TAC Infosec IPO on Tuesday, March 26, raised ₹8.55 crore by selling 8.06 lakh equity shares to its anchor investors for ₹106 per. Renowned investors including Astorne Capital VCC, Zinnia Global Fund PCC – Cell Dewcap Fund, LC Radiance Fund VCC, Beacon Stone Capital VCC – Beacon Stone I, and NAV Capital VCC – NAV Capital Emerging Star Fund subscribed to the anchor book.
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The firm leverages the “SaaS model” to deliver cybersecurity quantification, risk-based vulnerability management and assessment solutions, penetration testing services, and working with organisations of all sizes, as stated in the company’s red herring prospectus (RHP).
The company provides security software solutions and products both nationally and globally. The company’s clientele comprises of financial institutions and banks, regulatory and governmental bodies, as well as large corporations (including business offices) such as DSP Investment Managers Private Limited, Motilal Oswal Financial Services Limited, NSDL e-Governance, HDFC, Bandhan Bank, BSE, National Payments Corporation of India, and BSE.
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.
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 IPO subscription status
TAC Infosec IPO subscription status is 20.88 times, on day 2, so far. The issue has received positive response from retail investors who’s portion set was subscribed 35.37 times, and non-institutional buyers who’s portion set was subscribed 11.37 times, according to data on chittorgarh.com. Qualified institutions buyers (QIBs) subscribed 2.67 times.
The company has received bids for 3,92,89,200 shares against 18,81,600 shares on offer, at 15:35 IST, according to data on chittorgarh.com.
The issue was subscribed 10.34 times on day 1.
Also Read: TAC Infosec IPO: Price band, issue size, key dates, other details to know
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.
The following objectives will be fulfilled with the purpose of the issue: investing in human resources and product development; purchasing TAC Security Inc. (Delaware, USA) and turning it into a fully owned subsidiary; and general business aims.
The TAC Infosec IPO’s registrar is Skyline Financial Services Private Ltd, and the book running lead manager is Beeline Capital Advisors Pvt Ltd. X Securities is the market maker.
The company’s promoters are Charanjit Singh and Trishneet Arora. 74% of TAC Security is owned by its founder and CEO, Trishneet Arora. Renowned investor in the stock market Vijay Kishanlal Kedia has 15% of the company’s stake. Ankit Vijay Kedia owns 5% stake, Charanjit Singh owns 4%, and Subinder Jeet Singh Khurana owns 2%.
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%.
TAC Infosec IPO GMP today
TAC Infosec IPO GMP or grey market premium is +103. This indicates TAC Infosec share price were trading at a premium of ₹103 in the grey market, according to investorgain.com.
The expected listing price of TAC Infosec shares was indicated at ₹209 apiece, which is 97.17% higher than the IPO price of ₹106, taking into account the top end of the IPO pricing band and the present premium on the grey market.
According to grey market activity for the previous nine sessions, the IPO GMP is going upward and a robust listing is anticipated. According to analysts at investorgain.com, the lowest GMP is ₹0 and the maximum GMP is ₹105.
‘Grey market premium’ indicates investors’ readiness to pay more than the issue price.
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: 28 Mar 2024, 03:48 PM IST
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