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.
