TechDefence Labs IPO: Price, GMP, Analysis, And Details

TechDefence Labs IPO- Company Analysis

TechDefence Labs IPO under the SME IPO category is a bookbuild issue of Rs. 38.99 Cr by TechD Cybersecurity Ltd, which was incorporated in 2017 and is a cybersecurity company that focuses on protecting digital assets for businesses all over the world.

The organization helps businesses stay safe in the digital environment by providing end-to-end service solutions.

The company's innovative solutions improve the cyber resilience of its clients, including Adani Group, Zensar Technologies, Astral Limited, Kedia Capital, 1 Cyber Valley, ETO GRUPPE Technologies GmbH, and IQM Corporation.

 

The business provides a wide range of services, such as:

• Security Operations Center (SOC) Services

• Domain Training

• Cybersecurity Consulting

• Vulnerability Assessment and Penetration Testing (VAPT).

 

TechDefence Labs IPO Details

The TechDefence Labs IPO date is on 15 September 2025, and its initial public offering will end on 17 Sep with IPO allotment on Sep 18, and refund initiation on Sep 19, 2025.

The Rs. 38.99 crore new SME IPO comprises a wholly fresh issue of 0.20 crore shares.

The TechDefence Labs IPO listing date (expected) might be on Monday, Sep 22, 2025, and listing at the NSE and SME. 

The TechDefence Labs IPO price band is Rs. 183 to Rs. 193.

IPO Timetable (Tentative)

Events	Date
IPO Opening Date	Sep 15, 2025
IPO Closing Date	Sep 17, 2025
IPO Allotment Date	Sep 18, 2025
Refund Initiation	Sep 19, 2025
IPO Listing Date	Sep 22, 2025

 

Click to open demat account and apply for the IPO.

 

Company Financials

(Amount in Cr)

Period	31 Mar 2025	31 Mar 2024	31 Mar 2023
Total Assets	29.08	9.14	6.98
Total Revenue	30.23	15.36	7.59
PAT	8.40	3.24	0.94
EBITDA	12.14	4.91	1.36
Net Worth	22.14	4.80	1.56
Reserves & Surplus	16.68	4.79	1.55

 

Cash Flows

(Amount in lac)

Net Cash Flow in Multiple Activities	31 Mar 2025	31 Mar 2024	31 Mar 2023
Net Cash Flow Operating Activities	(238.30)	(116.28)	1.08
Net Cash Flow Investing Activities	(262.21)	(0.81)	(24.83)
Net Cash Flow Financing Activities	695.43	(25.01)	158.73

Revenue Bifurcation

(Source: RHP)

The Objective of the Issue

The company desires to use the Net Proceeds from the Issue to fulfill its following goals:

• Human resource investment. ~ Rs. 260.92 Cr.

• Capital expenditure for the establishment of the Global Security Operation Center (GSOC) in Ahmedabad. ~ Rs. 58.88 Cr.

• General Corporate Purposes.
  
  

Listed Peers of TechDefence Labs Ltd. 

Company Name	Face Value (Rs. per Share)	EPS (Rs.)	P/E (x)
TAC Infosec Limited	10	13.77	80.40
Sattrix Information Security Ltd	10	6.27	29.64

 

Valuation

Metric	Value
ROCE	54.25%
ROE	62.33%
PBV	4.76
Debt/Equity	0.01
PAT Margin	28.18%
EBITDA Margin	40.48%
RoNW	37.93%

 

 

 

Evaluation of P/E Ratio

Considering the FY ended on 31 Mar 2025 with an EPS of Rs. 16.44 from the last year, the resulting P/E ratio is 11.73x. When compared with the industry’s average P/E of 55.02x, it indicates an undervaluation (on a P/E ratio basis only). Hence, the price of the Share seems fairly priced for the investors.

 

Explore the Galaxy Medicare IPO.

IPO's Strengths

• Competent and seasoned managers and promoters.

• A full range of integrated cybersecurity services.

• CERT-In Regulatory and Empanelment Authority.

• A steady flow of talented cybersecurity professionals.

• A varied clientele and a track record of accomplishment.

 

IPO’s Weaknesses

• High risk of client concentration

• Business with a high employee count

• MSSP services rely on oem partners

• Risks associated with regulation and compliance.

 

TechDefence Labs IPO GMP (Grey Market Premium)

TechDefence Labs IPO GMP today is Rs. 158 as of 11 Sep 2025 at the time of writing this information. Hence, the TechDefence Labs IPO listing price (estimated) might be Rs. 351 (upper price + current GMP or grey market premium).

 

TechDefence Labs IPO Summary

The TechDefence IPO has a market maker portion size of 1,01,400 Shares (Rs. 1.96 Cr).

IPO Opening & Closing Date	15 Sep, 2025 to 17 Sep, 2025
Face Value	Rs. 10 per Share
Issue Price	Rs. 183 to Rs. 193 per Share.
Lot Size	600 Shares
Issue Size	20,20,200 Shares (Rs. 38.99 Cr)
Offer for Sale	-
Fresh Issue	20,20,200 Shares (Rs. 38.99 Cr)
Listing at	NSE, SME
Issue Type	Bookbuilding IPO
Registrar	Purva Sharegistry (India) Pvt. Ltd.

IPO Lot Details 

Retail investors can invest in a minimum and maximum of 2 Lots (1200 Shares) for Rs. 2,31,600 and in multiples thereof, while for S-HNI investors, the minimum Lot is 3 (1800 Shares) for Rs. 3,47,400.

Minimum Lot Investment (Retail)	2 Lots
Maximum Lot Investment (Retail)	2 Lots
S-HNI (Min)	3 Lots

 

 

 

TechDefence Labs IPO Allotment Status

To check the TechDefence Labs IPO Allotment Status, visit the official Registrar’s website or the BSE website. Below are the website links for you.

Using BSE Website - ​BSE IPO allotment status

Promoters And Management of TechDefence Labs Ltd.

• Mr. Sunny Piyushkumar Vaghela

• Mr. Vaghela Piyush Rasiklal.

Pre-Issue Promoter Shareholding	86.61%
Post-Issue Promoter Shareholding	-

 

IPO Lead Managers

• GYR Capital Advisors Pvt. Ltd.  

 

Dividend Policy

The company has not paid a dividend during the last three fiscal years.

Conclusion

Investors can learn about India's rapidly expanding cybersecurity industry through TechDefence Labs IPO, which boasts reputable clients and robust financial growth. Despite risks including client concentration and regulatory dependency, the company exhibits strong margins and a fair valuation when compared to its peers. A Global SOC and other strong expansion plans could draw long-term investors to the IPO.

 

Finowings IPO Analysis

Hope you enjoyed the Finowings IPO Analysis. We tried our best to give every required detail about the company that you should know before applying to the IPO. 

You must consult your financial advisor before making any financial decisions. 

To Apply for the IPO, Click Here.

To Read the Prospectus of the Company Click Here to Download the DRHP.

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DISCLAIMER: This blog is NOT any buy or sell recommendation. No investment or trading advice is given. The content is purely for educational and information purposes only. Always consult your eligible financial advisor for investment-related decisions.