The TAC Infosec IPO, which opened for subscription on Wednesday, March 27, is set to conclude on Tuesday, April 2. With a lot size of 1,200 equity shares and a price band of ₹100 to ₹106 per share, the IPO has garnered significant attention from investors.
Prior to the IPO launch, on Tuesday, March 26, TAC Infosec raised ₹8.55 crore from anchor investors by selling 8.06 lakh equity shares at ₹106 each. Notable investors participating in the anchor book include 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.
According to the red herring prospectus (RHP), TAC Infosec employs a “SaaS model” to offer cybersecurity quantification, risk-based vulnerability management and assessment solutions, penetration testing services, and collaboration with organizations of various sizes. Its listed peers include Sigma Solve Limited, Infobeans Technologies Limited, and Dev Information Technology Limited.
The company witnessed substantial growth in its financial performance between March 31, 2022, and March 31, 2023, with a 735.05% increase in profit after tax (PAT) and a 93.7% rise in revenue.
As of day 3, the TAC Infosec IPO subscription status stands at 59.90 times, with strong interest from retail investors, whose portion was subscribed 100.43 times, and non-institutional buyers, subscribed 41.66 times. Qualified institutions buyers (QIBs) subscribed 2.67 times.
The IPO, valued at about ₹29.99 crore, comprises a new issuance of 2,829,600 equity shares. The proceeds will be utilized for product development, human resources investments, acquiring TAC Security Inc., and general commercial objectives.
With the TAC Infosec IPO generating a grey market premium (GMP) of +125, indicating a premium of ₹125 per share, investors anticipate a strong listing. Analysts suggest an estimated listing price of ₹231 apiece, significantly higher than the IPO price of ₹106.
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