Here are the full details of the upcoming Tech Defence Labs Limited IPO (also known as TechD Cybersecurity Ltd. IPO), scheduled to open on September 15, 2025, and close on September 17, 2025.
Established in 2017, TechD Cybersecurity Ltd. (formerly TechDefence Labs) is a CERT-In empanelled cybersecurity solutions provider.
The company offers a range of services, including Managed Security Services, Vulnerability Assessment and Penetration Testing (VAPT), Compliance Services, and Staff Augmentation.
Their clientele includes prominent organizations such as Adani Group, Zensar Technologies, Astral Limited, and IQM Corporation.
IPO Dates
- Opening Date: September 15, 2025
- Closing Date: September 17, 2025
- Basis of Allotment: September 18, 2025
- Refunds Initiation: September 19, 2025
- Shares Credit to Demat: September 19, 2025
- Listing Date: September 22, 2025
IPO Details
- Issue Size: Approximately ₹38.99 crore
- Price Band: ₹183 to ₹193 per share
- Face Value: ₹10 per share
- Lot Size: 600 shares
- Minimum Application: 1,200 shares (2 lots) for retail investors
- Maximum Application: 1,200 shares (2 lots) for retail investors
- Issue Type: Book Built Issue
- Market Maker: Giriraj Stock Broking Pvt. Ltd.
- Listing At: NSE SME
- Share Holding Pre Issue: 54,59,533 shares
- Share Holding Post Issue: 74,79,733 shares
GMP of Tech Defence Labs Limited IPO
As of September 11, 2025, the Grey Market Premium (GMP) for the upcoming TechD Cybersecurity Limited IPO (formerly Tech Defence Labs Limited) is approximately ₹154.
This suggests strong investor interest and indicates a potential listing gain of around 80% over the upper price band of ₹193 per share.
The strong GMP indicates positive market sentiment towards the IPO. However, investors should consider the company’s financials, industry position, and growth prospects before making investment decisions.
It’s advisable to consult with a financial advisor to assess the suitability of this investment based on individual risk tolerance and investment objectives.
Promoters of Tech Defence Labs Limited
The promoters of TechD Cybersecurity Ltd. (formerly known as Tech Defence Labs Ltimide) are:
- Mr. Sunny Piyushkumar Vaghela – Managing Director
- Mr. Vaghela Piyush Rasiklal – Executive Director
1) Mr. Sunny Piyush kumar Vaghela
- Role: Managing Director
- DIN: 02068653
- Appointment Date: April 1, 2022
- Company: TechD Cybersecurity Ltd.
- Registered Address: Office No. 901, 902, 903, 904 & 908, Abhishree Adroit, Mansi Cross Road, Vastrapur, Ahmedabad, Gujarat, India – 380015
2) Mr. Vaghela Piyush Rasiklal
- Role: Executive Director
- DIN: 07693754
- Appointment Date: January 19, 2017
- Company: TechD Cybersecurity Ltd.
- Registered Address: Office No. 901, 902, 903, 904 & 908, Abhishree Adroit, Mansi Cross Road, Vastrapur, Ahmedabad, Gujarat, India – 380015
Both promoters are associated with Techdefence Technologies Private Limited, a company involved in other computer-related activities, such as website maintenance and multimedia presentations.
Tech Defence Labs Limited IPO Lot Size
Certainly! Here’s the detailed TechD Cybersecurity Ltd. (formerly Tech Defence Labs Limited) IPO Lot Size information:
| Application | Lots | Shares | Amount |
|---|---|---|---|
| Retail (Min) | 2 | 1,200 | ₹2,31,600 |
| Retail) (Max) | 2 | 1,200 | ₹2,31,600 |
| S-HNI (Min) | 3 | 1,800 | ₹3,47,400 |
| S-HNI (Max) | 8 | 4,800 | ₹9,26,400 |
| B-HNI (Min) | 9 | 5,400 | ₹10,42,200 |
Retail Investor (1 lot):
- 600 shares × ₹193 (upper price band) = ₹1,15,800
- 600 shares × ₹183 (lower price band) = ₹1,09,800
NII/QIB Investor (2 lots):
- 1,200 shares × ₹193 = ₹2,31,600
- 1,200 shares × ₹183 = ₹2,19,600
Tech Defence Labs Limited IPO Promoter Holding
Certainly! Here’s the detailed promoter holding information for TechD Cybersecurity Ltd. (formerly known as Tech Defence Labs Limited) as per the latest available data:
Promoter Holding Table
| Shareholder | Pre-Issue Holding | Post-Issue Holding |
|---|---|---|
| Mr. Sunny Piyushkumar Vaghela | 86.17% | 63.22% |
| Mr. Vijay Kishanlal Kedia | 7.20% | 5.31% |
| M/s Ativir Financial Services Pvt Ltd | 1.25% | 0.93% |
| Total Promoter Group | 94.63% | 69.46% |
About TechD Cybersecurity Limited
TechD Cybersecurity Ltd. (formerly known as TechDefence Labs Solutions Limited) is a cybersecurity firm established on January 19, 2017, in Ahmedabad, Gujarat.
The company specializes in providing end-to-end cybersecurity solutions, including Managed Security Services Provider (MSSP) offerings, Cyber Program Management, Vulnerability Assessment and Penetration Testing (VAPT), Compliance Services, Specialized Services, and Staff Augmentation.
TechD Cybersecurity has experienced significant growth, expanding its team to over 160 professionals across seven Indian cities.
The company serves more than 470 clients, including notable names such as Adani, Torrent, Astral, ETO Gruppe, and Zensar Technologies. Its clientele also comprises 120 SMEs, 127 co-operative banks and fintechs, and 200 SEBI-registered entities.
Expansion Plans:
TechD Cybersecurity aims to utilize the proceeds from the IPO to strengthen its human resources and expand its operations into North America, the Middle East, and Africa.
Additionally, the company plans to develop the Global Security Operations Center (GSOC) infrastructure under the TechDefence Cyber Valley project in Ahmedabad, which is set to become India’s largest integrated cybersecurity GSOC.
Founder and Leadership:
The company was founded by Mr. Sunny Piyushkumar Vaghela, a noted cybersecurity entrepreneur and ethical hacker.
Mr. Vaghela is renowned for his expertise in identifying vulnerabilities in SMS and VoIP systems and has contributed to significant cyber investigations, including those related to the 2008 Ahmedabad serial blasts and the 26/11 Mumbai terror attacks.
Tech Defence Labs Limited IPO Financial Information
Certainly! Here’s the detailed financial information for TechD Cybersecurity Ltd. (formerly known as Tech Defence Labs Limited) as per the latest available data:
| Period Ended | 31 Mar 2025 | Mar 31 2024 | 31 Mar 2023 |
| Assets | ₹29.08 Crore | ₹9.14 Crore | ₹6.98 Crore |
| Total Income | ₹30.23 Crore | ₹15.36 Crore | ₹7.59 Crore |
| Profit After Tax | ₹8.40 Crore | ₹3.24 Crore | ₹0.94 Crore |
| EBITDA | ₹12.24 Crore | ₹4.91 Crore | ₹1.36 Crore |
| NET Worth | ₹22.14 Crore | ₹4.80 Crore | ₹1.56 Crore |
| Reserves and Surplus | ₹16.68 Crore | ₹4.79 Crore | ₹1.55 Crore |
Key Performance Indicator (KPI)
Here are the Key Performance Indicators (KPIs) for TechD Cybersecurity Ltd. (formerly Tech Defence Labs Limited) based on the latest available financial and operational data:
| KPI | Values |
|---|---|
| ROE | 62.33% |
| ROCE | 54.25% |
| Debt/Equity | 0.01 |
| RoNW | 37.93% |
| PAT Margin | 28.18% |
| EBITDA Margin | 40.48% |
| Price to Book Value | 4.76 |
Objects of the Issue (Tech Defence Labs Limited IPO Objectives)
Here are the Objects of the Issue for TechD Cybersecurity Ltd. (formerly Tech Defence Labs Limited) IPO, based on the Red Herring Prospectus:
1) Funding Expansion of Business Operations
- The company plans to use a portion of the IPO proceeds to strengthen its human resources, hire skilled cybersecurity professionals, and expand its service offerings.
- Investment will also support geographical expansion into North America, the Middle East, and Africa.
2) Development of Global Security Operations Center (GSOC)
- Proceeds will be used to develop the TechDefence Cyber Valley project in Ahmedabad.
- This will be India’s largest integrated cybersecurity GSOC, providing advanced monitoring, threat intelligence, and incident response capabilities.
3) Working Capital Requirements
- Part of the funds will be allocated for day-to-day operations to improve cash flow, manage projects efficiently, and support short-term funding needs.
4) General Corporate Purposes
- A portion of the proceeds will be used for general corporate purposes, which may include business development, marketing initiatives, and enhancing IT infrastructure.
Strengths of Tech Defence Labs Limited IPO
Strong Financial Performance
- Revenue Growth: Achieved a 97.73% YoY increase in revenue in 2024–2025, reaching ₹29.80 crore.
- Profitability: Reported a 158% YoY increase in Profit After Tax (PAT), amounting to ₹8.40 crore in 2024–2025.
Experienced Leadership
- Founded by Mr. Sunny Piyushkumar Vaghela, a renowned cybersecurity expert and ethical hacker.
Comprehensive Service Offering
- Provides a wide range of cybersecurity services, including Managed Security Services Provider (MSSP), Vulnerability Assessment and Penetration Testing (VAPT), Compliance Services, and Staff Augmentation.
Robust Client Base
- Serves over 470 clients, including notable names such as Adani, Zensar Technologies, Astral Limited, and ETO Gruppe.
Support from Renowned Investor
- Backed by Mr. Vijay Kedia, a prominent investor, which adds credibility and investor confidence to the company.
Risks of Tech Defence Labs Limited IPO
1) Client Retention and Acquisition
- The company’s growth is heavily dependent on maintaining and expanding its existing client base. Any failure to do so could adversely affect revenue and profitability.
2) Employee-Intensive Industry
- As a service-oriented company, a significant portion of expenses is allocated to employee benefits. Rising employee costs could impact profitability.
3) Dependence on Skilled Talent
- The success of the business relies on attracting and retaining skilled cybersecurity professionals. Shortages or high turnover rates could hinder operations.
4) Lack of Risk Management Policy
- The company does not have a formal risk management policy in place, which may expose it to unforeseen operational and financial risks.
Summary
TechD Cybersecurity Ltd. presents a promising investment opportunity with its strong financial performance, experienced leadership, and comprehensive service offerings.
However, potential investors should be mindful of the risks related to client retention, employee costs, talent acquisition, and the absence of a formal risk management policy.
Tech Defence Labs Limited Contact Details
Here are the contact details for TechD Cybersecurity Ltd. (formerly Tech Defence Labs Limited):
Registered Office / Main Offices
- Ahmedabad Office
9th Floor, Abhishree Adroit,
Near Mansi Circle, Vastrapur, Ahmedabad, Gujarat – 380015 - Pune Office
303, 3rd Floor, Metropolis, Balewadi Highstreet,
Balewadi, Pune – 411045, Maharashtra
Phone Numbers
- General Phone: +91-9723373375
- Sales Contact: +91-7069113334 / +91-9586522224
Emails
- General / Info: info@techdefencelabs.com
- Support: support@techdefencelabs.com
- Sales: sales@techdefencelabs.com
Website
- Official Website: www.techdefencelabs.com
Registrar & Transfer Agent (RTA)
- Purva Share Registry India Private Limited
Address: 9-Shiv Shakti Industrial Estate, J. R. Boricha Marg, Lower Parel, Mumbai – 400011 - Phone: +91-22-4961 4132
- E-mail: newissue@purvashare.com
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