Tracxn Technologies IPO subscribed 2.01 times

• The IPO of data provider Tracxn Technologies was subscribed 2.01 times as on the last day of bidding on October 12.
• The IPO has received decent response from retail investors and qualified institutional investors.
• The grey market is indicating a premium of over ₹8 per share.

Bengaluru-based data provider Tracxn Technologies closed its initial public offering (IPO) today on October 12.

As on the last day, the IPO has been subscribed by 2.01 times. The IPO has received bids for 4.27 crore equity shares against 2.12 crore equity shares on offer.

Analysts had concerns with the IPO as the company is loss-making and private equity and other investors were making a full/partial exit via the IPO.

Tracxn also reported a negative operating cash flow during FY19-21 period, except for FY22 (₹0.6 crore). More importantly, the company is one of a kind and that means there is no peer company based on which it can be valued, as per analysts at Choice Broking.

The IPO will be entirely an offer for sale (OFS) of 3.86 crore equity shares by promoters and investors. Flipkart founders Binny Bansal and Sachin Bansal will be offloading up to 12.63 lakh shares each.

Delhivery founder Sahil Barua will sell 2.07 lakh shares, Freshworks’ Girish Mathrubootham will offload 2.96 lakh shares and Sequoia Capital India will sell up to 21.81 lakh equity shares as a part of the IPO.

The grey market indicates a premium of over ₹8 per share on the issue price. It has set a price band of ₹75-₹80.

Launched in 2015, Tracxn Technologies is a software as a service (SaaS) platform that has scanned over 66 crore web domains to profile 18.4 lakh companies. The company’s extensive global database provides a platform for customers to source and track companies across sectors and geographies as per their requirements.

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