TAC Infosec Limited, a risk and vulnerability management firm, has declared its plans for an initial public offering (IPO). The IPO is slated to open for bidding on March 27. The issue will wrap up on Tuesday, April 2.

What Happened: The cybersecurity firm aims to garner approximately ₹29.9 crore from the offering and has plans to list with NSE Emerge.

The issue’s price band has been fixed at ₹100 – ₹106 per share, with a lot size of 1,200 equity shares. The IPO will consist of a fresh issue of 28,29,600 Equity Shares with a face value of Rs. 10/-.

Beeline Capital Advisors Private Limited has been appointed as the Book Running Lead Manager for the issue, while Skyline Financial Services Private Limited will function as the Registrar.

See Also: Ather Energy Gears Up For A ₹3,280 Cr IPO In June: Report

Backed by stock market guru Vijay Kedia, TAC Security provides risk-based vulnerability management, cybersecurity quantification, and penetration testing to organizations of varying sizes via the “SaaS model”. After the listing, Kedia would own around 11.47 lakh shares of the company which is equivalent to a 10.95% stake.

Per the RHP document, the net proceeds from the IPO will be allocated towards investment in human resources, product development, and bolstering organic growth in India. The company also intends to invest in TAC Security INC. (Delaware, USA) to stimulate organic growth outside India.

Read Next: Top 10 Richest Business Women In India