TAC Infosec
Book Building issueSME₹29.99 Cr issue
+173.58%
Listing gain over issue price
Issue size
₹29.99 Cr
1 lot at cut-off
₹1,27,200
Lot size
1,200shares
Open
27 Mar 2024
Close
02 Apr 2024
Allotment
03 Apr 2024
Listing
05 Apr 2024
Listing performance
Issue price
₹106
Listed at
₹290
Listing-day close
₹304.50
Latest price
₹336
Close on 23 Oct 2026
Listing gain
+173.58%
Return since issue
+533.96%
Scheduled dates
Tentative timetable — a past date is not confirmation the step completed
Issue details
- IPO date
- 27 Mar 2024 – 02 Apr 2024
- Listing date
- 05 Apr 2024
- Face value
- ₹10 per share
- Issue price
- ₹106 per share
- Lot size
- 1,200 shares
- Issue type
- Book Building issue
- Total issue size
- ₹29.99 Cr
- Market cap at offer price
- ₹111 Cr
- Promoter holding
- 78.00% → 56.94% pre-issue → post-issue
- ISIN
- INE0SOY01013
- Registrar
- Skyline Financial Services Pvt.Ltd.
- Lead managers
- Beeline Capital Advisors Pvt.Ltd.
- Registered office
- 8th Floor, Plot No.C-203, Industrial Focal Point, Phase 8B, Balongi, Rupnagar, S.A.S.Nagar, Punjab
Reservation and application size
How the issue is split between investor categories, and what each may bid
| Investor category | Shares | % of net | % of total |
|---|---|---|---|
| Anchor investor · within QIB | 8,06,400 | — | — |
| Market maker | 1,41,600 | — | — |
Application size
Minimum 1,200 shares per lot, in multiples, at ₹106
| Application | Lots | Shares | Amount |
|---|---|---|---|
| Retail (min) | 1 | 1,200 | ₹1,27,200 |
| S-HNI (min) | 2 | 2,400 | ₹2,54,400 |
| S-HNI (max) | 7 | 8,400 | ₹8,90,400 |
| B-HNI (min) | 8 | 9,600 | ₹10,17,600 |
Category limits
| Category | Bid size | Cut-off |
|---|---|---|
| Retail (RII) | Up to ₹2 lakh | Yes |
| Small HNI (sNII) | ₹2 lakh – ₹10 lakh | No |
| Big HNI (bNII) | Above ₹10 lakh | No |
| Employee | Up to ₹5 lakh | Yes |
Bidding at cut-off means accepting the final issue price without naming one. Only retail and employee applicants may do so.
Anchor investors
Institutional allocation placed a day before the issue opens, carved out of the QIB portion and locked in after listing.
Shares allocated
8,06,400
Anchor portion
₹8.55 Cr
at ₹106 per share
Valuation and performance
Valuation at offer price
₹106 per share
| Metric | Pre-issue | Post-issue |
|---|---|---|
| EPS (₹) | 6.63 | 3.72 |
| P/E (×) | 15.99 | 28.49 |
| Price to book (×) | 8.42 | — |
| Market cap | — | ₹111 Cr |
Key performance indicators
Latest reported period
- Return on net worth
- 20.24%
- ROCE
- 22.75%
- PAT margin
- 38.81%
- NAV per share
- ₹12.59
- Price to book
- 8.42
Single period as reported. Year-on-year movement is in the financials table below, where every period is published.
About TAC Infosec
TAC Infosec Limited, originally incorporated as a private limited company on August 1, 2016, was converted to a public limited company on December 29, 2023. The company is engaged in providing risk-based vulnerability management and assessment solutions, cybersecurity quantification, and penetration testing services to organizations of any scale and size through a SaaS model. Its flagship software product is ESOF (Enterprise Security in One Framework), launched in 2018, which comprises a vulnerability management platform with product portfolio including ESOF Appsec, ESOF VMP, ESOF VACA, ESOF PCI ASV, and ESOF CRQ. The company serves major customers including HDFC, Bandhan Bank, BSE, National Payments Corporation of India, DSP Investment Managers Private Limited, Motilal Oswal Financial Services Limited, and NSDL e-Governance. It offers security software products and solutions both in India and internationally.
Company Analysis
from RHPTAC Infosec is a cybersecurity company providing risk-based vulnerability management, assessment solutions, and penetration testing services through a SaaS model to banks, financial institutions, government bodies, and large enterprises in India and internationally.
TAC Infosec Limited, originally incorporated as a private limited company on August 1, 2016, was converted to a public limited company on December 29, 2023. The company is engaged in providing risk-based vulnerability management and assessment solutions, cybersecurity quantification, and penetration testing services to organizations of any scale and size through a SaaS model. Its flagship software product is ESOF (Enterprise Security in One Framework), launched in 2018, which comprises a vulnerability management platform with product portfolio including ESOF Appsec, ESOF VMP, ESOF VACA, ESOF PCI ASV, and ESOF CRQ. The company serves major customers including HDFC, Bandhan Bank, BSE, National Payments Corporation of India, DSP Investment Managers Private Limited, Motilal Oswal Financial Services Limited, and NSDL e-Governance. It offers security software products and solutions both in India and internationally.
CybersecurityInformation TechnologySoftware-as-a-Service (SaaS)Enterprise Security Solutions
Objects of the Issue
- Acquisition of TAC Security Inc (Delaware, USA) and making it Wholly Owned Subsidiary thereon ₹0.00 Lakhs p.22
- Investment in Human resources and Product Development ₹1,865.00 Lakhs p.22
- General Corporate Purposes [●] p.22
- Acquisition of TAC Security Inc (Delaware, USA) and making it Wholly Owned Subsidiary thereon ₹0.00 Lakhs p.74
- Investment in Human resources and Product Development ₹1,865.00 Lakhs p.74
- General Corporate Purposes [●] Lakhs p.75
- Funding of inorganic and organic growth through investment in Human resources and Product Development ₹ 1,865.00 Lakhs p.118
Issue Structure
- Total Issue
- 2829600 Equity Shares aggregating to ₹ [●] Lakhs
- Fresh Issue
- 2829600 Equity Shares of face value of ₹ 10/- each at a price of ₹ [●]/- per equity share aggregating to ₹ [●] lakhs
- Offer for Sale
- Nil - entire issue constitutes fresh issue of equity shares
- Price Band
- To be decided by the Company in consultation with the BRLM
- Lot Size
- [●] Equity Shares and in multiples of [●] Equity Shares thereafter
- Face Value
- ₹ 10/- each
Business Model
The company provides risk-based vulnerability management and assessment solutions, cybersecurity quantification, and penetration testing services through a SaaS (Software as a Service) model. Revenue is generated from providing these services to organizations including banks, financial institutions, government regulatory bodies and departments, and large-scale enterprises.
Business Segments
Provides vulnerability management platforms and assessment solutions to organizations
Flagship software product launched in 2018 consisting of vulnerability management platform with product portfolio including ESOF Appsec, ESOF VMP, ESOF VACA, ESOF PCI ASV, ESOF CRQ with applications ranging from vulnerability management solutions for web and application-based data, compliance assessment, and cyber risk quantification.
Unified Vulnerability Management Solution to Detect & Protect your Web and App Assets from risk-based vulnerabilities
Vulnerability management platform providing risk-based vulnerability management and assessment services
Identify, Evaluate, Prioritize, and Mitigate all the dominant vulnerabilities and risks in real-time across the entire IT landscape
Comprehensive and integrated solution to ensure compliance with PCI (Payment Card Industry) requirements
Provides financial risk assessment by way of quantification of cyber risk through Artificial Intelligence and Machine Learning
ESOF Platform comprising five product portfolios: ESOF Appsec (Unified Vulnerability Management Solution for Web and App Assets), ESOF VMP (Risk-based vulnerability management and assessment services), ESOF VACA (Vulnerability Assessment Configuration Assessment), ESOF PCI ASV (Comprehensive solution for PCI compliance), and ESOF CRQ (Cyber Risk Quantification providing financial risk assessment through AI and Machine Learning)
Penetration testing services, commonly known as pen testing, is a form of ethical hacking aimed at discovering and remediating security vulnerabilities in networks, systems, and applications. The company is a CREST certified company offering assurance to clients regarding the security of their data.
SaaS-based vulnerability management platform with products including ESOF Appsec (Unified Vulnerability Management Solution for web and app assets), ESOF VMP (Vulnerability management platform providing risk-based vulnerability management), ESOF VACA (Vulnerability Assessment Configuration Assessment), ESOF PCI ASV (comprehensive solution to ensure PCI compliance), and ESOF CRQ (Cyber Risk Quantification providing financial risk assessment)
Penetration testing services, commonly known as pen testing, is a form of ethical hacking aimed at discovering and remedying security vulnerabilities in networks, systems, and applications. Company is a CREST (Council for Registered Ethical Security Testers) certified company offering assurance to clients regarding the security of their data.
SWOT Analysis
Strengths
- • Engaged in risk-based vulnerability management with SaaS model products(p.21)
- • Strong customer base including major financial and government institutions(p.21)
- • Flagship ESOF product platform with multiple product portfolio(p.21)
- • Profitable operations with positive PAT growth(p.23)
- • Strong net worth position(p.23)
- • Strong revenue contribution from acquired subsidiary (TAC Security Inc, Delaware, USA)(p.81)
- • High profitability margins demonstrating operational efficiency(p.94)
- • Strong return on equity indicating efficient use of shareholder capital(p.94)
- • Modular, scalable platform architecture enabling efficient product development(p.83)
- • Continuous innovation track record with multiple product launches(p.83)
- • Founder-led company with experienced and professional leadership team(p.112)
- • Niche brand positioning in vulnerability management and cybersecurity quantification(p.112)
- • High-quality, user-friendly solutions with strong emphasis on product quality(p.112)
- • Consistent growth and profitability with strong EBITDA margins(p.112)
- • SaaS-based business model with diversified product portfolio under ESOF platform(p.114)
- • Strong customer base including major financial institutions and government entities(p.114)
- • Continuous product development and innovation capabilities(p.114)
- • Experienced management with 10+ years cybersecurity expertise(p.197)
- • SaaS-based business model with established product suite (ESOF platform)(p.197)
- • Strong client base including major financial and government institutions(p.197)
- • Strong profitability and returns on equity(p.197)
- • Low leverage with debt-to-equity ratio of 0.03(p.191)
- • 100% underwritten IPO with no minimum subscription risk(p.235)
- • Compulsory market making support for minimum 3 years post-listing(p.236)
- • Clear pathway for migration to NSE main board with achieved profitability criteria(p.235)
- • Dual depository connectivity (NSDL and CDSL) enabling full market reach(p.235)
Weaknesses
- • Highly concentrated customer base(p.31)
- • Excessive dependence on single largest customer(p.31)
- • Outstanding litigation against the company(p.30)
- • Trademark registration rejections limiting brand protection(p.31)
- • Historical non-compliance with Companies Act provisions(p.40)
- • Persistent delays in filing statutory returns(p.44)
- • Promoters depend on personal guarantees for company loans(p.33)
- • Leased premises with no ownership(p.38)
- • Severe customer concentration risk with largest customer representing 82.55% of revenue(p.94)
- • High dependence on export revenue creating currency and geopolitical vulnerability(p.85)
- • Small workforce and limited employee resources relative to service delivery requirements(p.83)
- • Volatile operating cash flows indicating working capital management challenges(p.94)
- • Declining client base trend(p.94)
- • Heavy concentration on top customers creating revenue dependency risk(p.117)
- • Small workforce of 56 employees limiting operational scale(p.122)
- • Limited formal educational background of co-promoter(p.141)
- • Declining revenue in recent period after acquisition of subsidiary(p.117)
- • Significant litigation involving promoter(p.146)
- • Heavy customer concentration with top customer representing 82.55% of revenue(p.207)
- • High employee cost relative to revenue(p.201)
- • Low cash generation from operations relative to profit(p.205)
- • SME board listing limits company profile and investor accessibility(p.237)
- • Mandatory minimum trading lot size creates liquidity constraints(p.236)
- • Post-issue paid-up capital capped at ₹25 crores unless migrating to main board(p.237)
Opportunities
- • Expansion into new geographic markets including overseas(p.33)
- • Investment in human resources and product development(p.20)
- • IT sector growth trajectory expected to reach 10% of India's GDP by 2025(p.21)
- • Large internet user base providing market opportunity(p.21)
- • India positioned as digital adoption leader(p.21)
- • Wholly owned subsidiary acquisition and international expansion(p.22)
- • Expansion into overseas markets through TAC Security Inc subsidiary to accelerate global growth(p.80)
- • Investment in human resources and product development to capture growing cybersecurity market(p.82)
- • Strong Indian IT and cybersecurity industry growth trajectory supporting market expansion(p.104)
- • Growing government focus on cybersecurity through National Cyber Security Policy and initiatives(p.107)
- • Emerging technologies (5G, IoT, AI/ML) creating new cybersecurity R&D opportunities(p.106)
- • Strengthening product development and R&D capabilities through IPO proceeds(p.113)
- • Leveraging AI and Machine Learning to enhance product capabilities(p.113)
- • Expanding product portfolio with new solutions like ESOF Ensure(p.113)
- • Pursuing international growth opportunities with established track record(p.114)
- • Expanding customer base through enhanced marketing and market reach(p.114)
- • Expanding product portfolio with new ESOF products (CRQ and PCI ASV)(p.207)
- • High export revenue growth and international market penetration(p.202)
- • Significant revenue growth trajectory with 95.71% YoY growth in FY 2022-23(p.202)
- • Potential main board migration if turnover and profitability milestones achieved within 2 years(p.235)
- • Accelerated T+3 listing timeline improves investor settlement and market liquidity(p.240)
- • UPI Phase III mechanism expands retail investor participation and broadens shareholder base(p.240)
- • Access to diverse investor base via multiple designated intermediaries and enhanced digital channels(p.262)
Threats
- • COVID-19 pandemic impact on business operations(p.45)
- • Intense competition in cybersecurity and IT services market(p.32)
- • Risk of technology obsolescence due to rapid changes(p.28)
- • Volatility in equity share price with no established trading market(p.46)
- • Foreign exchange fluctuation risks from international operations(p.33)
- • Changes in tax regulations affecting profitability(p.34)
- • Regulatory and compliance uncertainties in evolving legal environment(p.39)
- • Government policy changes and potential political instability(p.47)
- • Terrorist attacks and civil unrest affecting financial markets and business(p.47)
- • Intense competition in Indian cybersecurity and IT services market(p.75)
- • High employee attrition and recruitment costs in competitive IT labor market(p.84)
- • Foreign exchange fluctuation risks from significant export revenue exposure(p.85)
- • Regulatory changes and compliance requirements in cybersecurity sector(p.75)
- • Global economic slowdown and reduced IT spending impacting demand(p.98)
- • Competition from organized and unorganized players with greater resources(p.122)
- • Regulatory compliance challenges and evolving cybersecurity regulations(p.125)
- • Rapid technological change requiring continuous adaptation(p.125)
- • Change in government policy affecting cybersecurity and data localization requirements(p.125)
- • Data localization and regulatory compliance requirements increasing operational costs(p.121)
- • High dependence on few customers creates customer concentration risk(p.207)
- • Intense competition in cybersecurity market(p.207)
- • Regulatory and compliance risks in evolving cybersecurity landscape(p.200)
- • Potential loss of customers and revenue due to client dependence(p.200)
- • Dependence on underwriter performance; underwriting obligations triggered on 100% subscription shortfall(p.263)
- • Foreign investor participation restricted to FPIs below 10% individual holding and NRIs on non-repatriation basis only(p.267)
- • Regulatory compliance burden on cross-border investment; prior Government approval required for restricted investors(p.267)
- • Regulatory changes post-prospectus filing not communicated to investors; liability disclaimers limit company accountability(p.252)
Promoters
| Name | Role | Pre-Issue | Post-Issue |
|---|---|---|---|
| Mr. Trishneet Arora | Promoter | 74.00% | 54.02% |
| Mr. Charanjit Singh | Promoter | 4.00% | 2.92% |
| Trishneet Arora | Promoter | 74.00% | 54.02% |
| Charanjit Singh | Promoter | 4.00% | 2.92% |
| Avneet Singh | Promoter Group | Negligible | Negligible |
| Sukhpreet Kaur | Promoter Group | Negligible | Negligible |
| Mr. Trishneet Arora | Promoter/Chairman, Executive Director and Chief Executive Officer | — | — |
| Mr. Charanjit Singh | Promoter/Whole Time Director | — | — |
| Trishneet Arora | Promoter | 74.00% | — |
| Charanjit Singh | Promoter | 4.00% | — |
Leadership
Trishneet Arora · CEO/Director/Promoter
Charanjit Singh · Whole Time Director/Promoter
Neha Garg · CFO
Sharon Arora · Company Secretary and Compliance Officer
Auto-extracted from the company's RHP using AI, with each fact linked to its source passage (hover any row to see the quote & page). Provided for research only, not investment advice — verify against the official RHP before relying on it.
TAC Infosec IPO FAQs
What is the lot size of TAC Infosec IPO?
The minimum lot size of TAC Infosec IPO is 1,200 shares. One lot costs ₹1,27,200 at the cut-off price.
When does TAC Infosec IPO open and close?
TAC Infosec IPO opened for subscription on 27 Mar 2024 and closed on 02 Apr 2024.
What is the listing date of TAC Infosec IPO?
TAC Infosec IPO listed on 05 Apr 2024.