CEAQ Technologies Pte Limited fall into this category.
Partial Exit: A shareholder classified as a partial exit has sold only a portion of the relevant holding and retains some shares after the reported transaction. The other eight shareholders in the dataset are classified as partial exits.
This distinction matters because the reported exit proceeds do not necessarily represent the total value of an investor’s position in the company.
A full exit represents the disposal of the relevant holding, while a partial exit allows the shareholder to retain exposure to the company through the remaining shares. These classifications should be interpreted according to the scope of the underlying shareholder data.
Understanding Shareholder Return Multiples
A return multiple measures the relationship between the exit price per share and the average acquisition cost per share (AACPS).
Return Multiple = Exit Price Per Share ÷ Average Acquisition Cost Per Share (AACPS)
For example, a return multiple of 145.07x indicates that the exit price per share is 145.07 times the average acquisition cost per share used in the calculation.
Similarly, a multiple of 4.54x indicates that the exit price per share is 4.54 times the average acquisition cost per share.
A higher multiple generally indicates a greater increase in the share price relative to the acquisition cost. However, it does not necessarily mean that the investor earned the highest absolute profit, as the amount invested and the number of shares sold can differ.
The reported multiples also do not account for the duration of the investment. Consequently, they should not be interpreted as annualised returns or as a complete measure of an investor’s overall portfolio performance.
How Are Acquisition Costs Calculated?
For this analysis, the average acquisition cost per share excludes bonus shares, gifted shares, Employee Stock Option Plans (ESOPs), and other shares acquired without direct monetary consideration.
This methodology is important because shares received without direct payment can affect the calculation of the average acquisition cost. Excluding these shares helps maintain consistency in the reported return multiples.
As a result, the reported multiples should be understood in the context of this specific calculation methodology rather than treated as comprehensive realised returns across an investor’s entire investment.
Who Recorded the Highest Return Multiple?
Among the 10 shareholders in the dataset, Arvind Kondangi Lakshmikuma records the highest reported return multiple at 4,057.53x, against an exit amount of ₹80.50 crore.
Timothy Guy Mitchell follows with a return multiple of 329.74x and reported exit proceeds of ₹14.61 crore. CEAQ Technologies Private Limited, meanwhile, records a return multiple of 145.07x alongside the largest exit amount overall.
Artiman Ventures has a reported exit amount of ₹18.75 crore and a return multiple of 4.54x. Its exit proceeds are higher than those of several other shareholders in the dataset, but its reported multiple remains much lower than those of the investors with the highest multiples.
The contrast between these shareholders illustrates how acquisition costs can influence reported multiples. An investor who acquired shares at a very low average cost can record an exceptionally high multiple even when the value of shares sold is lower than that of another investor.
The reported figures should therefore be read together: exit proceeds show the value realised from the shares sold, while the return multiple measures the exit price relative to the average acquisition cost.
Key Takeaways from Tonbo Imaging India’s IPO Shareholder Exits
The reported shareholder exits reveal several important observations:
- CEAQ Technologies Private Limited leads by exit value: Its reported IPO exit amount of ₹349.87 crore is the highest among the 10 shareholders.
- CEAQ entities account for most of the proceeds: Their combined exit amount of ₹640.73 crore represents approximately 75.7% of the total reported proceeds.
- Arvind Kondangi Lakshmikuma records the highest multiple: His reported return multiple of 4,057.53x stands out despite an exit amount of ₹80.50 crore.
- Exit value and return multiples tell different stories: A larger sale does not automatically translate into a higher return multiple.
- The IPO is an OFS-only issue: The structure allows existing shareholders to sell shares, with the proceeds from those sales generally going to the sellers rather than the company.
- Full and partial exits indicate different selling strategies: The two CEAQ entities are recorded as full exits, while the other eight shareholders are recorded as partial exits.
These observations highlight the importance of analysing shareholder exits using multiple measures rather than relying solely on the amount of shares sold.
Conclusion
Tonbo Imaging India’s IPO combines an OFS-only structure with a diverse set of shareholder exit outcomes. The IPO offers existing shareholders an opportunity to monetise their holdings, while the reported exit data highlights differences in proceeds and return multiples across the selected investors.
CEAQ Technologies Private Limited leads in reported exit proceeds, while Arvind Kondangi Lakshmikuma records the highest return multiple in the dataset. The combined exit proceeds of ₹846.59 crore also highlight the concentration of reported sales among the two CEAQ entities.
Ultimately, exit proceeds show how much value shareholders realise from selling their shares, while return multiples reveal how the exit price compares with their average acquisition cost. Together with the IPO’s OFS structure, these measures provide a more informative perspective on shareholder exits and investment outcomes.
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