India’s first cyber security company TAC Security’s IPO receives subscription bids worth $1 Billion

• The QIB portion was subscribed 142 times, the NII portion was subscribed 769 times and the Retail individual investors (RII) quota was subscribed 434 times bringing the overall subscription to 422 times
• The IPO openedon March 27 and closed today, April 02, 2024
• Beeline Capital Advisors Private Limited is the sole Book Running Lead Manager and SpreadX Securities Private Limited is the market maker to the Issue

April 02,2024:The Initial Public Offer (IPO) of TAC Security (“TAC Infosec Limited” or “The Company”) received an overwhelming response from the investors as it recorded 433 times subscription until the final day of bidding, generating a staggering amount of $1 billion. The company aimed to raise Rs. 29.99crore from the issue that was floated between March 27 and April 02, 2024.

While the Qualified Institutional Buyer (QIB) portion of the issue was subscribed 142 times, the NII quota was subscribed 769 times and the Retail Individual Investors (RII) quota was subscribed 434 times, bringing the overall subscription to 422 times till the final day of bidding on Tuesday, April 02, 2024.

The price band of the issue was fixed at Rs. 100-106/- per Equity Share witha face value of Rs. 10 apiece.The IPO comprisedof fresh issue of 28.29 lakh Equity Shareswith a face value of Rs. 10/- through the book-building route.The minimum lot size for the application is 1,200 Equity Shares. The company is proposed to be listed on NSE Emerge.

Beeline Capital Advisors Private Limited is the sole Book Running Lead Manager and SpreadX Securities Private Limited is the market maker to the issue.

TAC Security is looking to raise approximately Rs. 29.99 crore from the offering. It proposes to use the net proceeds from the IPO to invest in human resources and product development to support organic growth in India and investment in TAC Security INC. (Delaware, USA) to hire skilled personnel for organic growth outside India. The remaining capital will be used for general corporate purposes.

The company, backed by stock market maven Vijay Kedia, offers risk-based vulnerability management and assessment solutions, cybersecurity quantification and Penetration testing to organisations of any scale, size, and business through the “SaaS model”.

TAC Security was founded by the millennial entrepreneur Trishneet Arora. With extensive experience in cybersecurity and vulnerability management, the founder has been steering the company’s business growth strategy. Trishneet Arora, 30, is accredited with numerous recognitions and awards, including GQ’s Top 50 Most Influential Young Indians in 2017, Entrepreneur of the Year in 2020 and Leaders of Tomorrow in 2018 and 2022 by St. Gallen Symposium, Switzerland.  He was also featured on the coveted Forbes “30 Under 30” Asia 2018 list and Fortune India’s “40 Under 40” list twice in 2018 and 2021.

For more information, please visit: https://tacsecurity.com/

Disclaimer: TAC Infosec Limited is proposing, subject to applicable statutory and regulatory requirements, receipt of requisite approvals, market conditions and other considerations, to make an initial public offer of its Equity Shares and has filed the RHP with the NSE Emerge. The RHP is available on the website of BRLM,website of NSE and website of the Company. Any potential investors should note that investment in equity shares involves a high degree of risk, and for details relating to the same, please refer to the RHP, including the section titled “Risk Factors”, beginning on page 28.

The Equity Shares have not been and will not be registered under the U.S. Securities Act of 1933, as amended (the “Securities Act) or any state securities laws in the United States, and unless so registered, and may not be issued or sold within the United States, except pursuant to an exemption from, or in a transaction not subject to, the registration requirements of the Securities Act and in accordance with any applicable U.S. state securities laws. The Equity Shares are being issued and sold outside the United States in ‘offshore transactions in reliance on Regulation “S* under the Securities Act and the applicable laws of each jurisdiction where such issues and sales are made. There will be no public offering in the United States.

(This story has not been edited by News Mania staff and is published from a Media Release)