In a significant move towards public listing, cybersecurity SaaS startup TAC Security, backed by renowned investor Vijay Kedia, has filed its draft red herring prospectus (DRHP) to list on the NSE’s SME-focused platform, NSE Emerge. The initial public offering (IPO) will consist of a fresh issuance of 28,29,600 equity shares.
TAC Security, founded by Trishneet Arora in 2016, specializes in risk-based vulnerability management, assessment solutions, cybersecurity quantification, and penetration testing delivered through the SaaS model. With most of its revenue coming from international markets, the startup plans to utilize the IPO proceeds to acquire TAC Security Inc in the US, invest in human resources and product development, and for general corporate purposes.
Investor Vijay Kedia, who entered the scene with a pre-Series A investment in 2016, holds a 15% stake, while founder and CEO Trishneet Arora remains the largest shareholder with a 74% stake. Other stakeholders include Ankit Vijay Kedia (5%), Charanjit Singh (4%), and Subinder Jeet Singh Khurana (2%).
The company reported a total revenue of INR 5.31 Cr and a profit of INR 1.94 Cr in the first half of the ongoing fiscal year, and in FY23, it recorded a profit of INR 5.07 Cr on a revenue of INR 10.14 Cr.
Beeline Capital Advisors Private Limited has been appointed as the book running lead manager, and Skyline Financial Services Private Limited as the registrar to the issue.
The move comes at a time when several new-age tech startups are opting for listings on SME platforms. TAC Security joins the league as the trend gains momentum, with startups like DroneAcharya and Yudiz Solutions having recently listed on BSE SME and NSE Emerge, respectively.
As the bull market continues, the IPO landscape is expected to see a surge in new-age tech startups going public in 2024. Notably, Ola Electric, MobiKwik, FirstCry, Awfis, and Unicommerce have filed their DRHPs in the past month, contributing to the growing momentum in the IPO space.
