New Delhi, :  Cybersecurity firm TAC Security made an impressive stock market debut on Friday, listing at a staggering 174 per cent premium on the NSE Emerge platform, the Small and Medium Enterprise (SME) segment of the National Stock Exchange (NSE).

The company’s shares commenced trading at Rs 290 apiece, a significant premium over the fixed price band of Rs 106 in its recently concluded initial public offering (IPO).

TAC Security’s IPO garnered a tremendous response from investors, with the overall issue being oversubscribed a whopping 422 times by the final day of bidding on April 2. The robust demand translated into bids worth over USD 1 billion for the cybersecurity firm’s public issue.

Breaking down the subscription figures, the Qualified Institutional Buyers (QIB) portion was oversubscribed 142 times, while the Non-Institutional Investors (NII) quota saw a staggering 769 times oversubscription.

The Retail Individual Investors (RII) category wasn’t far behind, with the portion being oversubscribed 434 times.

TAC Security’s IPO comprised a fresh issue of 28.29 lakh equity shares with a face value of Rs 10 each, through the book-building route. The company allocated 1.41 lakh equity shares for the Market Maker, 4.03 lakh shares for NIIs, 13.44 lakh shares for QIBs (including anchor reservation), and 9.4 lakh shares for the RII portion. The lot size was fixed at 1,200 shares.

The cybersecurity firm aims to raise Rs 29.99 crore through the IPO proceeds, which it plans to utilise for investing in human resources and product development to support organic growth in India.

Additionally, TAC Security intends to invest in its parent company, TAC Security Inc. Delaware, to hire skilled personnel for driving organic growth outside India. The remaining capital raised from the public issue will be allocated towards general corporate purposes.