Stock market maven Vijay Kedia-backed cyber security company TAC Security on Friday made an impressive debut on the NSE Emerge, the SME platform of NSE. The stock was listed at Rs 290, at a premium of 174 per cent over the fixed price band of Rs 106.
Earlier this week, the issue had received significant response from the investors as the QIB portion was subscribed 142 times while the NII portion was subscribed 769 times and the Retail individual investors (RII) quota was subscribed 434 times. This brought the overall subscription to 422 times, until the final day of bidding on April 02, garnering bids worth over $1 billion.
The IPO comprised a fresh issue of 28.29 lakh equity shares with a face value of Rs 10 through the book-building route.
The company allotted 1.41 lakh equity shares for Market Maker, 4.03 lakh equity shares allocated for NIIs, 13.44 lakh equity shares for QIBs (including anchor reservation), and the Retail (RII) portion accounted for 9.4 lakh equity shares. The lot size was 1,200 shares.
TAC Security said it is looking to raise Rs 29.99 crore from the issue and proposes 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 its parent company TAC Security Inc. Delaware to hire skilled personnel for organic growth outside India.
The remaining capital will be used by the company for general corporate purposes.
TAC Security offers risk-based vulnerability management and assessment solutions, cybersecurity quantification and penetration testing to organisations through its SaaS model.
Despite geopolitical risks, rising interest rates, and volatile commodity prices, the Indian capital markets have remained one of the best performing among emerging markets in FY24, FE Aspire reported in March citing the Finance Ministry’s latest monthly economic review for February 2024.
According to the review, 345 companies were listed on stock exchanges from April 2023 to February 2024, of which 179 were SMEs that raised Rs 5,381 crore, hitting a new high. 68 were main board companies raising Rs 58,745 crore.