Tracxn Technologies lists at 3.7% premium
- Shares of Tracxn Technologies listed at ₹83 against the allotment price of ₹80 per share, today.
- The IPO was subscribed 2.01 times amidst volatile market conditions.
- The market capitalisation of the company stood at ₹832 crore.
AdvertisementThe stock of Bengaluru-based data provider Tracxn Technologies listed at ₹83, a tad above its issue price, today. This is in spite of stock markets slipping in early trade after four consecutive sessions of gains.
The market capitalization of the company stands at ₹832 crore.
The grey market premium (GMP) of the company’s shares had indicated a discount of ₹4. But the company managed to surprise analysts and investors alike.
The IPO had also received tepid high demand from investors amidst volatile market conditions, as it was subscribed by just 2.01 times. It received bids for 4.27 crore equity shares as against 2.12 crore shares on offer.
Analysts and investors were concerned about the fact that it’s a loss-making company. In addition, private equity and other investors are making a full/partial exit via the IPO.
The IPO is 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.
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.
While the company has reported good business growth in the last three fiscal years, the operations are still loss making.
|Fiscal year||Revenue||Net Profit||EBITDA margin|
|FY22||₹63.45 crore||-₹4.84 crore||-3.25%|
|FY21||₹43.77 crore||-₹5.34 crore||-39.54%|
|FY20||₹37.33 crore||-₹54.03 crore||-61.64%|
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