Vijay Kedia-backed TechDefence Labs IPO draws strong interest; check latest GMP & reviews
The initial public offering of Vijay Kedia-backed TechD Cybersecurity (TechDefence Labs) continued to witness a strong response from the investors during the second day of the bidding process.
- Sep 16, 2025,
- Updated Sep 16, 2025 1:22 PM IST
The initial public offering (IPO) of TechD Cybersecurity (TechDefence Labs) continued to witness a strong response from the investors during the second day of the bidding process. The issue, which was booked nearly 14 times on day one, crossed 45 times mark on day two, attracting bids for more than Rs 1,200 crore.
Vijay Kedia-backed TechDefence Labs is selling its shares in the range of Rs 183-193 apiece with lot size of 600 equity shares. The company is looking to raise a total of Rs 38.99 crore via IPO, which is entirely a fresh share sale of 20,20,200 equity shares. The issue shall close for bidding on Wednesday, September 17.
Established in January 2017, Ahmedabad-based TechDefence Labs Solutions is a cybersecurity firm specializing in safeguarding digital assets for organizations worldwide. It offers solutions for end-to-end services to enterprises to help businesses stay secure in the digital world.
Brokerage firms, tracking the SME issue, are mostly positive on the issue and suggest to subscribe to it. TechD Cybersecurity Limited is well-positioned to capitalize on the rising demand for cybersecurity solutions in India and international markets, said Master Capital Services in their note.
"Backed by a robust client base, industry certifications, and experienced leadership, the company aims to leverage both domestic growth and potential international expansion opportunities. Investors interested in the company can participate in the IPO for a long-term investment view," it said.
GYR Capital Advisors is the book running lead manager and Purva Sharegistry (India) is the registrar of the issue. The market maker of the company is Giriraj Stock Broking, for which 1,01,400 equity shares, or 5.02 per cent stake has been reserved in the IPO. Shares of the company shall be listed on NSE Emerge platform with Monday, September 22, as the tentative date of listing.
Some experts believe that the investors may subscribe to the issue for listing gains also. TechD Cybersecurity has reported strong financial performance, delivering revenue, Ebitda and PAT CAGR of 98 per cent, 199 per cent, and 200 per cent respectively over FY23–FY25, said Dalal & Broacha in its IPO note.
"However, we note concerns regarding receivables, which have raised sharply from around Rs 2 crore in FY24 to nearly Rs 12 crore in FY25. The IPO is valued at 18 times FY25 P/E and 5 times sales, investors may consider subscribing primarily for potential listing gains," it said.
Pre-IPO, seasoned Dalal Street investor Vijay Kishanlal Kedia owned 3,93,100 equity shares, or 7.20 per cent stake in TechDefence Labs. Its clientele includes names like Adani Group, Zensar Technologies, Astral, 1 Cyber Valley and more, as per the RHP filed by the company.
TechDefence Labs is primarily aimed at raising capital for key initiatives, including a substantial investment in human resources and the establishment of a state-of-the-art GSOC in Ahmedabad. This strategic capital infusion is designed to bolster its operational capacity and support its aggressive expansion plans, said Arihant Capital Markets.
"It has a clear growth strategy, and a proactive approach to addressing the evolving cybersecurity landscape. Company is poised for sustained growth and aims to establish itself as a dominant player in the global cybersecurity market. Its trajectory suggests a compelling opportunity for investors seeking exposure to a high-growth, technology-driven sector," it said with a 'subscribe' tag.
Retail investors can apply for a minimum of two lots or 1,200 equity shares amounting to Rs 2,31,600. However, small HNI investors can apply for 3 to 8 lots, or 1,800-4,800 equity shares amounting to Rs 3,47,400 and Rs 9,26,400 respectively. Big HNI investors need to apply for a minimum of 9 lots, or 5,400 equity shares, worth Rs 10,42,200.
TechDefence Labs raised a total of Rs 11.09 crore via three anchor investors as it allocated 5,74,800 equity shares at Rs 193 apiece. Of the net offer, 47.26 per cent shares have been reserved for qualified institutional bidders (QIBs), while non-institutional investors have 14.26 per cent allocation, while retail bidders have 33.26 per cent shares reserved for them in the IPO.
TechDefence Labs reported a net profit of Rs 8.40 crore with a revenue of Rs 30.23 crore for the year ended on March 31, 2025. The company clocked a net profit of Rs 3.24 crore with a revenue of Rs 15.36 crore for the year 2023-24. It commands a market capitalization of Rs 145 crore. Last heard, its grey market premium (GMP) stood at Rs 160, suggesting 83 per cent gains.
The initial public offering (IPO) of TechD Cybersecurity (TechDefence Labs) continued to witness a strong response from the investors during the second day of the bidding process. The issue, which was booked nearly 14 times on day one, crossed 45 times mark on day two, attracting bids for more than Rs 1,200 crore.
Vijay Kedia-backed TechDefence Labs is selling its shares in the range of Rs 183-193 apiece with lot size of 600 equity shares. The company is looking to raise a total of Rs 38.99 crore via IPO, which is entirely a fresh share sale of 20,20,200 equity shares. The issue shall close for bidding on Wednesday, September 17.
Established in January 2017, Ahmedabad-based TechDefence Labs Solutions is a cybersecurity firm specializing in safeguarding digital assets for organizations worldwide. It offers solutions for end-to-end services to enterprises to help businesses stay secure in the digital world.
Brokerage firms, tracking the SME issue, are mostly positive on the issue and suggest to subscribe to it. TechD Cybersecurity Limited is well-positioned to capitalize on the rising demand for cybersecurity solutions in India and international markets, said Master Capital Services in their note.
"Backed by a robust client base, industry certifications, and experienced leadership, the company aims to leverage both domestic growth and potential international expansion opportunities. Investors interested in the company can participate in the IPO for a long-term investment view," it said.
GYR Capital Advisors is the book running lead manager and Purva Sharegistry (India) is the registrar of the issue. The market maker of the company is Giriraj Stock Broking, for which 1,01,400 equity shares, or 5.02 per cent stake has been reserved in the IPO. Shares of the company shall be listed on NSE Emerge platform with Monday, September 22, as the tentative date of listing.
Some experts believe that the investors may subscribe to the issue for listing gains also. TechD Cybersecurity has reported strong financial performance, delivering revenue, Ebitda and PAT CAGR of 98 per cent, 199 per cent, and 200 per cent respectively over FY23–FY25, said Dalal & Broacha in its IPO note.
"However, we note concerns regarding receivables, which have raised sharply from around Rs 2 crore in FY24 to nearly Rs 12 crore in FY25. The IPO is valued at 18 times FY25 P/E and 5 times sales, investors may consider subscribing primarily for potential listing gains," it said.
Pre-IPO, seasoned Dalal Street investor Vijay Kishanlal Kedia owned 3,93,100 equity shares, or 7.20 per cent stake in TechDefence Labs. Its clientele includes names like Adani Group, Zensar Technologies, Astral, 1 Cyber Valley and more, as per the RHP filed by the company.
TechDefence Labs is primarily aimed at raising capital for key initiatives, including a substantial investment in human resources and the establishment of a state-of-the-art GSOC in Ahmedabad. This strategic capital infusion is designed to bolster its operational capacity and support its aggressive expansion plans, said Arihant Capital Markets.
"It has a clear growth strategy, and a proactive approach to addressing the evolving cybersecurity landscape. Company is poised for sustained growth and aims to establish itself as a dominant player in the global cybersecurity market. Its trajectory suggests a compelling opportunity for investors seeking exposure to a high-growth, technology-driven sector," it said with a 'subscribe' tag.
Retail investors can apply for a minimum of two lots or 1,200 equity shares amounting to Rs 2,31,600. However, small HNI investors can apply for 3 to 8 lots, or 1,800-4,800 equity shares amounting to Rs 3,47,400 and Rs 9,26,400 respectively. Big HNI investors need to apply for a minimum of 9 lots, or 5,400 equity shares, worth Rs 10,42,200.
TechDefence Labs raised a total of Rs 11.09 crore via three anchor investors as it allocated 5,74,800 equity shares at Rs 193 apiece. Of the net offer, 47.26 per cent shares have been reserved for qualified institutional bidders (QIBs), while non-institutional investors have 14.26 per cent allocation, while retail bidders have 33.26 per cent shares reserved for them in the IPO.
TechDefence Labs reported a net profit of Rs 8.40 crore with a revenue of Rs 30.23 crore for the year ended on March 31, 2025. The company clocked a net profit of Rs 3.24 crore with a revenue of Rs 15.36 crore for the year 2023-24. It commands a market capitalization of Rs 145 crore. Last heard, its grey market premium (GMP) stood at Rs 160, suggesting 83 per cent gains.