BofA Securities Invests In This Vijay Kedia-Backed Micro Cap Stock

India’s first publicly traded cybersecurity company, TAC Security, has revealed that Bank of America Securities has acquired a stake in the firm.

What Happened: The disclosure was made on Tuesday, April 9. The investment was facilitated through Bank of America Securities’ fund, BofA Securities Europe SA -ODI. Bank of America Securities operates as a multinational investment banking division under the global banking giant, Bank of America.

Additionally, NAV Capital’s NAV Capital VCC – NAV Capital Emerging Star Fund has also increased its holdings in TAC Security, adding to the 2.37 lakh shares it had previously acquired in the anchor book for ₹106/- each. Ace investor Vijay Kedia owns a 10.95% stake in the company.

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TAC Security made a blockbuster debut on the NSE’s SME platform – NSE Emerge on April 5, 2024, listing at ₹290, a premium of 174% over the issue price of ₹106. The company’s IPO was a resounding success, with subscriptions soaring to 422 times the offer, attracting bids worth over $1 billion.

The funds raised from the IPO, totalling ₹29.99 crore, will be allocated towards investing in human resources and product development. The company intends to foster organic growth in India and recruit skilled personnel for organic growth overseas through its subsidiary, TAC Security INC. (Delaware, USA).

Established by Trishneet Arora, TAC Security provides risk-based vulnerability management and assessment solutions, cybersecurity quantification, and penetration testing to organizations of all sizes and industries through the “SaaS model”.

Price Action: TAC Security’s share price was down 4.99% to close at ₹274.85 on Tuesday.

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