TAC Security aimed to raise Rs. 29.99 crore through the IPO, which comprised a fresh issue of 28.29 lakh Equity Shares with a face value of Rs. 10 each
TAC Security, has received receiving a whopping $1 billion in subscription bids with its Initial Public Offering (IPO),. The IPO, which opened on March 27 and closed on April 2, 2024, saw an overwhelming response from investors.
The breakdown of subscription bids reveals the staggering demand: the Qualified Institutional Buyer (QIB) portion was oversubscribed 142 times, the Non-Institutional Investor (NII) portion an astonishing 769 times, and the Retail Individual Investors (RII) quota reached 434 times. This brought the overall subscription to a remarkable 422 times.
TAC Security aimed to raise Rs. 29.99 crore through the IPO, which comprised a fresh issue of 28.29 lakh Equity Shares with a face value of Rs. 10 each. The price band was set at Rs. 100-106 per Equity Share. Notably, the minimum lot size for application was 1,200 Equity Shares.
The company plans to utilise the net proceeds from the IPO for strategic purposes. This includes investments in human resources and product development to foster organic growth within India, as well as funding for TAC Security INC. in the United States to bolster growth outside India. The remaining capital will be allocated for general corporate purposes.
TAC Security, known for its risk-based vulnerability management and assessment solutions, cybersecurity quantification, and penetration testing, operates on a Software-as-a-Service (SaaS) model, catering to organizations of various sizes and industries.
Founded by millennial entrepreneur Trishneet Arora, TAC Security benefits from his extensive experience in cybersecurity and vulnerability management. Arora, aged 30, has been instrumental in shaping the company’s growth strategy. He has earned accolades such as GQ’s Top 50 Most Influential Young Indians in 2017, Entrepreneur of the Year in 2020, and recognition from St. Gallen Symposium, Switzerland, as a Leader of Tomorrow in 2018 and 2022. Arora has also been featured on prestigious lists including Forbes “30 Under 30” Asia 2018 and Fortune India’s “40 Under 40” twice, in 2018 and 2021.
The IPO was managed by Beeline Capital Advisors Private Limited as the sole Book Running Lead Manager, with SpreadX Securities Private Limited serving as the market maker. TAC Security is set to be listed on the NSE Emerge.
