Pvt security co Tenon Group plans IPO next fiscal; says, shifting focus to remote monitoring ahead of listing

Leading private security firm Tenon Group, is shifting its focus to remote monitoring as it plans to ramp up revenue ahead of a domestic listing next fiscal. The Rs 1,600-crore group with three businesses — flagship Peregrine Guarding, Tenon Facility Management, and specialised remote security monitoring under Soteria label — was planning a listing this year but the pandemic has put brakes to the plan, and is now aiming to go public next fiscal, group founder-chairman Manjit Rajain said.

Its overseas security business vertical, Mortise, was listed on the London Alternative Investment Market in 2008. However, due to liquidity challenges it was made private in 2019, said Rajain, who served in the Army and also in the J&K police. Manned by a team of 600, the company runs Asia’s largest remote monitoring security centre in Gurugram — all on-camera. Its clients include a large American aerospace and defence company based in Florida, apart from leading banks, gold loan companies, and scores of large corporations.