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Investors subscribe TAC Infosec’s IPO 393 times on final day of offer
TAC Infosec's initial share sale received an overwhelming response from the investors as it received 392.56 times subscriptions on the last day of the offer on Tuesday.
The initial public offering (IPO) of TAC Infosec received bids for 79,42,29,600 shares against 20,23,200 equity shares on offer, according to the NSE data.
The category for qualified institutional buyer (QIB) got 37.54 times subscription, while the quota for non-institutional investors (NII) was subscribed 153.30 times, and the Retail Individual Investors (RII) portion got 201.71 times subscription.
The price band of the public issue has been fixed at Rs 100-106 per share.
The IPO is only a fresh issue of 28.29 lakh equity shares with a face value of Rs 10 each.
Proceeds from the issue will be used to invest in human resources and product development to support organic growth in India. Further, it will also use the proceeds to invest in TAC Security Inc (Delaware, USA) to hire skilled personnel for organic growth a