Cybersecurity solutions provider TechD Cybersecurity, which is backed by investor Vijay Kedia, garnered strong interest from investors as its public issue was subscribed 88.92 times in the last two sessions till September 16.
Investors have subscribed for 12.85 crore shares compared to the offer size of 14.45 lakh shares via 75,395 applications.
The public issue will close on September 17.
The company is raising Rs 38.99 crore via initial public offering (IPO) of 20.2 lakh shares with price band of Rs 183-193 per share, of which it already mobilised Rs 11.09 crore via anchor book of 5.74 lakh shares on September 12.
TechDefence Labs intends to utilise IPO proceeds for investment in human resources, setting up Global Security Operation Centre (GSOC) at Ahmedabad, and general corporate purpose.
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The company will finalise the IPO share allotment by September 18, while their shares will be available for trading on the NSE Emerge with effect from September 22.
Incorporated in 2017, TechDefence, which seeks valuation of Rs 144 crore, provides cybersecurity solutions to several clients including Adani Group, Zensar Technologies, Astral, Kedia Capital, 1 Cyber Valley, ETO Gruppe Technologies GmbH, and IQM Corporation.
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