The public offering will consist entirely of fresh shares amounting to 28.3 lakh
India’s first pure-play cybersecurity company, Tac Security, backed by ace investor Vijay Kedia, is gearing up for its initial public offering (IPO) scheduled to open for bids on March 27. If successful, Tac Security will make history as the first of its kind to be listed on Indian stock exchanges.
Founder Trishneet Arora will retain a significant 54.02 per cent stake in the company post-IPO, followed by Kedia with 10.95 per cent and his son Ankit with 3.65 per cent. Additional stakeholders include Charanjit Singh and Subinder Jeet Singh Khurana, holding 2.92 percent and 1.46 per cent stakes respectively.
The public offering will consist entirely of fresh shares amounting to 28.3 lakh. Priced in the range of Rs 100-106 per share, the IPO will close on April 2, with the anchor portion set to open on March 26. Upon listing, Tac Security shares will be available on the NSE SME platform.
Proceeds from the IPO will primarily be allocated towards bolstering human resources and product development to support organic growth in India. Additionally, investments in Tac Security INC, Delaware, USA, are planned to recruit skilled personnel for further organic growth beyond India. Remaining capital will be channeled towards general corporate purposes. It’s notable that the company’s revenue is heavily dependent on a few key customers, with 82.55 percent coming from its top customer and 91.65 percent from its top five, as of September 2023.
Tac Security reported a total revenue of Rs 5.02 crore in the first half of FY24, with a profit (PAT) of Rs 1.94 crore. For FY23, its PAT stood at Rs 5.07 crore on a revenue of Rs 10 crore. Beeline Capital Advisors will serve as the book-running lead manager, while Skyline Financial Services will act as the registrar for the issue. Trishneet Arora and Charanjit Singh are the promoters of the company.
Tac Infosec specialises in risk-based vulnerability management and assessment solutions, offering cybersecurity quantification and penetration testing services to organizations domestically and internationally. Their services are accessible through the Software as a Service (SaaS) model, catering to entities of all scales and sizes.
