TAC Infosec IPO to open on March 27; sets price band at Rs 100-106 per share

TAC Infosec Ltd, a global leader in risk and vulnerability management, on Thursday fixed a price band of Rs 100-106 per share for its Initial Public Offering (IPO).

The initial share sale will open for public subscription on March 27 and conclude on April 2. Bidding for the anchor investors will open a day on March 26, the company statement said.

The shares of the company will be listed on NSE's small and medium enterprises platform Emerge.

The IPO comprises a fresh issue of 28,29,600 equity shares with a face value of Rs 10 each through the book-building route.

At the upper end of the price band, the company intends to raise up to Rs 29.9 crore.

The company proposes to use the net proceeds from the IPO to acquire TAC Security Inc (Delaware, USA) and make it a wholly-owned subsidiary thereon.

It will also utilise the proceeds to invest in human resources and product development to support organic growth in India and the remaining will be used for general corporate purposes.

Investors can bid for a minimum of 1,200 equity shares and in multiples of 1,200 equity shares thereafter.

TAC Security was founded by Trishneet Arora. The company is backed by stock market maven Vijay Kedia, 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'.

Beeline Capital Advisors Pvt Ltd is the sole book-running lead manager, and Skyline Financial Services is the registrar for the issue.

Catch the latest stock market updates here. For all other news related to business, politics, tech and auto, visit Zeebiz.com.