India's TAC Security's $1 Billion IPO Subscription Makes History

By siliconindia  |  Wednesday, 03 April 2024, 11:19:14 AM IST

India's TAC Security's $1 Billion IPO Subscription Makes History
In a landmark achievement for India's cybersecurity sector, TAC Security, the trailblazing firm in the field, has witnessed an extraordinary response to its Initial Public Offering (IPO), with subscription bids soaring to an astounding $1 billion.
Commencing its IPO journey on March 27 and concluding today, April 02, 2024, TAC Security experienced an overwhelming demand from investors across all categories, setting a remarkable milestone in the nation's financial landscape.
The Qualified Institutional Buyer (QIB) segment witnessed a staggering oversubscription of 142 times, while the Non-Institutional Investor (NII) portion saw an unprecedented 769 times oversubscription. Retail individual investors (RIIs) also displayed remarkable enthusiasm, subscribing at a remarkable rate of 434 times their allocated quota, contributing to the overall subscription reaching an impressive 422 times.
With an aim to raise Rs 29.99 crore, the IPO featured a price band of Rs 100-106 per Equity Share, each with a face value of Rs 10. The offering comprised a fresh issue of 28.29 lakh Equity Shares through the book-building route, with a minimum lot size of 1,200 Equity Shares. TAC Security is poised to be listed on NSE Emerge, marking a significant milestone in its journey.
The sole Book Running Lead Manager for the IPO was Beeline Capital Advisors Private Limited, while SpreadX Securities Private Limited acted as the market maker, facilitating the process with expertise and precision.
TAC Security intends to channel the net proceeds from the IPO into strategic areas, primarily focusing on investments in human resources and product development. This includes bolstering organic growth in India and hiring skilled personnel to fuel expansion outside India through its subsidiary, TAC Security INC. (Delaware, USA). The remaining capital will be directed towards general corporate purposes, ensuring sustained growth and innovation.
Founded by the visionary entrepreneur Trishneet Arora, TAC Security offers cutting-edge risk-based vulnerability management and assessment solutions, cybersecurity quantification, and penetration testing through a Software as a Service (SaaS) model. Trishneet Arora, aged 30, has been instrumental in shaping the company's trajectory, leveraging his extensive expertise in cybersecurity and vulnerability management.
Trishneet Arora's leadership has garnered widespread recognition, with accolades including being named one of GQ's Top 50 Most Influential Young Indians in 2017 and Entrepreneur of the Year in 2020. He has also been honored twice with the Leaders of Tomorrow award by the St. Gallen Symposium, Switzerland, in 2018 and 2022. Additionally, he has been featured on prestigious lists such as Forbes ‘30 Under 30’  Asia 2018 and Fortune India's ‘40 Under 40’ in 2018 and 2021, solidifying his status as a prominent figure in the global cybersecurity landscape.

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