NSE SME TAC Infosec encrypts success with stellar debut

Shares of TAC Infosec were quoting at Rs 304.50 on the NSE, a premium of 187.26% compared with the issue price of Rs 106.

The scrip was listed at Rs 290, a premium of 173.58% compared with the initial public offer (IPO) price. The stock is currently stuck at an upper limit of 5% over its listing price.

The counter hit a high of Rs 304.50 and a low of Rs 290. About 13.62 lakh shares of the company changed hands at the counter.

TAC Infosec's IPO was subscribed 281 times. The issue opened for bidding on 27 March 2024 and it closed on 2 April 2024. The price band of the IPO was fixed at Rs 100 to Rs 106 per share.

The IPO comprised fresh issue of 28,29,600 equity shares. The promoter and promoter group shareholding diluted to 56.94% from 78% pre-IPO.

The company intends to utilise the net proceeds for acquisition of TAC Security Inc (Delaware, USA) and making it wholly owned subsidiary thereon, investment in human resources and product development and general corporate purpose.

Ahead of the IPO, TAC Infosec on 26 March 2024, raised Rs 8.54 crore from anchor investors. The board allotted 8.06 lakh shares at Rs 106 per share to 5 anchor investors.

TAC Infosec is a cybersecurity company offering risk management, assessment, and penetration testing services (SaaS model). Their clients include banks, government agencies, and large enterprises. Their flagship product, ESOF, is a vulnerability management platform with a variety of tools for web applications, data, compliance, and risk assessment. As of September 2023, they have 56 employees.

The company recorded revenue from operations of Rs 5.02 crore and net profit of Rs 1.94 crore for the period as on 30 September 2023.

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