Vijay Kedia-backed TAC Infosec IPO closes with massive subscription, issue booked over 400 times on last day

TAC Infosec Limited IPO closed with an overwhelming subscription from the investors on the last day of bidding on Tuesday, April 2. The initial public offer of the ace investor Vijay Kedia-backed cyber security firm was booked more than 422 times, led by strong demand by retail investors.

The public issue received bids for more than 79.42 crore shares compared to 18.81 lakh shares on offer, the NSE data showed.

The ₹29.99-crore public offer saw a strong demand across categories. The qualified institutional buyers’ (QIBs) portion was booked 141.4 times. Investors submitted bids for over 7.59 crore shares compared to 5.37 lakh shares on offer in the segment. The non-institutional investors (NIIs) submitted bids for 31 crore shares against 4.03 lakh shares available for the category. The NII portion of the issue was bought over 769.2 times.

Retail investors were particularly upbeat about the NSE SME IPO, submitting bids for over 40.81 crore shares compared to 9.4 lakh shares on offer for them. The retail quota of the Tac Infosec IPO was subscribed 433.7 times. The company had previously raised ₹8.55 crore from anchor investors on March 2.

TAC Infosec IPO share allotment status and listing

The TAC Infosec IPO subscription was live between March 27 and April 2. Now, the company is expected to finalise the IPO share allotment on Wednesday, April 3. The credit of allotted shares into the demat account of successful bidders, along with refunds for non-allottees, is expected on April 4.

Shares of TAC Infosec are tentatively scheduled to be listed on NSE SME platform on Friday, April 5.

TAC Infosec IPO Details

TAC Infosec IPO is a 100% book-built issue consisting of a fresh issue of 8,29,600 equity shares. The issue size includes a market maker portion of 1,41,600 equity shares and an anchor portion of 8,06,400 shares. There is no offer for sale (OFS) component in TAC Infosec IPO.

TAC Infosec has reserved 50% of the net issue for QIBs, 15% for non-institutional investors and 35% for retail buyers.

The company has set the TAC Infosec IPO price band in the range of ₹100-₹106 at face value of ₹10. Retail investors could have submitted their bids in the IPO with a minimum lot size of 1,200 equity shares, amounting ₹ 1,27,200, and in multiples thereof. The maximum investment amount for retail investors was capped at ₹2 lakh.

Skyline Financial Services Private Limited has been appointed as the registrar for the IPO whereas Beeline Capital Advisors is the book-running lead manager for the issue.

Proceeds from the public issue will be invested by the company in human resources (HR) and product development, as well as TAC Security INC, Delaware, USA. A part of the money raised will be utilised towards general corporate purposes

About TAC Infosec Ltd

TAC Infosec is a software product and solutions company, having a global presence. The company offers risk-based vulnerability management and assessment solutions, cybersecurity quantification and services of Penetration testing to organisations through “SaaS model”.

Ace investor Vijay Kishanlal Kedia holds a 15% pre-issue stake in the firm while Ankit Vijay Kedia owns 5%. The company’s promoters presently hold a 74% stake in TAC Infosec.

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