Vijay Kedia-backed Tac Security to be India's first pure-play cybersecurity IPO, opening on March 27

Tac Security IPO: The price band for the issue, which will close on April 2, has been fixed at Rs 100-106 per share.

Ace investor Vijay Kedia-backed Tac Security’s Rs 29.99-crore public issue is set to open for bids on March 27. If successful, it will be the first pure-play cyber security company to be listed on Indian stock exchanges.

After the IPO, founder Trishneet Arora will hold a 54.02 percent stake in the company, followed by Kedia with 10.95 percent and his son Ankit with 3.65 percent. Charanjit Singh and Subinder Jeet Singh Khurana will hold 2.92 percent and 1.46 percent stakes.

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The public offer will be entirely a fresh issue of 28.3 lakh shares. The price band for the issue, which will close on April 2, has been fixed at Rs 100-106 per share. The anchor portion will open on March 26 and the shares will be listed on the NSE SME platform.

The company plans to use the net proceeds from the IPO to invest in human resources and product development to support organic growth in India and investment in Tac Security INC, Delaware, USA, to hire skilled personnel for organic growth outside India. The remaining capital will be used for general corporate purposes.

The company is dependent on a few customers for sales. It gets 82.55 percent of its revenue from just one customer and 91.65 percent from its top five customers, as of September 2023.

The company reported a total revenue of Rs 5.02 crore in the first half of FY24 and a profit (PAT) of Rs 1.94 crore. In FY23, its PAT stood at Rs 5.07 crore on a revenue of Rs 10 crore.

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Beeline Capital Advisors is the book-running lead manager and Skyline Financial Services is the registrar for the issue.  Trishneet Arora and Charanjit Singh are the promoters of the company.

Tac Infosec offers risk-based vulnerability management and assessment solutions, cybersecurity quantification and services of penetration testing to domestic and international organisations of any scale, size, and business through the SaaS model.