While GMPs are unofficial and subject to volatility, the high premium indicates expectations of a blockbuster debut.
The Rs 39 crore IPO, priced at Rs 183–193 per share, attracted bids worth nearly 720 times the shares on offer. According to the final subscription data, the retail category clocked a 726 times subscription, while qualified institutional buyers (QIBs) subscribed 284 times.
Strong financials back demand
Investor enthusiasm was fueled by the company’s sharp growth trajectory. Revenue nearly doubled in FY25 to Rs 302 million from Rs 154 million a year earlier, while profit after tax soared 159% to Rs 8.4 crore. Profitability is also healthy, with EBITDA margins at 40% and PAT margin at 28%. The IPO is also backed by marquee investor Vijay Kedia.
The IPO proceeds will be used for investing in talent, setting up a Global Security Operations Centre in Ahmedabad, and for general corporate purposes.
Business profile
TechD Cybersecurity provides end-to-end services across vulnerability assessment and penetration testing (VAPT), managed security services, compliance, consulting, and domain training.It counts Adani Group, Zensar Technologies, Astral, and European clients like ETO Gruppe Technologies among its customers. The firm is empanelled with CERT-In and has positioned itself as a global cybersecurity partner for enterprises.
With the stock entering the market after overwhelming demand and a triple-digit GMP, focus will be on whether TechD can sustain momentum post-listing. Cybersecurity remains a high-growth sector, and the company’s strong client roster, robust margins, and global ambitions provide tailwinds.
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