SUMMARY
The public issue received bids for 4.61 Cr shares as against 20.23 Lakh shares on offer, as per NSE data
Leading from the front, the retail investor quota was oversubscribed 41.4X as the portion received bids for 3.89 Cr compared to 9.4 Lakh shares on offer
TAC Infosec’s public issue was subscribed 9.31X on the first day of its IPO on March 27, and the IPO will close on April 2
Vijay Kedia-backed SaaS cybersecurity TAC Infosec’s initial public offering (IPO) was oversubscribed 22.82X on the second day on Thursday (March 28) on the back of strong demand from retail investors
The public issue received bids for 4.61 Cr shares as against 20.23 Lakh shares on offer, as per NSE data.
Leading from the front, the retail individual investors (RIIs) quota was oversubscribed 41.4X as the portion received bids for 3.89 Cr compared to 9.4 Lakh shares on offer.
On similar lines, non-institutional investors (NIIs) bid for 57.5 Lakh shares as against 4.03 Lakh shares on offer, implying an oversubscription of 14.2X. Meanwhile, the qualified institutional buyer (QIB) quota saw little action as the investors bid for 14.3 Lakh shares against 5.37 Lakh shares on offer.
It is pertinent to note that the SaaS cybersecurity startup’s public issue was subscribed 9.31X on the first day of its IPO on March 27.
The public issue will now close on April 2, and the cybersecurity startup list will be seen on NSE’s small and medium enterprises (SMEs) focussed-platform NSE Emerge.
The company first filed its draft red herring prospectus (DRHP) with SEBI in January this year. TAC Infosec’s public issue comprises a fresh issuance of 28.2 Lakh (28,29,600 to be precise) equity shares, of which 1.41 Lakh shares have been reserved for the market maker.
Ahead of its IPO, the startup raised INR 8.55 Cr from anchor investors. It has set the price band for the public issue in the range of INR 100-106 per share and plans to raise INR 29.9 Cr through the markets debut. The lot size has been fixed at 1,200 equity shares.
The company will utilise the fresh proceeds from the IPO to shore up product development, scale up hiring and ramp up its global footprint, especially in the US. A portion of the funds will also be deployed to meet other corporate needs.
Founded in 2016 by Trishneet Arora, TAC Infosec offers vulnerability management and assessment solutions, cybersecurity quantification and penetration testing tools to businesses and small enterprises.
TAC Infosec reported a profit after tax (PAT) of INR 1.94 Cr in the first six months (H1) of the financial year 2023-24 (FY24) compared to a net profit of INR 5.07 Cr in the entire FY23. Its total revenues stood at INR 5.31 Cr in H1 FY24 as against INR 10.14 Cr in the year ended March 2023.
