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Business News/ Markets / Ipo/  Vijay Kedia backed TAC Security files IPO papers with SEBI, to list with NSE Emerge
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Vijay Kedia backed TAC Security files IPO papers with SEBI, to list with NSE Emerge

TAC Security files Draft Red Herring Prospectus (DRHP) with SEBI for IPO. TAC Security plans to list shares on NSE Emerge platform through IPO.

TAC Security has filed for an IPO with SEBI. (https://tacsecurity.com/)Premium
TAC Security has filed for an IPO with SEBI. (https://tacsecurity.com/)

TAC Infosec Limited, known as TAC Security, has filed a Draft Red Herring Prospectus (DRHP) with the Securities and Exchange Board of India (SEBI) for an Initial Public Offer (IPO). The company's shares are proposed to be listed on NSE Emerge platform.

The company's business is to provide risk-based vulnerability management and assessment solutions, cybersecurity quantification, and penetration testing services to businesses of all kinds using the "SaaS model," as per company's DRHP.

Also Read: TAC Security raises Pre-Series ‘A’ funding from Vijay Kedia

The IPO consists of a fresh issue of 28,29,600 equity shares, each having a face value of 10.The company intends to use the net proceeds from the IPO to acquire TAC Security Inc., based in Delaware, USA, and turn it into a wholly owned subsidiary. To strengthen its skills in product creation, it also intends to make investments in human resources and product development. The remainder of the funds will be used for general corporate purposes.

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With a 74% ownership, Trishneet Arora is the founder and CEO of TAC Security as well as its major stakeholder. Well-known stock market investor Vijay Kishanlal Kedia holds a 15% stake in the business. Ankit Vijay Kedia, Charanjit Singh and Subinder Jeet Singh Khurana hold 5%, 4% and 2% stakes, respectively.

Also Read: Nova AgriTech IPO: GMP, subscription status, review, other details. Should you apply as bidding ends today?

Prominent experts, including former National Cybersecurity Coordinator at Prime Minister's Officer, Lt. General (Dr.) Rajesh Pant, Dr. Siva Subramanian, Subinder Khurana, and US Army Brigadier General Raphael Warren, have joined TAC Security's advisory board.

TAC Security ended the first half of the current fiscal year on September 30, 2023, with a total revenue of 5.31 crore and profit (PAT) of 1.94 crore. The company's revenue grew from 5.23 crore in FY22 to 10.14 crore in FY23. Compared to 60.75 lakh in FY2022, it had a profit (PAT) of 5.07 crore in FY23.

The book running lead manager for the issue is Beeline Capital Advisors Private Limited, and the registrar is Skyline Financial Services Private Limited.

Also Read: Konstelec Engineers IPO allotment to be finalised today; GMP rises, steps to check Konstelec IPO allotment status

Disclaimer: The views and recommendations above are those of individual analysts, experts and broking companies, not of Mint. We advise investors to check with certified experts before making any investment decision.

 

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Published: 25 Jan 2024, 11:51 AM IST
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