TAC Infosec IPO to open on Mar 27

New Delhi: TAC Infosec Ltd, a global leader in risk and vulnerability management, on Thursday fixed a price band of Rs 100-106 per share for its Initial Public Offering (IPO). The initial share sale will open for public subscription on March 27 and conclude on April 2. Bidding for the anchor investors will open a day on March 26, the company statement said. The shares of the company will be listed on NSE’s small and medium enterprises platform Emerge.

The IPO comprises a fresh issue of 28,29,600 equity shares with a face value of Rs10 each through the book-building route. At the upper end of the price band, the company intends to raise up to Rs29.9 crore. The company proposes to use the net proceeds from the IPO to acquire TAC Security Inc (Delaware, USA) and make it a wholly-owned subsidiary thereon. It will also utilise the proceeds to invest in human resources and product development to support organic growth in India and the remaining will be used for general corporate purposes.