TechD Cybersecurity
Listing performance
Scheduled dates
Tentative timetable — a past date is not confirmation the step completed
Grey market premium
Unofficial and indicative — not a forecast
3 observations recorded — too few to plot a trend.
Day-wise premium · 3 observations
| Date | GMP | % | Sauda | Est. listing | Gain / lot |
|---|---|---|---|---|---|
| 22 Sept 2025 | ₹210 | +108.81% | ₹95,800 | ₹403 | ₹1,26,000 |
| 21 Sept 2025 | ₹210 | +108.81% | ₹95,800 | ₹403 | ₹1,26,000 |
| 20 Sept 2025 | ₹210 | +108.81% | ₹95,800 | ₹403 | ₹1,26,000 |
Gain per lot assumes the premium holds to listing and that the application is allotted — allotment in an oversubscribed issue is a lottery, so it is indicative, not expected. Sauda is the rate paid for a submitted application itself.
Issue details
- IPO date
- 15 Sept 2025 – 17 Sept 2025
- Listing date
- 22 Sept 2025
- Face value
- ₹10 per share
- Issue price
- ₹193 per share
- Lot size
- 600 shares
- Issue type
- Book Building issue
- Listing at
- NSE
- Total issue size
- ₹38.99 Cr
- Market cap at offer price
- ₹144 Cr
- Promoter holding
- 86.61% → 63.22% pre-issue → post-issue
- ISIN
- INE0Y5H01014
- Registrar
- Purva Sharegistry (India) Pvt.Ltd.
- Lead managers
- GYR Capital Advisors Pvt.Ltd.
- Registered office
- Office No.901, 902, 903, 904 & 908, Abhishree Adroit, Nr.Swaminarayan Temple, Vastrapur, Gujarat
Reservation and application size
How the issue is split between investor categories, and what each may bid
| Investor category | Shares | % of net | % of total |
|---|---|---|---|
| Anchor investor · within QIB | 5,74,800 | — | — |
| Market maker | 1,01,400 | — | — |
Application size
Minimum 600 shares per lot, in multiples, at ₹193
| Application | Lots | Shares | Amount |
|---|---|---|---|
| Retail (min) | 1 | 600 | ₹1,15,800 |
| S-HNI (min) | 2 | 1,200 | ₹2,31,600 |
| S-HNI (max) | 8 | 4,800 | ₹9,26,400 |
| B-HNI (min) | 9 | 5,400 | ₹10,42,200 |
Category limits
| Category | Bid size | Cut-off |
|---|---|---|
| Retail (RII) | Up to ₹2 lakh | Yes |
| Small HNI (sNII) | ₹2 lakh – ₹10 lakh | No |
| Big HNI (bNII) | Above ₹10 lakh | No |
| Employee | Up to ₹5 lakh | Yes |
Bidding at cut-off means accepting the final issue price without naming one. Only retail and employee applicants may do so.
Anchor investors
Institutional allocation placed a day before the issue opens, carved out of the QIB portion and locked in after listing.
Valuation and performance
Valuation at offer price
₹193 per share
| Metric | Pre-issue | Post-issue |
|---|---|---|
| EPS (₹) | 5.94 | 11.45 |
| P/E (×) | 32.49 | 16.86 |
| Price to book (×) | 4.76 | — |
| Market cap | — | ₹144 Cr |
Key performance indicators
Latest reported period
- Return on net worth
- 37.93%
- ROCE
- 54.25%
- Debt / equity
- 0.01
- PAT margin
- 28.18%
- EBITDA margin
- 40.48%
- NAV per share
- ₹40.55
- Price to book
- 4.76
Single period as reported. Year-on-year movement is in the financials table below, where every period is published.
About TechD Cybersecurity
Established in 2017, Techdefence Labs Solutions Limited is a customer-centric cybersecurity solutions provider delivering comprehensive services to help enterprises protect critical data and prevent cyber threats. The company offers a diversified portfolio spanning Managed Security Services Provider (MSSP) solutions, Cyber Program Managed Services, Vulnerability Assessment and Penetration Testing (VAPT), Compliance Services, Specialised Services, Staff Augmentation, and training programs. As a CERT-In empanelled organization, Techdefence serves clients across multiple industries including BFSI, NBFCs, Manufacturing, Healthcare, Aviation, and Government Institutions. The company also operates an educational division, partnering with universities like Parul University and Silver Oak University to offer B.Tech, M.Tech, and diploma programs in cybersecurity, thereby building a talent pipeline for the industry. With a presence in both domestic and international markets, the company has established partnerships with leading OEM providers such as CrowdStrike, Securonix, Palo Alto, and Zscaler to deliver cutting-edge security solutions.
Company Analysis
from DRHPTechdefence Labs Solutions Limited is a cybersecurity solutions provider offering end-to-end services including MSSP, VAPT, SOC monitoring, compliance services, and staff augmentation to enterprises across BFSI, manufacturing, healthcare, and government sectors.
Established in 2017, Techdefence Labs Solutions Limited is a customer-centric cybersecurity solutions provider delivering comprehensive services to help enterprises protect critical data and prevent cyber threats. The company offers a diversified portfolio spanning Managed Security Services Provider (MSSP) solutions, Cyber Program Managed Services, Vulnerability Assessment and Penetration Testing (VAPT), Compliance Services, Specialised Services, Staff Augmentation, and training programs. As a CERT-In empanelled organization, Techdefence serves clients across multiple industries including BFSI, NBFCs, Manufacturing, Healthcare, Aviation, and Government Institutions. The company also operates an educational division, partnering with universities like Parul University and Silver Oak University to offer B.Tech, M.Tech, and diploma programs in cybersecurity, thereby building a talent pipeline for the industry. With a presence in both domestic and international markets, the company has established partnerships with leading OEM providers such as CrowdStrike, Securonix, Palo Alto, and Zscaler to deliver cutting-edge security solutions.
Objects of the Issue
- Investment in Human Resource ₹2,609.23 lakhs p.78
- Capital Expenditure for setting up Global Security Operation Centre (GSOC) at Ahmedabad ₹588.82 lakhs p.78
- General Corporate Purpose [●] (not exceeding 15% of Gross Proceeds or ₹10 crore, whichever is lower) p.78
Issue Structure
- Total Issue
- Up to ₹[●] lakhs (Fresh Issue of up to 21,00,000 equity shares of face value of ₹10 each)
- Fresh Issue
- Up to 21,00,000 equity shares of face value of ₹10 each at ₹[●] per share aggregating up to ₹[●] lakhs
- Offer for Sale
- Nil
- Price Band
- [●] to [●] per share (Cap Price at least 105% of Floor Price and not more than 120% of Floor Price)
- Lot Size
- [●] equity shares and in multiples thereof
- Face Value
- ₹10 per equity share
Business Model
Techdefence operates a dual revenue model: (1) Services—including VAPT, 24×7 SOC monitoring, compliance consulting (ISO 27001, GDPR, RBI, SEBI, HIPAA), specialized services (V-CISO, red team assessments, cyber forensics), staff augmentation across GRC, SOC analytics, and SIEM engineering roles, and MSSP offerings with OEM product integration; (2) Training—university partnerships offering undergraduate and postgraduate degrees in cybersecurity, and corporate training programs for awareness and certifications (ISO Lead Auditor/Lead Implementer, CCSE).
Business Segments
SWOT Analysis
- • Qualified and experienced founder-led management(p.112)
- • CERT-In empanelment providing regulatory credibility(p.112)
- • Diversified service portfolio covering end-to-end solutions(p.112)
- • Strong OEM partnerships for service delivery(p.114)
- • Cybersecurity talent pipeline through university partnerships(p.113)
- • Established client base across premium sectors(p.112)
- • High dependence on few top customers(p.34)
- • Reliance on OEM partners for MSSP services(p.36)
- • Employee benefits constitute major expense portion(p.35)
- • Limited geographic diversification - concentrated in two states(p.35)
- • Leased office infrastructure with renewal risks(p.41)
- • Expansion into international markets(p.129)
- • Global cybersecurity talent gap offers training growth(p.130)
- • Growing demand for cybersecurity services(p.103)
- • Sector-specific solution development(p.130)
- • Technology adoption and automation(p.130)
- • Intense competition from established and new players(p.40)
- • Regulatory changes and compliance complexity(p.37)
- • Rapid technological advancements and threat evolution(p.40)
- • External economic and currency factors(p.53)
- • Vendor dependency and supply chain disruption(p.36)
Promoters
| Name | Role | Pre-Issue | Post-Issue |
|---|---|---|---|
| Mr. Sunny Piyushkumar Vaghela | Promoter | 86.57% | — |
| Mr. Vaghela Piyush Rasiklal | Promoter | 0.44% | — |
Leadership
Auto-extracted from the company's DRHP using AI, with each fact linked to its source passage (hover any row to see the quote & page). Provided for research only, not investment advice — verify against the official DRHP before relying on it.