Tracxn Tech IPO To Open On Oct 10 At Price Band Of INR 75-80

Tracxn Tech’s IPO To Open On Oct 10, Fixes Price Band At INR 75-80 Apiece

SUMMARY

The startup’s IPO would consist of only an offer for sale (OFS) of 3.86 Cr shares

At the upper limit of the price band, the value of the IPO is INR 309.36 Cr

In the private market, Tracxn has raised $16.5 Mn (INR 134.38 Cr) at a valuation of $70 Mn (~ INR 570 Cr), so far

The initial public offering (IPO) of Bengaluru-based Tracxn Technologies will open for subscription on October 10, 2022. The data intelligence platform has set a price band of INR 75-80 apiece in the secondary offload of shares.

The offer can be subscribed till October 12, 2022.

Tracxn had filed its draft red herring prospectus (DRHP) in August 2021 and received SEBI’s approval for its IPO in November 2021. Due to market volatility, the startup had deferred its plans.

As per the DRHP, the startup’s IPO would consist of only an offer for sale (OFS) of 3.86 Cr shares. This means that there was no fresh issue of shares and promoters and existing shareholders of the company are diluting their stakes in the company.

The startup was founded in 2013 by former venture capitalists Abhishek Goyal and Neha Singh. It counts several angel investors and VC firms among its backers, who have pumped nearly $16.5 Mn into the company at a valuation of $70 Mn.

Tracxn is a SaaS platform that has profiled over 14 Lakh companies by scanning over 55 Cr web domains and nearly 2,000 feeds to generate data about companies across sectors and geographies for its customers.

It has a customer base of 850+ investors, corporates and government bodies across the globe who use the Tracxn reports, data sets and analysis and more to know about companies across the world.

The Crunchbase-competitor earned a subscription-based revenue of INR 43.8 Cr in FY21 and incurred a loss of INR 5.3 Cr.

Share Offloading Pattern In Tracxn IPO

Founders Goyal and Singh will offer 76.6 Lakh of equity shares each
Elevation Capital will offload up to 1.09 Cr equity shares
Flipkart’s Binny Bansal and Sachin Bansal will both sell up to 12.6 Lakh of equity shares each
Delhivery founder Sahil Barua will sell 2.07 Lakh shares
Freshworks’ Girish Mathrubootham will offload 2.96 Lakh shares
Accel India will offload up to 40.17 Lakh equity shares
Sequoia Capital India will sell up to 21.81 Lakh equity shares

At the upper limit of the price band, the value of the IPO is INR 309.36 Cr.