TAC Infosec IPO fully subscribed on day 1 led by retail investors; details here
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On Tuesday, March 26, TAC Infosec IPO raised ₹8.55 crore from the sale of 8.06 lakh equity shares at ₹106 apiece from its anchor investors. The anchor book was subscribed to by marquee investors such as LC Radiance Fund VCC, Zinnia Global Fund PCC – Cell Dewcap Fund, Astorne Capital VCC, Beacon Stone Capital VCC – Beacon Stone I, and NAV Capital VCC – NAV Capital Emerging Star Fund.
Also Read: TAC Infosec IPO: Price band, issue size, key dates, other details to know
Astorne Capital VCC, Beacon Stone Capital VCC – Beacon Stone I, Zinnia Global Fund PCC – Cell Dewcap Fund, and LC Radiance Fund VCC each subscribed 11.76% of the anchor book, while NAV Capital VCC – NAV Capital Emerging Star Fund contributed 29.46% of the total subscription.
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As stated in the red herring prospectus (RHP) of the company, the business uses the “SaaS model” to provide cybersecurity quantification, risk-based vulnerability management and assessment solutions, penetration testing services, and working with businesses of all sizes.
The company offers security software products and solutions both domestically and internationally. Customers of the company include banks and financial institutions, government agencies and regulatory bodies, large corporations (including business offices) like Motilal Oswal Financial Services Limited, NSDL e-Governance, HDFC, Bandhan Bank, BSE, National Payments Corporation of India, DSP Investment Managers Private Limited, and BSE.
The company’s listed peers, according to the RHP, are Sigma Solve Limited (P/E of 100.86), Infobeans Technologies Limited (P/E of 29.63), and Dev Information Technology Limited (P/E of 23.73).
Between March 31, 2022, and March 31, 2023, TAC Infosec Limited’s profit after tax (PAT) soared by 735.05% and its revenue jumped by 93.7%.
TAC Infosec Limited, known as TAC Security, has filed a Draft Red Herring Prospectus (DRHP) with the Securities and Exchange Board of India (SEBI) for an IPO in January 2024.
TAC Infosec IPO subscription status
TAC Infosec IPO subscription status is 3.35 times, on day 1, so far. The issue has received positive response from retail investors who’s portion set was subscribed 5.88 times, and non-institutional buyers who’s portion set was subscribed 1.93 times, according to data on chittorgarh.com.
The company has received bids for 63,09,600 shares against 18,81,600 shares on offer, at 12:30 IST, according to data on chittorgarh.com.
Also Read: Vijay Kedia backed TAC Security files IPO papers with SEBI, to list with NSE Emerge
TAC Infosec IPO details
The TAC Infosec IPO, valued at about ₹29.99 crore, comprises a new issuance of 2,829,600 equity shares, each having a face value of ₹10. There is no offer-for-sale component.
With the issue’s purpose, the following goals will be met: investing in product development and human resources; acquiring TAC Security Inc. (Delaware, USA) and making it a fully owned subsidiary; and general corporate objectives.
Beeline Capital Advisors Pvt Ltd is the book running lead manager of the TAC Infosec IPO, while Skyline Financial Services Private Ltd is the registrar. The market maker is Spread X Securities.
Charanjit Singh and Trishneet Arora are the company’s promoters. Trishneet Arora, the CEO and the founder of TAC Security, owns 74% of the business. Renowned stock market investor Vijay Kishanlal Kedia owns 15% of the company. 5%, 4%, and 2% of the shares are owned by Ankit Vijay Kedia, Charanjit Singh, and Subinder Jeet Singh Khurana, respectively.
It has reserved not more than 50% of the net issue for the Qualified institutional buyer (QIBs), the retail individual bidders portion reserved is not less than 35% and non-institutional bidders portion is not less than 15%.
Also Read: Vishwas Agri Seeds IPO allotment today: Check latest GMP, 4 steps to check allotment status
TAC Infosec IPO GMP today
TAC Infosec IPO GMP or grey market premium is +86. This indicates TAC Infosec share price were trading at a premium of ₹86 in the grey market, according to investorgain.com.
Today’s IPO GMP indicates higher and anticipates a solid listing based on the activity of the grey market over the past eight sessions. According to analysts at investorgain.com, the lowest GMP is ₹0 and the maximum GMP is ₹86.
‘Grey market premium’ indicates investors’ readiness to pay more than the issue price.
Also Read: TAC Security raises Pre-Series ‘A’ funding from Vijay Kedia
Disclaimer: The views and recommendations above are those of individual analysts, experts and broking companies, not of Mint. We advise investors to check with certified experts before making any investment decisions.
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Published: 27 Mar 2024, 12:39 PM IST
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