Vijay Kedia-backed cybersecurity solutions provider TechD Cybersecurity's initial public offering has garnered overwhelming response from investors on September 15, the first day of bidding.
The public issue was subscribed 12.52 times with investors bidding 1.81 crore equity shares against the offer size of 14.45 lakh shares via 12,490 applications.
The offer will remain open till September 17, while the IPO share allotment will be finalised by September 18. TechD Cybersecurity shares will be available for trading on the NSE Emerge effective September 22.
The cybersecurity firm is raising Rs 38.99 crore via initial share sale of 20.20 lakh shares which consists of entirely fresh issue. The price band for the offer is Rs 183-193 per share.
It has already mobilised Rs 11.09 crore by allotting 5.74 lakh shares to three anchor investors - Nine Alps Opportunity Fund, Vira Bharat Opportunities Fund, and North Star Opportunities Fund, on September 12.
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The Gujarat-based company intends to utilise IPO proceeds for investment in human resources, setting up Global Security Operation Centre (GSOC), and general corporate purpose.
Promoters hold 86.61 percent stake in TechD Cybersecurity, while the remaining 13.39 percent shares are owned by public shareholders including ace investor Vijay Kishanlal Kedia (7.2 percent), and Ativir Financial Services (1.25 percent).
GYR Capital Advisors is acting as the merchant banker for the TechD Cybersecurity IPO.
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