The IPO, which consisted of a fresh issue of 28.29 lakh equity shares with a face value of Rs. 10/- per share, was conducted through the book-building route
On April 5th, 2024, TAC Security, a prominent cybersecurity firm, marked its entrance into the NSE Emerge platform with an impressive debut. The company’s stock soared to Rs. 290/- upon listing, reflecting a remarkable 174 per cent premium over its initial public offering (IPO) price of Rs. 106/- per share.
Earlier in the week, TAC Security’s IPO had attracted considerable investors, with the Qualified Institutional Buyers (QIBs) oversubscribing by 142 times, Non-Institutional Investors (NIIs) by 769 times, and Retail individual investors (RIIs) by 434 times. The overall subscription rate reached a staggering 422 times, with bids totaling over $1 billion by the closing date of April 2nd.
The IPO, which consisted of a fresh issue of 28.29 lakh equity shares with a face value of Rs. 10/- per share, was conducted through the book-building route. Beeline Capital Advisors Private Limited acted as the Book Running Lead Manager, while Skyline Financial Services Private Limited served as the Registrar for the issue.
Key investors, including NAV Capital VCC – NAV Capital Emerging Star Fund, Astorne Capital VCC, Beacon Stone Capital VCC – Beacon Stone I, Zinnia Global Fund PCC – Cell Dewcap Fund, and LC Radiance Fund VCC, participated in the anchor book subscription. Notably, the company allocated shares across different categories, including 1.41 lakh equity shares for Market Maker, 4.03 lakh equity shares for NIIs, 13.44 lakh equity shares for QIBs (including Anchor Reservation), and 9.4 lakh equity shares for Retail investors. The lot size was set at 1,200 shares.
The IPO aimed to raise Rs. 29.99 crore, with plans to utilise the net proceeds for strategic investments in human resources and product development to bolster organic growth in India. Additionally, funds were earmarked for investment in TAC Security INC. (Delaware, USA) to facilitate the recruitment of skilled personnel for international expansion. The remaining capital would be allocated for general corporate purposes.
TAC Security, founded by millennial entrepreneur Trishneet Arora, offers risk-based vulnerability management and assessment solutions, cybersecurity quantification, and penetration testing through a Software as a Service (SaaS) model. Arora, aged 30, boasts extensive experience in cybersecurity and vulnerability management, driving the company’s business growth strategy.
Arora has been recognised with numerous accolades, including being named one of GQ’s Top 50 Most Influential Young Indians in 2017, Entrepreneur of the Year in 2020, and a recipient of the Leaders of Tomorrow award in 2018 and 2022 by the St. Gallen Symposium, Switzerland. He has also been featured on Forbes’ “30 Under 30” Asia 2018 list and Fortune India’s “40 Under 40” list twice, in 2018 and 2021.
