SUMMARY
The IPO received bids for 12.98 Cr shares as against 20.23 Lakh shares on offer at the end of third day
Retail individual investors placed bids for 10.7 Cr shares as against 9.4 Lakh shares earmarked for them, resulting in 114X subscription
The IPO comprises a fresh issue of 28.2 Lakh equity shares and TAC Infosec plans to raise INR 29.9 Cr at the upper end of the price band
Riding on the back of a strong response from retail investors, SaaS cybersecurity startup TAC Infosec’s initial public offering (IPO) was subscribed 64.2X on the third day on Monday (April 1).
According to the NSE data, the public issue received bids for 12.98 Cr shares as against 20.23 Lakh shares on offer.
Retail individual investors (RIIs) placed bids for 10.7 Cr shares as against 9.4 Lakh shares earmarked for them, resulting in 114X subscription.
On similar lines, the non-institutional investor (NII) quota was subscribed 52X, with investors placing bids for 2.1 Cr shares as against 4.03 Lakh shares on offer. Meanwhile, the qualified institutional buyer (QIB) portion saw no action as numbers stayed flat, with investors bidding for 14.3 Lakh shares against 5.37 Lakh shares on offer.
The IPO of the Vijay Kedia-backed startup was subscribed 9.31X on Day 1 and 22.82X on the second day of its IPO.
The public issue will close on April 2. The startup will list on NSE’s small and medium enterprises (SME) platform NSE Emerge. TAC Infosec filed its draft red herring prospectus (DRHP) with SEBI in January this year.
The startup’s IPO comprises a fresh issue of 28.2 Lakh equity shares. It plans to raise INR 29.9 Cr at the upper end of the price band, fixed at INR 100-106 per share.
The startup raised INR 8.55 Cr from anchor investors on March 27.
The proceeds from the IPO will be utilised to fuel product development, ramp up hiring, expand global footprint (especially in the US), and meet other corporate needs.
Founded by Trishneet Arora in 2016, TAC Infosec offers vulnerability management and assessment solutions, cybersecurity quantification and penetration testing tools to businesses and small enterprises.
The Pune-based startup clocked a profit after tax (PAT) of INR 1.94 Cr in the first six months (H1) of the financial year 2023-24 (FY24) as against INR 5.07 Cr in the entire FY23. On similar lines, total revenue stood at INR 5.31 Cr in H1 FY24 compared to INR 10.14 Cr in the year ended March 2023.
