Private market intelligence firm Tracxn files for an IPO

Private market intelligence firm Tracxn files for an IPO
  • Tracxn is looking to sell 38.67 million shares in its IPO.
  • The issue will purely consist of an offer for sale to provide exits to existing investors.
  • It now tracks over 1.4 million private companies and works with 855 subscribers.
Bengaluru-based private market intelligence platform Tracxn has filed the draft red herring prospectus (DRHP) to sell 38.67 million shares in its initial public offering (IPO). The eight-year-old company has not disclosed the amount it plans to raise with this public issue.

The IPO would only consist of secondary share sale to provide exits to existing shareholders and promoters. Investors such as Flipkart’s Sachin Bansal and Binny Bansal, Elevation Capital, Accel India and Sequoia Capital India would be selling their shareholdings.

IIFL Securities has been appointed as the book running lead manager to the issue.

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ShareholdersOffer for Sale (OFS)
Tracxn’s founders Neha Singh and Abhishek Goyal7.66 million shares
Flipkart’s Binny Bansal and Sachin Bansal1.26 million
Elevation Capital10.98 million shares
Accel India IV Mauritius4.02 million
Sequoia Capital2.18 million shares

Elevation Capital has 21.89% stake in Tracxn, whereas Sachin and Binny Bansal hold 1.26% stake each. Founders Goyal and Singh hold 25.46% stake in the company.

Tracxn was founded in 2013 and launched in 2015. The firm offers private company data for deal sourcing, identifying mergers and acquisition (M&A) targets, deal diligence, analysis and tracking emerging themes across industries and markets.

It claims to track over 1.4 million private companies and works with 855 subscription customers across 50 countries. Its customer base would include venture capital (VC) firms, private equity funds and large corporates.

Tracxn reported a revenue of ₹55.7 crore in the financial year that ended March 2021. The company claims that 70% of its revenue comes from outside India, primarily Europe, Middle East, and Africa (EMEA) and North American markets.

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