28 March 2024 – The first public offering (IPO) of SaaS cybersecurity firm TAC Infosec was oversubscribed 9.31X on the first day on Wednesday, March 27, mostly due to strong demand from individual investors. NSE data indicates that offers for the offering totaled 20.23 lakh shares, but bids for 1.88 crore shares were received. The part of the retail individual investor (RII) quota that attracted bids for 1.5 Cr shares, as opposed to the 9.4 Lakh shares that were on sale, was oversubscribed by 15.9X. Similar to this, bids for 24.13 lakh shares were placed against the 4.03 lakh shares that were offered under the non-institutional investor (NII) quota.
On the first day of the public offering, qualified institutional buyers (QIBs) showed the least amount of interest since the part was oversubscribed by 2.6X. QIBs placed a bid for 14.2 lakh shares out of the 5.37 lakh shares available.
The initial public offering (IPO) will now conclude on April 2 and list on NSE Emerge, the platform dedicated to small and medium-sized firms (SMEs).
Conclusion
The public offering is issuing 28,29,600 equity shares, of which 1.41 lakh are reserved for the market maker. TAC Infosec hopes to collect around INR 29.9 Cr at the upper end of the pricing band.
