return to news
  1. News
    /
  2. Market News
    /
  3. IPO
    /
  4. Vijay Kedia backed TAC Infosec IPO subscribed over 86 times on final day: Check latest subscription status

Vijay Kedia backed TAC Infosec IPO subscribed over 86 times on final day: Check latest subscription status

blog author image

Upstox

blog verification badge

3 min read • Updated: April 2, 2024, 1:59 PM

Facebook PageTwitter PageLinkedin Page

Summary

TAC Infosec IPO subscription is open from March 27 to April 2. The IPO price band has been fixed at ₹100-106 per share. TAC Infosec offers security software products and solutions in India and global markets.

TAC Security.jpeg
Vijay Kedia backed TAC Infosec IPO receives strong demand from investors, issue subscribed over 86 times on final day.

Ace investor Vijay Kedia-backed TAC Infosec’s initial public offer (IPO) was booked more than 86 times on the final day of bidding on Tuesday, April 2. The ₹29.99-crore public offer of cybersecurity company TAC Infosec received a strong response from retail as well as non-institutional buyers.

TAC Infosec IPO received applications for more than 16.33 crore equity shares as against 18.81 lakh equity shares on offer, as per the NSE data until 10:30 am.

Among investor categories, the qualified institutional buyers’ (QIBs) portion was booked around 2.68 times, bids for 14.41 lakh equity shares were received against 5.37 lakh shares on offer for them. The non-Institutional Investors’ (NIIs) category was subscribed more than 71 times as applications for more than 2.89 crore equity shares were received against 4,03,200 shares on offer for the segment.

The IPO received strong demand from retail investors. Shares set aside for retail individual investors received bids for over 13.56 crore shares against 9,40,800 equity shares on offer, wrestling in a whopping subscription of over 144 times.

Bidding for ₹29.99-crore TAC Infosec IPO opened on Wednesday, March 27. The IPO was fully booked on the first day itself with a subscription of more than 10 times, rising on strong demand from retail investors. The public offer was booked nearly 25 times on the second day.

The bidding for the TAC Infosec IPO closes on April 2 (Tuesday).

TAC Infosec IPO details

TAC Infosec IPO comprises a fresh issue of 28.3 lakh shares with no offer for sale (OFS) component. The price band has been fixed at ₹100-106 per share. The minimum lot size for retail investors is 1200 equity shares. The minimum investment amount is ₹1,27,200 for retail investors.

The company has proposed to use IPO proceeds for investment in product development. It also seeks to acquire US-based TAC Security Inc to make it a wholly-owned subsidiary and finance other general corporate objectives.

TAC Infosec raised ₹8.55 crore from anchor investors on March 26 ahead of the launch of the IPO. The company allotted 806,400 equity shares at a price of ₹106 per share - the upper limit of the price band.

To know more and apply for this IPO, click here

TAC Infosec IPO share allotment date and listing

TAC Infosec is expected to announce share allotment on April 3 (Wednesday). Investors can check the TAC Infosec IPO share allotment status on NSE website as well as the official website of IPO registrar Skyline Financial Services Private Ltd. TAC Infosec is expected to list shares on the NSE SME platform on Friday, April 5.

About TAC Infosec

TAC Infosec offers security software products and solutions in India and global markets. The company provides risk-based vulnerability management and assessment solutions, cybersecurity quantification and services of Penetration testing to organizations through “SaaS model”.

Market investor Vijay Kishanlal Kedia owns 15% of the stake in the firm while Ankit Vijay Kedia owns 5% of the stake (pre-IPO). Promoters have a 74% shareholding in the company.

To know more about IPOs listing, schedule and upcoming IPOs, click here