TechD Cybersecurity Ltd IPO is a ₹38.99 crore book-built offering, entirely a fresh capital raise of 20.20 lakh equity shares, with no OFS. It is backed by renowned investor Vijay Kedia, reflecting strong market confidence. The IPO opens from 15–17 September 2025 on the NSE Emerge (SME) platform, with a price band of ₹183–193 and a minimum lot size of 600 shares (~₹1.16 lakh). Proceeds will fund talent acquisition (~₹26.09 crore), CapEx for a Global Security Operations Center (GSOC) in Ahmedabad (~₹5.89 crore), and general corporate purposes.
TechD Cybersecurity IPO Overview
- IPO Size: ₹38.99 Crores
- Issue Type: Book Built Issue (Fresh Issue Only)
- Equity Shares Offered: 20,20,200 shares
- Face Value: ₹10 per share
- Price Band: ₹183 – ₹193 per share
- Lot Size: 600 shares
- Minimum Investment (Retail): ₹2,31,600 (2 lots = 1,200 shares)
- Listing At: NSE SME
- Promoters: Sunny Piyushkumar Vaghela & Vaghela Piyush Rasiklal
- Lead Manager: GYR Capital Advisors Pvt. Ltd.
- Registrar: Purva Sharegistry (India) Pvt. Ltd.
- Market Maker: Giriraj Stock Broking Pvt. Ltd.
TechD Cybersecurity IPO Dates (Timeline)
- IPO Open Date: September 15, 2025 (Monday)
- IPO Close Date: September 17, 2025 (Wednesday)
- Allotment Date: September 18, 2025 (Thursday)
- Refund Initiation: September 19, 2025 (Friday)
- Credit to Demat: September 19, 2025 (Friday)
- Listing Date (Tentative): September 22, 2025 (Monday)
- UPI Mandate Cut-off: 5 PM, September 17, 2025
TechD Cybersecurity IPO Reservation
| Investor Category | Shares Offered | % of Issue |
|---|---|---|
| QIB | 9,58,800 | 47.46% |
| NII (HNI) | 2,88,000 | 14.26% |
| Retail (RII) | 6,72,000 | 33.26% |
| Market Maker | 1,01,400 | 5.02% |
| Total | 20,20,200 | 100% |
Anchor Investors
- Anchor Investment Raised: ₹11.09 Crores
- Anchor Bid Date: September 12, 2025
- Shares Allotted to Anchors: 5,74,800
- Lock-in Period (50%): October 18, 2025
- Lock-in Period (Remaining 50%): December 17, 2025
About TechDefence Labs
Founded in 2017, TechDefence Labs is a cybersecurity solutions company headquartered in Ahmedabad, Gujarat. It specializes in protecting businesses from cyber threats by offering end-to-end security solutions.
Services Offered:
- Vulnerability Assessment & Penetration Testing (VAPT)
- Security Operations Center (SOC) Services
- Cybersecurity Consulting & Compliance
- Cyber Program Management
- Domain Training & Cybersecurity Bootcamps
- Staff Augmentation & Specialized Services
Major Clients:
- Adani Group
- Astral Limited
- Zensar Technologies
- Kedia Capital
- ETO Gruppe Technologies GmbH
- IQM Corporation
As of June 30, 2025, the company employs 147 professionals.
Competitive Strengths
- Experienced and qualified promoters.
- CERT-In empanelment with regulatory recognition.
- End-to-end cybersecurity service portfolio.
- Long-standing corporate relationships.
- Strong international presence.
- High revenue growth and robust profitability.
📈 TechDefence Labs Financials (₹ in Crores)
| Metrics | FY 2023 | FY 2024 | FY 2025 |
|---|---|---|---|
| Total Assets | 6.98 | 9.14 | 29.08 |
| Total Income | 7.59 | 15.36 | 30.23 |
| EBITDA | 1.36 | 4.91 | 12.24 |
| Net Worth | 1.56 | 4.80 | 22.14 |
| PAT | 0.94 | 3.24 | 8.40 |
Growth:
- Revenue ↑ 97% (FY25 vs FY24)
- PAT ↑ 159% (FY25 vs FY24)
Key Ratios & Valuation
- ROE: 62.33%
- ROCE: 54.25%
- PAT Margin: 28.18%
- EBITDA Margin: 40.48%
- Debt/Equity: 0.01 (Almost debt-free)
- Pre-IPO EPS: ₹5.94 | P/E: 32.51x
- Post-IPO EPS: ₹11.45 | P/E: 16.85x
- Market Cap: ₹144.36 Crores
Objects of the Issue
- Investment in Human Resources – ₹26.09 Cr
- Setting up Global Security Operations Centre (GSOC) at Ahmedabad – ₹5.88 Cr
- General Corporate Purposes
TechDefence Labs IPO Review
Market experts note that TechDefence Labs has delivered strong revenue and profit growth. The company operates in the fast-growing cybersecurity sector, which adds positive momentum.
✅ Positives:
- High margins (EBITDA ~40%).
- Strong client base (Adani, Astral, Zensar).
- Low debt, scalable business model.
⚠️ Risks:
- Small post-IPO equity base.
- Highly competitive global cybersecurity market.
- Aggressive pricing may affect listing gains.
👉 Recommendation: High-risk investors with a long-term horizon may consider applying.
TechDefence Labs IPO GMP (Grey Market Premium)
💡 As per market observers, the TechDefence Labs IPO GMP is expected in the range of ₹30 – ₹40. This indicates a possible listing gain of 15–20% (subject to demand and market conditions).
TechDefence Labs IPO FAQs
Q1. What is the TechDefence Labs IPO GMP today?
👉 Around ₹30–40 per share (unofficial, may vary).
Q2. What is the TechDefence Labs IPO price band?
👉 ₹183 – ₹193 per share.
Q3. What is the lot size of TechDefence Labs IPO?
👉 600 shares per lot (min 2 lots = 1,200 shares).
Q4. When will TechDefence Labs IPO allotment be out?
👉 September 18, 2025.
Q5. When will TechDefence Labs IPO list?
👉 Tentatively on September 22, 2025 (NSE SME).
Q6. Should I apply for TechDefence Labs IPO?
👉 Apply only if you are a long-term investor in the cybersecurity sector. Short-term listing gains may be limited due to pricing.