Market News
2 min read | Updated on March 22, 2024, 18:49 IST
SUMMARY
TAC Security IPO will be open for bidding from March 27 to April 2, 2024. The ₹29.99 crore public offer, which has set a price band of ₹100-₹106 per equity share, will be listed on the NSE SME platform.
The IPO will be a fresh issue of 28,29,600 shares.
The initial public offering (IPO) of TAC Security will be open for subscription from March 27 to April 2, 2024. The company, backed by ace investor Vijay Kedia, on a successful listing, will become the first pure-play cyber security stock on Indian stock exchanges.
The ₹29.99 crore IPO, which has set a price band of ₹100-₹106 per equity share, will be listed on the NSE SME platform. The anchor investors can place their bids on March 26.
The public offer will be a fresh issue of 28,29,600 shares. Beeline Capital Advisors is the book-running lead manager for the issue.
The proceeds from the issue will be used to invest in human resources (HR) and product development, as well as TAC Security INC, Delaware, USA, and general corporate purposes.
TAC Security provides risk-based vulnerability management and assessment solutions, cybersecurity quantification and services of penetration testing to organisations of any scale, size, and business through the SaaS model.
According to the IPO prospectus, as of September 2023, the company depends on the top 1% of its customers for 82.55% of its revenue and the top 10 for 96% of its revenue.
"The loss of one or more of these significant or key customers or a reduction in the amount of business we obtain from them could have an adverse effect on our business, results of operations, financial condition and cash flows," the company said in its IPO prospectus.
After the IPO, promoters Trishneet Arora and Charanjit Singh will hold 54.02% and 2.92% stakes in the company, respectively. Vijay Kedia and his son Ankit will hold 10.95% and 3.65% stakes.
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