Bank of America Securities Buys Stake In TAC Security

Anchor investor NAV Capital VCC – NAV Capital Emerging Star Fund also adds more shares of TAC Security to its portfolio

FinTech BizNews Service   

Mumbai, April 10, 2024: TAC Security (“TAC Infosec Limited” or “The Company”), India’s first listed pureplay cybersecurity firm, today announced that Bank of America Securities, an American multinational investment banking division under the auspices of global banking giant Bank of America, bought stake in the company through open market. BofA Securities has invested in TAC Security through its fund – BofA Securities Europe SA -ODI. After buying 2.37 lakh shares in the anchor book for Rs. 106/-, NAV Capital’s NAV Capital VCC – NAV Capital Emerging Star Fund added more shares of TAC Security to its portfolio.

TAC Security made a stellar debut on the NSE’s SME platform – NSE Emerge on April 5, 2024, listing at Rs. 290/-, at a premium of 174% over the fixed price band of Rs. 106/-. The IPO received an overwhelming response from the investors as the QIB portion was subscribed 142 times, the NII portion was subscribed 769 times and the Retail individual investors (RII) quota was subscribed 434 times, bringing the overall subscription to 422 times, until the final day of bidding on April 02, garnering bids worth over $1 billion.

The IPO comprised a fresh issue of 28.29 lakh Equity Shares with a face value of Rs. 10/- through the book-building route. Beeline Capital Advisors Private Limited is the Book Running Lead Manager, and Skyline Financial Services Private Limited is the Registrar for the issue.

Marquee investors, including NAV Capital VCC – NAV Capital Emerging Star Fund, Astorne Capital VCC, Beacon Stone Capital VCC – Beacon Stone I, Zinnia Global Fund PCC – Cell Dewcap Fund and LC Radiance Fund VCC subscribed to its anchor book.

TAC Security raised Rs. 29.99 crore from the IPO and it proposes to use the net proceeds to invest in human resources and product development to support organic growth in India and investment in TAC Security INC. (Delaware, USA) to hire skilled personnel for organic growth outside India. The remaining capital will be used for general corporate purposes.

The company, backed by stock market maven Vijay Kedia, offers risk-based vulnerability management and assessment solutions, cybersecurity quantification and Penetration testing to organisations of any scale, size, and business through the “SaaS model”.

TAC Security was founded by the millennial entrepreneur Trishneet Arora. With extensive experience in cybersecurity and vulnerability management, the founder has been steering the company’s business growth strategy. Trishneet Arora, 30, is accredited with numerous recognitions and awards, including GQ’s Top 50 Most Influential Young Indians in 2017, Entrepreneur of the Year in 2020 and Leaders of Tomorrow in 2018 and 2022 by St. Gallen Symposium, Switzerland.  He was also featured on the coveted Forbes “30 Under 30” Asia 2018 list and Fortune India’s “40 Under 40” list twice in 2018 and 2021.


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