Finbud Financial Services IPO...
31 Oct, 2025
TechD Cybersecurity IPO
TechD Cybersecurity IPO is a book build of ₹38.99 crores. The issue is totally a fresh issue of 0.20 crore shares for ₹38.99 crore. TechD Cybersecurity’s initial public offering (IPO) begins on September 15, 2025 and ends on September 17, 2025. The allotment for TechD Cybersecurity's IPO is expected to be finalized on September 18, 2025. The TechD Cybersecurity IPO will list on NSE SME, with a tentative listing date of September 22, 2025. TechD Cybersecurity’s IPO pricing range is set at ₹183.00 to ₹193.00 per share. The lot size for an application has been kept at 600. Individual investors can invest a minimum of ₹2,31,600.00 (1,200 shares) based on the higher price.
Company Background
TechD Cybersecurity originally TechDefence Labs Solutions was founded in January 2017 as a cybersecurity firm specializing in digital asset protection for organizations worldwide. The company offers a wide range of services such as MSSP solutions, cyber program management, compliance services, specialist services, and employment increment. TechD Cybersecurity has provided its services to over 470 clients, which include Adani Group, Zensar Technologies, Astral, Torrent, Kedia Capital, ETO Gruppe Technologies, and IQM Corporation.
Operations and Product range
Facility & Production
TechD Cybersecurity is based in Ahmedabad, Gujarat, which is investing heavily in its facility and production capabilities. The company is setting up a large integrated cybersecurity campus in Ahmedabad called the "TechDefence Cyber Valley".
TechDefence (TechD) Cybersecurity offers end-to-end cybersecurity services, including Vulnerability Assessment & Penetration Testing (VAPT), Security Operations Center (SOC) services, managed security services (MSSP), cyber program management, compliance services, and specialized services like Dark Web monitoring and Red Teaming. Their offerings also extend to staff augmentation to fill cybersecurity talent gaps and consulting. TechD provides these services to a range of industries, including BFSI, manufacturing, healthcare, and aviation.
Brands and Market Presence
TechD Cybersecurity market presence includes established ties with OEM partners such as Crowdstrike and Palo Alto, ISO 27001 accreditation, and a broad client base in the BFSI and corporate industries. It operates in a rapidly expanding Indian cybersecurity sector, fueled by the use of AI/ML, IoT, and cloud technologies for improved threat detection and response. TechD uses these technologies and managed services to provide customized cybersecurity solutions, reflecting a global trend toward more integrated and smarter security approaches.
Revenue Channels
- Cyber Program Management entails managing and developing complete cybersecurity strategies for enterprises.
- Managed Security Service Provider (MSSP) solutions provide clients with proactive cybersecurity monitoring, threat intelligence and risk management solutions.
- Vulnerability assessment and penetration testing (VAPT) is the process of identifying and mitigating vulnerabilities in applications and systems.
Management and Shareholding
Promoters and Shareholding
The promoters are Abhiraj Singh Bhal, Raghav Chandra, and Varun Khaitan, who held 86.61% of the promoter shareholding before its Initial Public Offering (IPO), which is scheduled to be concluded on September 16, 2025, with their post-IPO shareholding being 63.22%.
Board Members
Sunny Piyushkumar Vaghela is the founder, CEO, and Managing Director. Vaghela is a well-known ethical hacker and cybersecurity expert in India. He is joined by Mr. Vaghela Piyush Rasiklal as the Executive Director. The board also features a group of independent directors who provide additional oversight and expertise. The non-executive and independent directors are Mr. Manan Dinesh Pancholi, Mr. Mukeshkumar Devichand Jain, Ms. Vandana Nagpal, and Mr. Hemant Mishra.
WHAT IS GMP?
GMP (Grey Market Premium) is the difference between the IPO price and the grey market price. It is the premium amount paid for the traded IPO shares. It plays an important role in IPOs as it reflects how the IPO would react on the listing day.
A grey market is a place where shares/stocks are traded before being listed officially on the stock exchange.
TechD Cybersecurity IPO
| GMP Date | IPO Price | GMP | Last Updated |
|---|---|---|---|
| - | - | - | - |
**The GMP prices displayed here are solely for informational purposes related to the grey market news. India IPO does not engage in or facilitate grey market trading, nor are these rates (sub2) indicative of any trading activity. We also do not recommend or endorse participation in the grey market.**
TechD Cybersecurity IPO Details
| Detail | Description |
|---|---|
| IPO Date | September 15, 2025 to September 17, 2025 |
| Listing Date | - |
| Face Value | ₹10 per share |
| Issue Price Band | ₹183 to ₹193 per share |
| Lot Size | 600 Shares |
| Sale Type | Fresh Capital |
| Total Issue Size | 20,20,200 shares (aggregating up to ₹38.99 Cr) |
| Reserved for Market Maker | 1,01,400 shares (aggregating up to ₹1.96 Cr) Giriraj Stock Broking Pvt.Ltd. |
| Net Offered to Public | 19,18,800 shares (aggregating up to ₹37.03 Cr) |
| Issue Type | Bookbuilding IPO |
| Listing At | NSE SME |
| Share Holding Pre Issue | 54,59,533 shares |
| Share Holding Post Issue | 74,79,733 shares |
TechD Cybersecurity IPO Timeline
| Detail | Description |
|---|---|
| IPO Open Date | Mon, Sep 15, 2025 |
| IPO Close Date | Wed, Sep 17, 2025 |
| Tentative Allotment | Thu, Sep 18, 2025 |
| Initiation of Refunds | Fri, Sep 19, 2025 |
| Credit of Shares to Demat | Fri, Sep 19, 2025 |
| Tentative Listing Date | Mon, Sep 22, 2025 |
| Cut-off time for UPI mandate confirmation | 5 PM on Wed, Sep 17, 2025 |
TechD Cybersecurity IPO Lot Size
| Application | Lots | Shares | Amount |
|---|---|---|---|
| Individual investors (Retail) (Min) | 2 | 1,200 | ₹2,31,600 |
| Individual investors (Retail) (Min) | 2 | 1,200 | ₹2,31,600 |
| S-HNI (Min) | 3 | 1,800 | ₹3,47,400 |
| S-HNI (Max) | 8 | 4,800 | ₹9,26,400 |
| B-HNI (Min) | 9 | 5,400 | ₹10,42,200 |
TechD Cybersecurity IPO Promoter Holding
| Share Holding Pre Issue | Share Holding Post Issue |
|---|---|
| Promoter Holding Pre Issue | 86.61% |
| Promoter Holding Post Issue | - |
Competitive Strength:
- -
TechD Cybersecurity IPO Financial Information
| Period Ended | Assets | Revenue | Profit After Tax | Net Worth | Total Borrowing | |||||||||||||||||||||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 31 Mar 2025 | 29.08 | 30.23 | 8.4 | 22.14 | - | |||||||||||||||||||||||||||||||||||
| 31 Mar 2024 | 9.14 | 15.36 | 3.24 | 4.8 | - | |||||||||||||||||||||||||||||||||||
| 31 Mar 2023 | 6.98 | 7.59 | 0.94 | 1.56 | - | |||||||||||||||||||||||||||||||||||
| Amount in ₹ Crore | ||||||||||||||||||||||||||||||||||||||||
Key Performance Indicator
| KPI | Values |
|---|---|
| ROE | 62.33% |
| ROCE | 54.25% |
| Debt/Equity | 0.01 |
| RoNW | 37.93% |
| PAT Margin | 28.18% |
| EBITDA Margin | 40.48% |
| Price to Book Value | 4.76 |
| Pre IPO | Post IPO | |
|---|---|---|
| EPS (Rs) | ||
| P/E (x) |
IPO Objectives
A large amount of the IPO revenues (₹26.09 crores) is set aside for investment in human resources. This will help the company employ more cybersecurity professionals, increasing the team, and possibly investing in employee training and development to support the company's growth and operational expansion.
The corporation aims to spend ₹5.89 crores on capital expenditure for its Global Security Operations Center (GSOC). This investment is specifically intended to establish a Global Security Operations Centre (GSOC) in Ahmedabad, India.
Conclusion
TechD Cybersecurity is strategically positioning itself to capitalize on the booming demand for cybersecurity services, backed by strong financial results and a clear expansion roadmap. Its plans for a new GSOC and global market penetration indicate a high-growth strategy. However, investors should be mindful of the significant competitive pressures and the specific risks associated with an SME listing. The IPO's success and long-term performance will depend on the company's ability to effectively manage its expansion and innovate in a dynamic market.
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Frequently asked Questions (FAQs )
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What are the TechD Cybersecurity dates and price band?
TechD Cybersecurity’s initial public offering (IPO) begins on September 15, 2025 and ends on September 17, 2025. TechDefence Labs' IPO pricing range is set at ₹183.00 to ₹193.00 per share.
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What’s the lot size and exchange?
The lot size for an application has been kept at 600. TechD Cybersecurity IPO will list on NSE SME, with a tentative listing date of September 22, 2025.
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How big is the IPO issue size and what is the structure?
TechD Cybersecurity IPO is a book build of ₹38.99 crores. The issue is totally a fresh issue of 0.20 crore shares for ₹38.99 crore.
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What will the money be used for?
TechD Cybersecurity will employ more cybersecurity professionals, increasing the team, and possibly investing in employee training and development. TechD Cybersecurity will spend ₹5.89 crores on capital expenditure for its Global Security Operations Center (GSOC).
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