Tracxn Technologies IPO: GMP, subscription status of the issue
Tracxn Technologies’ three-day initial public offering (IPO) garnered 23% subscription on the first day of offer on Monday. The price band for its 309-crore public offering, which will close on Wednesday, October 12, 2022, has been set at 75-80 per share.
According to BSE data, as of 1:33 p.m. on day 2 on Tuesday, the issue had been subscribed 0.4 times, with retail investors booking 2x and NIIs bidding 0.11.
Tracxn Technologies’ initial public offering (IPO) is wholly comprised of promoters and investors selling 38,672,208 equity shares. The OFS will see promoters Neha Singh and Abhishek Goyal sell up to 76.62 lakh shares each, and Flipkart founders Binny Bansal and Sachin Bansal sell up to 12.63 lakh shares apiece.
According to market observers, Tracx Tech shares are currently commanding a premium (GMP) of 7 in the grey market. The basis for share allotment could be finalised on Monday, October 17, 2022, and the company’s shares are likely to list on leading stock exchanges BSE and NSE this month on Thursday, October 20, 2022.
Tracxn has raised 139 crore prior to the IPO from 15 anchor investors, including India Acorn Fund, BNP Paribas Arbitrage, Whiteoak Capital, Kotak Mutual Fund, ICICI Prudential MF, Nippon India MF, and Reliance General Insurance Co. The anchor investors had purchased 17.4 million shares at $80 each.
Tracxn Technologies, based in Bengaluru, was founded in 2013 and delivers market intelligence data to private firms using a software-as-a-service (SaaS) approach. As of June of this year, the organization had 3,271 users and 1,139 client accounts spread throughout 58 countries.
It is a comprehensive B2B information platform that identifies, tracks, and analyses private market companies and startups for deal sourcing and due diligence, and it has the most global coverage in emerging technology sectors such as artificial intelligence, virtual reality, robotics, and blockchain.
“In terms of finances, the company’s revenue has grown at a CAGR of 30.4%. Despite rising revenues, EBITDA and PAT have been negative for the past two years. As a result, an investor should keep an eye on the financials for FY23,” according to Religare Broking research.
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