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March 28, 2024

TAC Infosec’s IPO Oversubscribed 9.31 Times on Debut, Reflects Soaring Demand

The debut of TAC Infosec, a SaaS cybersecurity startup, witnessed an overwhelming response as its initial public offering (IPO) garnered an oversubscription of 9.31 times on its first day, Wednesday (March 27). The surge in demand, particularly from retail investors, underscores the growing interest in cybersecurity ventures.

According to data from the National Stock Exchange (NSE), the IPO received bids for 1.88 crore shares, significantly surpassing the 20.23 lakh shares on offer. Retail individual investors (RIIs) led the charge with a subscription rate of 15.9 times, as bids for 1.5 crore shares poured in against the 9.4 lakh shares available. Non-institutional investors (NIIs) also displayed robust interest, oversubscribing their quota by 24.13 lakh shares compared to the 4.03 lakh shares on offer.

In contrast, qualified institutional buyers (QIBs) exhibited relatively modest enthusiasm, with their portion oversubscribed by 2.6 times. Out of the 5.37 lakh shares allocated, QIBs bid for 14.2 lakh shares.

The IPO, scheduled to close on April 2, will list on NSE’s small and medium enterprises (SMEs) focused platform, NSE Emerge. TAC Infosec aims to raise approximately INR 29.9 crore at the upper end of the price band, set between INR 100-106 per share. The lot size for the offering is fixed at 1,200 equity shares.

The strong market debut follows TAC Infosec’s successful pre-IPO funding round, where it secured INR 8.55 crore from anchor investors.

TAC Infosec, founded in 2016 by Trishneet Arora, specializes in SaaS-based vulnerability management, cybersecurity quantification, and penetration testing solutions for businesses and small enterprises. The proceeds from the IPO will primarily be channeled towards product development, expansion of the workforce, and investment in its US-based subsidiary, TAC Security INC, aimed at bolstering its global presence. Additionally, a portion of the funds will cater to various corporate requirements.

Beeline Capital Advisors Private Limited serves as the book running lead manager for the IPO.

In terms of financial performance, TAC Infosec reported a profit after tax (PAT) of INR 1.94 crore in the first half (H1) of the financial year 2023-24 (FY24), compared to INR 5.07 crore for the entire FY23. Total revenues for the first six months of FY24 stood at INR 5.31 crore, down from INR 10.14 crore recorded in the fiscal year ended March 2023.

The overwhelming response to TAC Infosec’s IPO underscores investor confidence in the cybersecurity sector and signals a promising trajectory for the company as it embarks on its public market journey.

Jhumpa Lahiri

Jhumpa Lahiri

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