India’s burgeoning startup ecosystem witnessed yet another meteoric rise as TAC Infosec, a SaaS cybersecurity venture backed by renowned investor Vijay Kedia, stormed the National Stock Exchange’s (NSE) Emerge platform on Friday, April 5. The debut was nothing short of a spectacle, with the startup’s shares commanding a staggering premium of 173.6% over the issue price of INR 106.

The bellwether moment occurred as TAC Infosec’s shares commenced trading at INR 290, marking a significant leap on the NSE’s small and medium enterprises platform. The jubilation among investors didn’t wane throughout the day, propelling the stock to reach the upper price band of INR 304.50 by the closing bell.

The euphoria surrounding TAC Infosec’s market entry had been building up well before its IPO, which witnessed an overwhelming response from investors, subscribing a staggering 392.5 times. The startup’s initial public offering garnered bids worth a staggering $1 billion, highlighting the insatiable appetite among investors for promising tech ventures.

The IPO, featuring a fresh issue of 28.29 lakh equity shares, was strategically priced between INR 100 to INR 106 per share, aiming to raise approximately INR 29.9 crore at the upper end of the spectrum. Prior to the public issue, TAC Infosec had already secured INR 8.55 crore from anchor investors, setting a firm foundation for its market debut.

Founded in 2016 by the visionary entrepreneur Trishneet Arora, TAC Infosec has swiftly carved a niche for itself in the cybersecurity domain. Offering risk-based vulnerability management and assessment solutions, alongside a suite of SaaS cybersecurity products tailored for enterprises and small businesses, the startup has been on an upward trajectory.

The financial performance of TAC Infosec underscores its growth trajectory. Despite posting a net profit of INR 1.94 crore in the first half (H1) of the financial year 2023-24, a decrease from INR 5.07 crore in the entirety of FY23, the startup’s revenue has remained robust, standing at INR 5.31 crore in H1 FY24.

It’s noteworthy that TAC Infosec’s stellar debut adds another feather to the cap of India’s SME IPO space, which has witnessed a surge in activity in recent years. Joining the ranks of tech trailblazers like Yudiz Solutions and DroneAcharya Aerial Innovations, TAC Infosec’s successful listing further cements the country’s position as a hub for burgeoning tech startups.

The momentum in the SaaS segment was further accentuated by Trust Fintech’s listing earlier in the week on NSE Emerge, where its shares debuted at INR 143.25 apiece, commanding a premium of 42% over the issue price, signaling robust investor confidence in the sector’s potential.