The initial public offering (IPO) of Vijay Kedia-backed TAC Infosec shall open for bidding on Wednesday March 27. Investors can subscribe to the SME issue until Tuesday, April 2, 2024. The company has fixed its price band in the range of Rs 100-106 apiece, with a lot size of 1,200 equity shares and its multiples thereafter. TAC Infosec is looking to raise a total of Rs 29.99 crore via IPO, which includes a fresh share sale of 28,29,600 equity shares. The company has reserved 1,41,600 shares for Spread X Securities, which is the market maker for the issue. Beeline Capital Advisors is the book running lead manager of the TAC Infosec IPO, while Skyline Financial Services Private is the registrar for the issue. Founded in 2016, TAC Infosec offers risk-based solutions for vulnerability management and assessment, cyber security quantification and penetration testing in a SaaS model to e banks and financial institutions, government regulators and departments, large enterprises. Retail investors can bid for only a single lot of 1,200 equity shares amounting to Rs 1,27,200. Other investors need to apply for a minimum of two lots or 2,400 equity shares amounting to Rs 2,54,400. Anchor book for the issue opens on Tuesday, March 26. Seasoned investors Vijay Kishanlal Kedia and his son Ankit Vijay Kedia cumulatively own 15.30 lakh equity shares of the company, which is about 20 per cent stake on a pre-IPO basis. Post issue, their stake shall be diluted to 14.6 per cent, but won't change the number of shares held by them. Before opening of the issue, TAC Infosec was commanding a premium of Rs 37-40 apiece in the grey market, suggesting a listing pop of 35-37 per cent to the investors, against the upper limit of its price band. TAC Infosec's clients include HDFC Bank, Bandhan Bank, BSE, National Payments Corporation of India, DSP Investment Managers, Motilal Oswal Financial Services and NSDL e-Governance. The company had 56 employees, 33 of whom worked in operations and product development as of September 30, 2023. The net proceeds from the issue shall be utilized towards acquisition of TAC Security Inc (Delaware, USA) and making it a wholly-owned subsidiary; investment in human resources and product development; and general corporate purposes. For the six months ended on September 30, 2023, TAC Infosec reported a net profit of Rs 1.95 crore with a revenue of Rs 5.31 crore. The company's net profit came in at Rs 5.07 crore with a revenue of Rs 10.14 crore for the financial year ending on March 31, 2023. TAC Infosechas reserved not more than 50 per cent of the net offer for qualified institutional bidders (QIBs), while non-institutional investors will get 15 per cent of the net offer. Remaining 35 per cent of the net offer shall be allocated towards retail investors of the issue.