Tracxn IPO: Shares Make Positive Market Debut, List At 4% Premium

Tracxn raises INR 139 Cr in anchor round

SUMMARY

Tracxn’s shares listed at INR 83 apiece on the BSE and INR 84.50 apiece on the NSE

As of 2:00 PM IST, Tracxn’s shares were trading at INR 93.50 apiece on BSE and INR 93.60 on the NSE, 17% higher than the IPO offer price

Tracxn’s IPO opened on October 10 and ended on October 13, with a 2X subscription, having received bids for 4.27 Cr shares as against 2.13 Cr shares on offer

Bengaluru-based market intelligence firm Tracxn Technologies made its debut on the bourses on a positive note on Thursday (October 20) after its IPO, listing above its offer price.

Shares of Tracxn listed at INR 83 apiece on the BSE and INR 84.50 on the National Stock Exchange (NSE). This was a premium of 3.75% on the BSE and a 6% premium on the NSE against the IPO issue price of INR 80 per share.

The company’s market cap on the BSE stood at INR 832.57 Cr at the time of listing.

As of 2:00 PM IST, Tracxn’s shares were trading at INR 93.50 apiece on BSE and INR 93.60 on the NSE, 17% higher than the IPO offer price

Tracxn’s IPO got off to a slow start on October 10, with day one seeing a 23% subscription. However, by the end of the IPO window, it was subscribed 2X, having received bids for 4.27 Cr shares as against 2.13 Cr shares on offer.

The qualified institutional buyers (QIB) portion of the IPO was also overbooked, having received 166% more bids than the shares for sale. The retail portion was also well oversubscribed, receiving 5X more bids than the shares on offer.

On the other hand, the non-institutional investors (NIIs) category was undersubscribed, seeing bids for only 80% of the shares on offer.

Tracxn filed its draft red herring prospectus (DRHP) in August 2021, while it got the Securities and Exchange Board (SEBI) of India’s nod in November 2021.

Ahead of the IPO, Tracxn raised INR 139.22 Cr ($16.8 Mn) in an anchor round. It allocated 1.74 Cr shares at a price of INR 80 apiece on October 7 to 11 anchor investors.

Founded in 2013 by Abhishek Goyal and Neha Singh, Tracxn is a market intelligence SaaS platform. It tracks private companies and startups in India and abroad. It competes with the likes of Crunchbase in the segment.

The startup provides data for market intelligence, deal sourcing, deal diligence and analysis to companies. It also helps companies identify and track M&A targets. Tracxn is backed by angel investors such as Ratan Tata, Sachin Bansal, Binny Bansal and Girish Mathrubootham and VC firms such as Sequoia, Accel and Elevation Capital.

The startup has raised $16.5 Mn in venture capital since 2013.