TechD Cybersecurity makes market debut with 90% rise to issue price

IPO was oversubscribed nearly 720 times on the back of strong earnings growth and investor backing

by e4m Staff
Published: Sep 22, 2025 2:41 PM | 1 min read

TechD Cybersecurity (TechDefence Labs) made a strong market debut on Monday, listing at ₹366.70 on the NSE SME platform — a 90% premium to its issue price of ₹193.

The ₹39 crore IPO drew frenzied demand, with bids coming in nearly 720 times the shares on offer. Retail investors led the charge with a staggering 726x subscription, while QIBs and non-institutional investors subscribed 284x and 1,279x, respectively.

Investor enthusiasm was fueled by TechD’s rapid growth. Revenue nearly doubled in FY25 to ₹30.2 crore, while profit after tax surged 159% to ₹8.4 crore, supported by robust margins (EBITDA: 40%, PAT: 28%).

IPO proceeds will be used to expand talent, set up a Global Security Operations Centre in Ahmedabad, and meet general corporate needs. Market buzz was further boosted by the participation of marquee investor Vijay Kedia, with grey market trends pointing to a debut above ₹400.

TechD provides end-to-end cybersecurity services including vulnerability assessment, penetration testing, managed security services, compliance, and training. CEO Vaghela hailed the debut, noting that “cybersecurity isn’t the future, it is the present,” and called for collective belief in Bharat’s potential to become a global cybersecurity capital.

GYR Capital Advisors was lead manager, Purva Sharegistry the registrar, and Giriraj Stock Broking the market maker for the issue.