TAC Infosec IPO Oversubscribed 393 Times

New Delhi, Apr 2 (PTI) TAC Infosec's initial share sale received an overwhelming response from the investors as it received 392.56 times subscriptions on the last day of the offer on Tuesday.

The initial public offering (IPO) of TAC Infosec received bids for 79,42,29,600 shares against 20,23,200 equity shares on offer, according to the NSE data.

The category for qualified institutional buyer (QIB) got 37.54 times subscription, while the quota for non-institutional investors (NII) was subscribed 153.30 times, and the Retail Individual Investors (RII) portion got 201.71 times subscription.

The price band of the public issue has been fixed at Rs 100-106 per share.

The IPO is only a fresh issue of 28.29 lakh equity shares with a face value of Rs 10 each.

Proceeds from the issue will be used to invest in human resources and product development to support organic growth in India. Further, it will also use the proceeds to invest in TAC Security Inc (Delaware, USA) to hire skilled personnel for organic growth and the remaining will be used for general corporate purposes.

Backed by stock market maven Vijay Kedia, the company offers risk-based vulnerability management and assessment solutions, cybersecurity quantification and penetration testing to organisations of any scale, size, and business through the "SaaS model".

TAC Security was founded by Trishneet Arora.

Beeline Capital Advisors Pvt Ltd is the sole book-running lead manager and SpreadX Securities is the registrar to the issue.