LIC, Delhivery, Kfin Tech among IPO duds of FY23

<ul><li>Shares of Tracxn Technologies listed at ₹83 against the allotment price of ₹80 per share, today.</li><li>The IPO was subscribed 2.01 times amidst volatile market conditions.</li><li>The market capitalisation of the company stood at ₹832 crore.</li></ul>The 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. <table style="border-width: initial; border-style: none; table-layout: fixed; width: 468pt;"><colgroup></colgroup><col /><col /><col /><col /><tbody><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Fiscal year </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Revenue </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Net Profit </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">EBITDA margin </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">FY22 </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">₹63.45 crore </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">-₹4.84 crore </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">-3.25% </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">FY21 </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">₹43.77 crore </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">-₹5.34 crore </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">-39.54% </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">FY20 </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">₹37.33 crore </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">-₹54.03 crore </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">-61.64% </td></tr></tbody></table> SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/finance/news/moderating-fpi-outflows-suggest-qt-cycle-could-be-peaking-says-report/articleshow/94977381.cms">Moderating FPI outflows suggest QT cycle could be peaking says report</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/careers/news/indian-students-going-abroad-to-face-a-triple-whammy-of-inflation-forex-and-interest-rates/articleshow/94974003.cms">Indian students going abroad to face a triple whammy of inflation, forex and interest rates</a>

Tracxn Technologies lists at 3.7% premium

<ul><li>Tracxn Technologies has announced its share allotment status today.</li><li>The IPO has witnessed tepid demand from investors due to its losses and PE investors’ partial/full exit via IPO.</li><li>The IPO will be listed on October 20 on exchanges.</li></ul>Bengaluru-based data provider Tracxn Technologies has announced the allotment status of its initial public offering (IPO) today, October 17. The IPO was open for subscription from October 10-12. It received bids for 4.27 crore equity shares as against 2.12 crore shares on offer. The IPO has received tepid high demand from investors amidst volatile market conditions, as it was subscribed by just 2.01 times. The qualified institutional buyer portion was subscribed 1.66 times. The reserved portion of non-institutional investors witnessed a subscription of 0.80 times. Retail portion saw a subscription of 4.87 times. The grey market premium (GMP) of the company’s shares indicate a discount of ₹4. Analysts and investors are concerned about the IPO as the company is loss-making and private equity and other investors are making a full/partial exit via the IPO. While the company has reported good business growth in the last three fiscal years, the operations are still loss making. The IPO will be entirely an offer for sale (OFS) of 3.86 crore equity shares by promoters and investors. Here is how to you can check <keyword id="15280304" type="General" weightage="20" keywordseo="Tracxn-Technologies-IPO-allotment" source="Orion">Tracxn Technologies IPO allotment</keyword> status on stock exchange website: <ul><li>Go to the <a href="https://www.bseindia.com/investors/appli_check.aspx">BSE website</a> or NSE website<a href="https://www1.nseindia.com/products/dynaContent/equities/ipos/ipo_login.jsp"> here</a>.</li><li>On BSE, Select 'Equity' and then from the dropdown, select ‘Tracxn Technologies’.</li><li>Now, enter your application number and PAN.</li><li>Click on 'Search'.</li><li>Please note the details will only be available once the shares are allotted.</li></ul>You can also visit the registrar website (Link Intime India) to check your application status. <ul><li>Visit the registrar's website <a href="https://linkintime.co.in/MIPO/Ipoallotment.html">here</a>.</li><li>Click on 'Select company' and click on ‘Tracxn Technologies’.</li><li>Once the company is selected, you will have to enter either your PAN detail, the application number, or the client ID.</li><li>Enter the captcha code and click ’submit’.</li></ul>Once you hit 'submit', the status of your application will appear on the screen. Please ensure the details that you provide are correct. It will show the number of shares you subscribed to and the number of shares allotted to you. SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/stock-market/news/avenue-supermarts-shares-fall-after-the-retail-chain-reports-a-decline-in-margins-in-q2/articleshow/94912781.cms">DMart shares fall over margin decline and slow recovery in footfalls</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/stock-market/news/electronics-mart-india-lists-at-51-premium-amid-weak-market-opening/articleshow/94907450.cms">Electronics Mart India lists at 51% premium amid weak market opening</a>

Tracxn Technologies IPO: Here’s how you can check the allotment status

Tracxn Technologies IPO — 10 things to know about this company as its IPO opens

<ul><li>The IPO of data provider Tracxn Technologies was subscribed 2.01 times as on the last day of bidding on October 12.</li><li>The IPO has received decent response from retail investors and qualified institutional investors.</li><li>The grey market is indicating a premium of over ₹8 per share.</li></ul>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. <table style="border-width: initial; border-style: none; table-layout: fixed; width: 468pt;"><colgroup></colgroup><col /><col /><tbody><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Investor category </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Subscription </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Qualified institutional buyers </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">1.66 times </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Non-institutional investors </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">0.80 times </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Retail </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">4.87 times </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Overall </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">2.01 times </td></tr></tbody></table> 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. SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/business/corporates/news/hcl-techs-net-profit-rises-6-3-sequentially-increases-fy23-revenue-guidance/articleshow/94813269.cms">HCL Tech’s net profit rises 6.3% sequentially, increases FY23 revenue guidance</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/business/corporates/news/wipro-q2-net-profit-rises-3-7-to-2659-cr-sequentially-but-isnt-as-optimistic-about-q3/articleshow/94811975.cms">Wipro Q2 net profit rises 3.7% to ₹2,659 cr sequentially, but isn’t as optimistic about Q3</a>

Tracxn Technologies IPO subscribed 2.01 times

<ul><li>Bengaluru-based data provider Tracxn Technologies’ IPO opens next week from Monday October 10-12.</li><li>The IPO will be entirely an offer for sale (OFS) of 3.86 crore equity shares by promoters and investors.</li><li>Flipkart founders Binny Bansal and Sachin Bansal will be offloading up to 12.63 lakh shares each.</li><li>While the company reported good business growth in the last three fiscal years, it’s still posting losses.</li></ul>Bengaluru-based data provider Tracxn Technologies is all set to launch its initial public offering (IPO) worth ₹309 crore next week from Monday October 10-12. 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. As of June this year, the company had 3,271 users across 1,139 customer accounts in over 58 countries. Its subscription-based platform, Tracxn offers customers private company data for deal sourcing, identifying merger and acquisition targets, deal diligence and analysis. It also tracks emerging themes across industries and markets. Analysts remain cautious of the losses and negative cash flow While the company has reported good business growth in the last three fiscal years, the operations are still loss making. Tracxn also reported a negative operating cash flow during FY19-21 period, except for FY22 (₹0.6 crore). More importantly, it’s one a kind and that means there is no peer company based on which it can be valued, as per analysts at Choice Broking. “At the higher price band, Tracxn is demanding an enterprise valuation/sales multiple of 12.3x, which seems to be stretched for a loss-making operation. Considering the high attrition rate in the IT-enabled sector and already double digit attrition level (49% in FY22 and 13.8% in Q1 FY23) of Tracxn, we are cautiously optimistic on the company’s efforts in bringing down employee costs,” said analysts at Choice Broking. Also, a partial/full exit by private equity investors raises concerns on the long term outlook, say analysts at Choice Broking which assigned an ‘avoid’ rating for the issue. 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. Former chairman of Tata Sons, Ratan Tata is among the angel investors backing the company. “Although the revenues have increased, EBITDA and PAT have been in negative for the past two years. So, an investor needs to keep a watch on the financials for FY23,” says a report by Religare Broking which gave a ‘neutral’ rating to the issue. <table style="border-width: initial; border-style: none; table-layout: fixed; width: 468pt;"><colgroup></colgroup><col /><col /><col /><col /><tbody><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Fiscal year </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Revenue </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Net Profit </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">EBITDA margin </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">FY22 </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">₹63.45 crore </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">-₹4.84 crore </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">-3.25% </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">FY21 </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">₹43.77 crore </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">-₹5.34 crore </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">-39.54% </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">FY20 </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">₹37.33 crore </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">-₹54.03 crore </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">-61.64% </td></tr></tbody></table> Here are some of the important details of the IPO: <table style="border-width: initial; border-style: none;"><colgroup></colgroup><col /><col /><tbody><tr><td style="border-left:solid #000000 0.8333325pt;border-right:solid #000000 0.8333325pt;border-bottom:solid #000000 0.8333325pt;border-top:solid #000000 0.8333325pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">Issue details </td><td style="border-left:solid #000000 0.8333325pt;border-right:solid #000000 0.8333325pt;border-bottom:solid #000000 0.8333325pt;border-top:solid #000000 0.8333325pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;"> </td></tr><tr><td style="border-left:solid #000000 0.8333325pt;border-right:solid #000000 0.8333325pt;border-bottom:solid #000000 0.8333325pt;border-top:solid #000000 0.8333325pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">Price band </td><td style="border-left:solid #000000 0.8333325pt;border-right:solid #000000 0.8333325pt;border-bottom:solid #000000 0.8333325pt;border-top:solid #000000 0.8333325pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">₹75-₹80 </td></tr><tr><td style="border-left:solid #000000 0.8333325pt;border-right:solid #000000 0.8333325pt;border-bottom:solid #000000 0.8333325pt;border-top:solid #000000 0.8333325pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">IPO open date </td><td style="border-left:solid #000000 0.8333325pt;border-right:solid #000000 0.8333325pt;border-bottom:solid #000000 0.8333325pt;border-top:solid #000000 0.8333325pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">October 10 </td></tr><tr><td style="border-left:solid #000000 0.8333325pt;border-right:solid #000000 0.8333325pt;border-bottom:solid #000000 0.8333325pt;border-top:solid #000000 0.8333325pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">IPO close date </td><td style="border-left:solid #000000 0.8333325pt;border-right:solid #000000 0.8333325pt;border-bottom:solid #000000 0.8333325pt;border-top:solid #000000 0.8333325pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">October 12 </td></tr><tr><td style="border-left:solid #000000 0.8333325pt;border-right:solid #000000 0.8333325pt;border-bottom:solid #000000 0.8333325pt;border-top:solid #000000 0.8333325pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">Allotment date </td><td style="border-left:solid #000000 0.8333325pt;border-right:solid #000000 0.8333325pt;border-bottom:solid #000000 0.8333325pt;border-top:solid #000000 0.8333325pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">October 17 </td></tr><tr><td style="border-left:solid #000000 0.8333325pt;border-right:solid #000000 0.8333325pt;border-bottom:solid #000000 0.8333325pt;border-top:solid #000000 0.8333325pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">Initiation of refunds </td><td style="border-left:solid #000000 0.8333325pt;border-right:solid #000000 0.8333325pt;border-bottom:solid #000000 0.8333325pt;border-top:solid #000000 0.8333325pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">October 18 </td></tr><tr><td style="border-left:solid #000000 0.8333325pt;border-right:solid #000000 0.8333325pt;border-bottom:solid #000000 0.8333325pt;border-top:solid #000000 0.8333325pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">Credit of shares to demat account </td><td style="border-left:solid #000000 0.8333325pt;border-right:solid #000000 0.8333325pt;border-bottom:solid #000000 0.8333325pt;border-top:solid #000000 0.8333325pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">October 19 </td></tr><tr><td style="border-left:solid #000000 0.8333325pt;border-right:solid #000000 0.8333325pt;border-bottom:solid #000000 0.8333325pt;border-top:solid #000000 0.8333325pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">IPO listing date </td><td style="border-left:solid #000000 0.8333325pt;border-right:solid #000000 0.8333325pt;border-bottom:solid #000000 0.8333325pt;border-top:solid #000000 0.8333325pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">October 20 </td></tr><tr><td style="border-left:solid #000000 0.8333325pt;border-right:solid #000000 0.8333325pt;border-bottom:solid #000000 0.8333325pt;border-top:solid #000000 0.8333325pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">Minimum lot </td><td style="border-left:solid #000000 0.8333325pt;border-right:solid #000000 0.8333325pt;border-bottom:solid #000000 0.8333325pt;border-top:solid #000000 0.8333325pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">185 </td></tr></tbody></table> SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/finance/banks/news/banks-to-reap-rewards-of-interest-rate-hikes-in-q2-earnings/articleshow/94706875.cms">Banks to reap rewards of interest rate hikes in Q2 earnings</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/stock-market/news/looking-to-invest-in-ipos-heres-how-to-pick-winners-and-spot-the-duds/articleshow/94704252.cms">Looking to invest in IPOs? Here’s how to pick winners and spot the duds</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/stock-market/news/nifty50-valuations-remain-expensive-but-experts-are-divided-on-indias-growth-prospects/articleshow/94704195.cms">Nifty50 valuations remain expensive, but experts are divided on India's growth prospects</a>

Tracxn Technologies IPO: Analyst cautious due to losses and investor exits

Thirty-seven Indian corporates raised Rs 52,116 crore through main board IPOs in the financial year 2022-23, less than half of the Rs 1.11 lakh (all-time high) mobilised by 53 IPOs in 2021-22, according to Primedatabase, the country's premier database on the primary capital market. According to <keyword id="1862725" type="General" weightage="50" keywordseo="pranav-haldea" source="Orion">Pranav Haldea</keyword>, Managing Director, Prime Database Group, as many as 25 out of the 37 <keyword id="6354763" type="General" weightage="100" keywordseo="ipo" source="Orion">IPO</keyword>s came in just three months of the year (May, November and December), which shows the volatile conditions prevalent through most of the year which are not conducive for IPO activity. In fact, the fourth quarter of 2022-23 has seen the lowest amount being raised in the last nine years. <keyword id="3517398" type="General" weightage="50" keywordseo="haldea" source="Orion">Haldea</keyword> said Rs 20,557 crore or a huge 39 per cent of the amount raised in 2022-23 was by LIC alone, without which the IPO fundraising would have been just Rs 31,559 crore. To be sure though, the amount raised in 2022-23 is still the third highest ever in terms of IPO fundraising. The largest IPO in 2022-23, which was also the largest Indian IPO ever, was from Life Insurance Corp of India. This was followed by <keyword id="11931339" type="General" weightage="50" keywordseo="delhivery" source="Orion">Delhivery</keyword> (Rs 5,235 crore) and Global Health (Rs 2,206 crore). The average deal size was a high Rs 1,409 crore. Only 2 out of the 37 IPOs (Delhivery &amp; Tracxn) were from a new age technology company (NATC) (in comparison to 5 NATC IPOs raising Rs 41,733 crore in 2021-22) pointing towards the slowdown in IPOs from this sector. The overall response from the public was moderate. Of the 36 IPOs for which data is available presently, 11 IPOs received a mega response of more than 10 times (of which 2 IPOs more than 50 times) while 7 IPOs were oversubscribed by more than 3 times. The balance of 18 IPOs was oversubscribed between 1 to 3 times. In comparison to 2021-22, the response of retail investors also moderated. The average number of applications from retail dropped to just 5.64 lakh, in comparison to 13.32 lakh in 2021-22 and 12.73 lakh in 2020-21. The highest number of applications from retail were received by LIC (32.76 lakhs) followed by <keyword id="6813155" type="General" weightage="50" keywordseo="harsha-engineers" source="Orion">Harsha Engineers</keyword> (23.86 lakhs) and Campus Activewear (17.27 lakhs), Prime Database said. The number of shares applied for by retail by value (Rs 41,671 crore) was 20 per cent lower than the total IPO mobilisation (in comparison to being 17 per cent higher in 2021-22) showing the lower level of enthusiasm from retail during the period. According to Haldea, IPO response was further muted by moderate listing performance. Average listing gain (based on the closing price on the listing date) fell to 9.74 per cent, in comparison to 32.59 per cent in 2021-22 and 35.68 per cent in 2020-21. Of the 36 IPOs which have got listed thus far, 16 gave a return of over 10 per cent. DCX Systems gave a stupendous return of 49 per cent followed by Harsha Engineers (47 per cent) and Electronics Mart (43 per cent). Twenty-one of the 36 IPOs are trading above the issue price (closing price of March 24, 2023). SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/india/news/centre-gives-full-basic-customs-duty-exemption-on-import-of-drugs-for-rare-diseases/articleshow/99110374.cms">Centre gives full basic customs duty exemption on import of drugs for rare diseases</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/india/news/us-visa-rules-ease-now-h-1b-visa-holders-spouses-can-work-in-the-us/articleshow/99110481.cms">US visa rules ease: Now H-1B visa holders' spouses can work in the US</a>

IPO fundraising hit a 9-year low in Q4 of FY23: Prime Database

<ul><li>Ixigo’s parent Le Travenues is expected to file its preliminary papers for IPO by mid August.</li><li>The company recently appointed six independent board members.</li><li>It recently raised $53 million in a pre-IPO round from Singapore-based GIC.</li></ul>Gurugram-based online ticketing startup Le Travenues Technology ⁠— which operates the <keyword id="11782910" type="UNKNOWN" weightage="20" keywordseo="travel-portal-ixigo">travel portal ixigo</keyword> ⁠— has converted itself to a public limited company, before launchings its initial public offering (IPO) this year. The company ⁠— whose last reported valuation was $104 million, as per <a href="https://tracxn.com/d/companies/ixigo.com">Tracxn</a> ⁠— is expected to file its draft red herring prospectus (DRHP) with the market regulator <keyword id="63783" type="ORGANIZATION" weightage="20" keywordseo="Securities-and-Exchange-Board">Securities and Exchange Board</keyword> of India (<keyword id="35210" type="ORGANIZATION" weightage="20" keywordseo="sebi">SEBI</keyword>) by mid August. The conversion from a private limited company to a public limited company is the first step towards an IPO. A public limited structure allows companies to raise capital from the stock market. Indian laws do not allow a private company to invite the public to subscribe to its shares. The development comes a day after the 14-year old online travel agency (<keyword id="6607315" type="UNKNOWN" weightage="20" keywordseo="OTA">OTA</keyword>) appointed six independent board members, including former IRCTC chairperson and managing director Pratap Mall, former Nasscom foundation chairperson Arun Seth and GSF Accelerator founder Rajesh Sawhney. Banking and insurance sector veteran Shubha Rao Mayya, Hopper founder Frederic Lalonde, and Hamstede Living MD and chief executive officer (CEO) Rahul Pandit will also be joining the board as independent directors, ixigo’s CEO and cofounder Aloke Bajpai announced on <keyword id="6354616" type="UNKNOWN" weightage="20" keywordseo="Twitter">Twitter</keyword>. Ixigo raised $53 million in a pre-IPO round from Singapore-based GIC. White Oak, InfoEdge Ventures, Bay Capital, Orios Venture Partners, <keyword id="2694863" type="PERSON" weightage="20" keywordseo="Trifecta-Capital">Trifecta Capital</keyword> and Malabar Investment also participated in the round, according to regulatory filings. SEE ALSO <a href="https://www.businessinsider.in/business/startups/news/nykaa-will-spend-its-ipo-money-on-setting-up-retail-stores-and-repaying-loans/articleshow/84996894.cms">Nykaa will spend its IPO money on setting up retail stores and repaying loans</a> <a href="https://www.businessinsider.in/retail/news/britannia-marico-hindustan-unilever-nestle-india-products-can-be-costlier-as-inflation-is-eating-into-their-profits/articleshow/84977161.cms">From cookies king Britannia to soaps titan HUL, inflation is eating profits away ⁠— so, you may have to pay even more for daily essentials</a> <a href="https://www.businessinsider.in/business/startups/news/skill-lync-raises-17-5-million-to-offer-more-upskilling-courses-for-engineers/articleshow/84995007.cms">Three-year-old Skill-Lync gets $17.5 million funding from Flipkart founder Binny Bansal and others</a>

Travel portal Ixigo moves a step closer to IPO

<ul class="summary-list"><li>ALI Technologies, the maker of the XTURISMO bike, is mulling a stock market listing, per Bloomberg. </li><li>The company began accepting pre-orders for its XTURISMO in October.</li></ul>The Japanese startup behind a $777,000 flying <keyword id="13583342" type="UNKNOWN" weightage="60" keywordseo="motorbike" source="Orion">motorbike</keyword> is planning to float on the stock exchange through an IPO to raise further funds, according to <a href="https://www.bloomberg.com/news/articles/2022-04-08/maker-of-777-000-flying-motorbike-prepares-for-ipo-in-japan?srnd=technology-vp&amp;sref=lAVQtUwz">Bloomberg</a>.Daisuke Katano, the CEO of Tokyo-based ALI Technologies, which designed the bike, named XTURISMO, told Bloomberg that the company was planning to list the company on the Mothers market for startups.Katano also said the company was in negotiations to float on the Tokyo Stock Exchange but declined to provide a timeframe or potential target valuation for an IPO. The 300-kilogram XTURISMO bike, which according to the company's <a href="https://www.xturismo.com/?lang=en">website</a> has a top speed of 80 kilometres per hour with a travel range of up to 40 minutes, <a href="https://www.businessinsider.com/hover-bike-ali-technologies-xturismo-japanese-start-hoverbike-tech-2021-10">launched</a> for pre-orders in October last year, Insider's Grace Dean reported. In January, the Robb Report <a href="https://robbreport.com/motors/aviation/hoverbike-lifts-off-with-228-hp-engine-designed-for-motorcycle-racing-1234658917/">reported</a> that the company had begun taking deposits for the bike, which can reach a height of 2 metres (6.6 feet) in three seconds. The vehicle made headlines in <keyword id="6355311" type="UNKNOWN" weightage="60" keywordseo="japan" source="Orion">Japan</keyword> in March when it featured in the opening ceremony of a baseball match in Hokkaido. <blockquote class="twitter-tweet blockquote" data-lang="en" data-cards="" data-conversation="">—Farm To Fame (@FarmToFame_) <a href="https://twitter.com/mims/statuses/1508786449566642189?ref_src=twsrc%5Etfw">March 29, 2022</a></blockquote>Katano told Bloomberg the vehicles were garnering interest in the Middle East, where the desert terrain complemented the hovering nature of the bikes. The bikes are intended to hover rather than fly at altitude."The vehicle will enable people to travel where roads are bad and inaccessible to cars, as well as across bodies of water," he said. The XTURISMO is the latest in a line of startups racing to develop flying automobiles. The tech platform Tracxn <a href="https://tracxn.com/explore/Flying-Cars-Startups-in-United-States">estimates</a> there are 37 <keyword id="13583343" type="UNKNOWN" weightage="60" keywordseo="flying-car" source="Orion">flying car</keyword> companies based in the US.A <a href="https://www.fortunebusinessinsights.com/flying-cars-market-105378">report</a> published by Fortune Business Insights projects that the global flying car market will grow from $225 million in 2022 to $1.5 trillion by 2040. A collection of those mobility companies are already listed on the New York Stock Exchange, including air taxi group Joby, which is valued at $3 billion.

The Japanese company behind a $777,000 flying motorbike is planning to go public, reports say

<ul><li><keyword id="7412196" type="General" weightage="20" keywordseo="tartansense" source="Orion">TartanSense</keyword> offers solutions for all major farming activities — sowing, spraying, weeding, and harvesting — to bring down the cost of cultivation.</li><li>The Series A round was led by FMC Ventures and Omnivore, with participation from Blume Ventures.</li><li>The company had previously raised $2 million in seed funding round in March 2019.</li></ul>TartanSense, a startup that builds small <keyword id="3491153" type="General" weightage="20" keywordseo="agricultural-robots" source="Orion">agricultural robots</keyword> for farmers to help in weeding and pest control, has raised $5 million funding. The Series A round was led by FMC Ventures and Omnivore, with participation from Blume Ventures. The company had previously raised $2 million in seed funding round in March 2019, taking the total tally to $7 million capital raise to date. TartanSense was founded by Carnegie Mellon University alumnus Jaisimha Rao in 2015 after working as a quantitative analyst on Wall Street. He assembled a core team of Carnegie Mellon alumni with experience in <keyword id="62549" type="General" weightage="20" keywordseo="robotics" source="Orion">robotics</keyword>, computer, electrical, and mechanical engineering. “Our mission is to make smallholder farmers wealthier by shipping monetisable robots. TartanSense will have the world’s largest fleet of <keyword id="11942709" type="General" weightage="20" keywordseo="agriculture-robots" source="Orion">agriculture robots</keyword> in the next 18 months” Rao said in a press note. TartanSense offers solutions for all major farming activities — sowing, spraying, weeding, and harvesting — to bring down the cost of cultivation. The six-year-old startup claims that its latest robot, BladeRunner, can identify, locate and uproot undesirable weeds from farmlands. It can also spot spray on the desired crop, reducing chemical usage by 45% and increasing weeding efficiency by seven times. TartanSense emphasises that India is the largest grower of cotton in the world, with 33 million acres under cultivation. The company notes that an average weeding spend for one acre of land goes up to $100 for cotton growers. “The market potential only for weeding in cotton is over $3 billion annually. TartanSense aims to focus on cotton as well as several other crops with high cost of weeding,” the company said. According to business intelligence firm Tracxn, there are over 1,017 <keyword id="7975412" type="General" weightage="20" keywordseo="agritech-startups" source="Orion">agritech startups</keyword> in India. SEE ALSO <a href="https://www.businessinsider.in/stock-market/news/zerodha-founder-shares-lessons-from-disappointing-listings-of-cartrade-aptus-chemplast-and-nuvoco-vistas-ipo/articleshow/85614310.cms">Cut the price or wait a bit ⁠— what the market is telling IPO aspirants</a> <a href="https://www.businessinsider.in/business/corporates/news/renew-power-gets-listed-on-us-exchange-nasdaq/articleshow/85614772.cms">India's largest renewable energy producer is now a $4.5 billion company listed on Nasdaq</a>

An Indian startup that builds robots for farmers raises $5 million

Chip-maker <keyword id="28115" type="General" weightage="100" keywordseo="intel" source="Orion">Intel</keyword> has reportedly confirmed that its 'Alder Lake BIOS' source code has been leaked by a third-party on the anonymous imageboard website <keyword id="593135" type="General" weightage="20" keywordseo="4chan" source="Orion">4chan</keyword> and Microsoft-owned open source developer platform <keyword id="1505863" type="General" weightage="20" keywordseo="github" source="Orion">Github</keyword>, in a 6GB file containing tools and code for building and optimising 'BIOS/UEFI' images. The working of the 'BIOS/UEFI' code of the computer is to initialise the hardware before the operating system has loaded, reports Tom's Hardware website. The company said in a statement that "Our proprietary UEFI code appears to have been leaked by a third party". "We do not believe this exposes any new security vulnerabilities as we do not rely on obfuscation of information as a security measure. This code is covered under our bug bounty programme within the <keyword id="15214118" type="General" weightage="50" keywordseo="project-circuit-breaker" source="Orion">Project Circuit Breaker</keyword> campaign, and we encourage any researchers who may identify potential vulnerabilities to bring them to our attention through this programme," a company spokesperson was quoted as saying. Intel said it is reaching out to both customers and the security research community to keep them informed of this situation. Meanwhile, Intel was yet to confirm who leaked the code. Also, Intel said there shouldn't be any security-related issues as it doesn't "rely on obfuscation of information as a security measure". Moreover, Intel in its 'Project Circuit Breaker' bug bounty programme, encourages researchers to submit any vulnerabilities they find, which will award them an amount between $500 to $100,000 per bug, depending on the reported issue's severity. SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/stock-market/news/tracxn-technologies-ipo-10-things-to-know-about-this-company-as-its-ipo-opens/slidelist/94760583.cms">Tracxn Technologies IPO — 10 things to know about this company as its IPO opens</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/tech/mobile/news/samsung-galaxy-s23-is-expected-to-feature-a-3900mah-battery-a-small-upgrade-over-its-predecessor/articleshow/94760714.cms">Samsung Galaxy S23 is expected to feature a 3,900mAh battery, a small upgrade over its predecessor</a>

Intel's proprietary source code leaked, company confirms

The rupee slipped 19 paise to 82.38 against the US dollar in early trade on Monday as persistent foreign funds outflows and weak domestic equities weighed on investor sentiments. At the interbank foreign exchange, the domestic unit opened lower at 82.33 against the dollar, then lost further ground to quote at 82.38, registering a fall of 19 paise over its previous close. In initial deals, the rupee was moving in a close range of 82.38-82.33 against the American currency. In the previous session on Friday, the rupee had settled at 82.19 against the greenback. The dollar index, which gauges the greenback's strength against a basket of six currencies, fell 0.27 per cent to 113.01. Brent crude futures, the global oil benchmark, rose 0.59 per cent to USD 92.17 per barrel. In the domestic equity market, the 30-share BSE Sensex was trading 100.41 points or 0.17 per cent lower at 57,819.56, and the broader <keyword id="372424" type="General" weightage="80" keywordseo="nse-nifty" source="Orion">NSE Nifty</keyword> slipped 33.95 points or 0.20 per cent to 17,151.75. Foreign Institutional Investors (FIIs) were net sellers in the capital markets as they offloaded shares worth Rs 1,011.23 crore on Friday, according to exchange data. FIIs have pulled out nearly Rs 7,500 crore from the Indian equity markets in the first two weeks of October on concerns of monetary policy tightening by the <keyword id="6356435" type="General" weightage="80" keywordseo="us-federal-reserve" source="Orion">US Federal Reserve</keyword> and other central banks globally, which could hamper global economic growth. Meanwhile, <keyword id="25455" type="General" weightage="80" keywordseo="finance" source="Orion">Finance</keyword> Minister <keyword id="129243" type="General" weightage="80" keywordseo="nirmala-sitharaman" source="Orion">Nirmala Sitharaman</keyword> has said that the rupee has not weakened, but it is the dollar that has strengthened, as she defended the 8 per cent slide in the value of the Indian currency against the greenback this year. SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/stock-market/news/recession-fears-drag-down-markets-sensex-down-219-points-nifty-by-55-points/articleshow/94907489.cms">Recession fears drag down markets; Sensex down 219 points, Nifty by 55 points</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/stock-market/news/tracxn-technologies-ipo-heres-how-you-can-check-the-allotment-status/articleshow/94915149.cms">Tracxn Technologies IPO: Here’s how you can check the allotment status</a>

Rupee falls 19 paise to 82.38/USD as foreign outflows weight on investor sentiment

<ul><li>The Bengaluru-based edtech startup says that the capital invested in its business will result in profitability.</li><li>The edtech giant is targeting profitability by March 2023.</li><li>It has put together a plan to reduce its marketing and operating costs in order to turn in a profit.</li></ul>Indian edtech decacorn BYJU'S on Monday announced a new fundraise of $250 million from its existing investors. The Bengaluru-based startup says that the capital invested in its business will result in profitability. It’s currently a loss-making company. “BYJU’S is now at that sweet spot of its growth story where the unit economics and the economies of scale both are in its favour. This means the capital that we now invest in our business will result in profitable growth and create sustainable social impact,” said Byju Raveendran, founder and CEO of BYJU’S. The edtech giant is targeting profitability by March 2023. It has put together a plan to reduce its marketing and operating costs in order to turn in a profit. As a result, 5% of its workforce, or roughly 2,500 workers, will be let go in the following six months, it announced last week. This move, the company said, is a way to avoid redundancies in job roles. As per the audited FY21 financials that it released last month after an 18-month delay, its losses widened by 20 times to ₹4,589 crore. The company however says that FY23 will be the best year for its financial growth. “Regardless of the adverse macroeconomic conditions, 2022-23 is set to be our best year in terms of revenue, growth and profitability. Continued support from our esteemed investors re-affirms the impact created by us so far, and validates our path to profitability,” said Raveendran. Further, the BYJU’s says that it has embarked on a path to achieve group-level profitability by March 2023 with a three-pronged approach. One is by consolidating all its K10 India subsidiaries, retargeting marketing budget towards its overseas markets and lastly increasing the strength of its inside sales team. The other companies it has acquired – Aakash Education and Great Learning, which are respectively into test-prep and upskilling, will continue to operate as stand-alone independent units. Today, there are more than 250 active BYJU’S tuition centres across India and the company aims to scale it up to 500 centres by the end of this financial year. SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/stock-market/news/tracxn-technologies-ipo-heres-how-you-can-check-the-allotment-status/articleshow/94915149.cms">Tracxn Technologies IPO: Here’s how you can check the allotment status</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/stock-market/news/avenue-supermarts-shares-fall-after-the-retail-chain-reports-a-decline-in-margins-in-q2/articleshow/94912781.cms">DMart shares fall over margin decline and slow recovery in footfalls</a>

Edtech decacorn Byju’s raises $250 million from existing investors

<ul><li>TCS crosses ₹10,000 crore quarterly profit for the very first time.</li><li>The company reported a 10% sequential growth in net profit to ₹10,431 crore from ₹9,478 crore last quarter.</li><li>The headwinds from the supply-side challenges are abating, said Samir Seksaria, chief financial officer of the company.</li></ul>IT major TCS on Monday kickstarted the Q2 earnings season, crossing the ₹10,000 crore quarterly net profit mark for the first time. The company reported a 10% sequential growth in net profit to ₹10,431 crore from ₹9,478 crore in April-June. Revenue for the quarter grew 4.8% on a sequential basis to ₹55,309 crore, while it grew 15.4% year-on-year, in constant currency. The revenue growth has beaten most analyst expectations - which was for a 3% rise sequentially. “Demand for our services continues to be very strong. We registered strong, profitable growth across all our industry verticals and in all our major markets. Our order book is holding up well, with a healthy mix of growth and transformation initiatives, cloud migration and outsourcing engagements,” Rajesh Gopinathan, CEO and MD of TCS, said. Its primary markets – North America and EU – delivered double digit growth. While North America surged 17.6% in constant currency terms, the UK surged 14.8% and the EU grew 14.1%. This comes as the management says demand for services continues to be ‘very strong’ with growth across verticals – the company’s order book stood at $8.1 billion at the end of the September quarter. “We are steadily making our way towards achieving our operating margin priority for the year, aided by leverage from good growth, the flattening of the workforce pyramid, steadily improving productivity and currency support. Very importantly, the headwinds from the supply-side challenges are abating, so that sets us up well for the seasonally weak second half of the year,” said Samir Seksaria, chief financial officer of the company. <table style="border-width: initial; border-style: none; table-layout: fixed; width: 468pt;" class="redcator-table-advance"><colgroup></colgroup><col /><col /><col /><col /><tbody><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Particulars </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Q2 FY23 </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Q1 FY23 </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Q2 FY22 </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Revenue </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">₹55,309 crore </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">₹52,758 crore </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">₹46,867 crore </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Net profit </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">₹10,431 crore </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">₹9,478 crore </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">₹9,624 crore </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Net margin </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">18.9% </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">17.3% </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">20.5% </td></tr></tbody><tbody></tbody><tbody></tbody></table>Source: Company reports The communications segment emerged as the best performer, followed by BFSI and retail. <table style="border-width: initial; border-style: none;" class="redcator-table-advance"><colgroup></colgroup><col /><col /><col /><tbody><tr><td style="border-left:solid #000000 0.6260872500000001pt;border-right:solid #000000 0.6260872500000001pt;border-bottom:solid #000000 0.9978225000000001pt;border-top:solid #000000 0.6260872500000001pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Segment </td><td style="border-left:solid #000000 0.6260872500000001pt;border-right:solid #000000 0.6260872500000001pt;border-bottom:solid #000000 0.9978225000000001pt;border-top:solid #000000 0.6260872500000001pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Q2 FY23 </td><td style="border-left:solid #000000 0.6260872500000001pt;border-right:solid #000000 0.6260872500000001pt;border-bottom:solid #000000 0.9978225000000001pt;border-top:solid #000000 0.6260872500000001pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">QoQ change </td></tr><tr><td style="border-left:solid #000000 0.6260872500000001pt;border-right:solid #000000 0.6260872500000001pt;border-bottom:solid #000000 0.6260872500000001pt;border-top:solid #000000 0.9978225000000001pt;vertical-align:top;background-color:#d9d9d9;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">BFSI </td><td style="border-left:solid #000000 0.6260872500000001pt;border-right:solid #000000 0.6260872500000001pt;border-bottom:solid #000000 0.6260872500000001pt;border-top:solid #000000 0.9978225000000001pt;vertical-align:top;background-color:#d9d9d9;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">₹5,458 crore </td><td style="border-left:solid #000000 0.6260872500000001pt;border-right:solid #000000 0.6260872500000001pt;border-bottom:solid #000000 0.6260872500000001pt;border-top:solid #000000 0.9978225000000001pt;vertical-align:top;background-color:#d9d9d9;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">6% </td></tr><tr><td style="border-left:solid #000000 0.6260872500000001pt;border-right:solid #000000 0.6260872500000001pt;border-bottom:solid #000000 0.6260872500000001pt;border-top:solid #000000 0.6260872500000001pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Manufacturing </td><td style="border-left:solid #000000 0.6260872500000001pt;border-right:solid #000000 0.6260872500000001pt;border-bottom:solid #000000 0.6260872500000001pt;border-top:solid #000000 0.6260872500000001pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">₹1,435 crore </td><td style="border-left:solid #000000 0.6260872500000001pt;border-right:solid #000000 0.6260872500000001pt;border-bottom:solid #000000 0.6260872500000001pt;border-top:solid #000000 0.6260872500000001pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">2% </td></tr><tr><td style="border-left:solid #000000 0.6260872500000001pt;border-right:solid #000000 0.6260872500000001pt;border-bottom:solid #000000 0.6260872500000001pt;border-top:solid #000000 0.6260872500000001pt;vertical-align:top;background-color:#d9d9d9;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Retail </td><td style="border-left:solid #000000 0.6260872500000001pt;border-right:solid #000000 0.6260872500000001pt;border-bottom:solid #000000 0.6260872500000001pt;border-top:solid #000000 0.6260872500000001pt;vertical-align:top;background-color:#d9d9d9;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">₹2,320 crore </td><td style="border-left:solid #000000 0.6260872500000001pt;border-right:solid #000000 0.6260872500000001pt;border-bottom:solid #000000 0.6260872500000001pt;border-top:solid #000000 0.6260872500000001pt;vertical-align:top;background-color:#d9d9d9;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">5% </td></tr><tr><td style="border-left:solid #000000 0.6260872500000001pt;border-right:solid #000000 0.6260872500000001pt;border-bottom:solid #000000 0.6260872500000001pt;border-top:solid #000000 0.6260872500000001pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Communication </td><td style="border-left:solid #000000 0.6260872500000001pt;border-right:solid #000000 0.6260872500000001pt;border-bottom:solid #000000 0.6260872500000001pt;border-top:solid #000000 0.6260872500000001pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">₹2,612 crore </td><td style="border-left:solid #000000 0.6260872500000001pt;border-right:solid #000000 0.6260872500000001pt;border-bottom:solid #000000 0.6260872500000001pt;border-top:solid #000000 0.6260872500000001pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">10% </td></tr><tr><td style="border-left:solid #000000 0.6260872500000001pt;border-right:solid #000000 0.6260872500000001pt;border-bottom:solid #000000 0.6260872500000001pt;border-top:solid #000000 0.6260872500000001pt;vertical-align:top;background-color:#d9d9d9;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Life Sciences </td><td style="border-left:solid #000000 0.6260872500000001pt;border-right:solid #000000 0.6260872500000001pt;border-bottom:solid #000000 0.6260872500000001pt;border-top:solid #000000 0.6260872500000001pt;vertical-align:top;background-color:#d9d9d9;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">₹1,694 crore </td><td style="border-left:solid #000000 0.6260872500000001pt;border-right:solid #000000 0.6260872500000001pt;border-bottom:solid #000000 0.6260872500000001pt;border-top:solid #000000 0.6260872500000001pt;vertical-align:top;background-color:#d9d9d9;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">6% </td></tr><tr><td style="border-left:solid #000000 0.6260872500000001pt;border-right:solid #000000 0.6260872500000001pt;border-bottom:solid #000000 0.6260872500000001pt;border-top:solid #000000 0.6260872500000001pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Others </td><td style="border-left:solid #000000 0.6260872500000001pt;border-right:solid #000000 0.6260872500000001pt;border-bottom:solid #000000 0.6260872500000001pt;border-top:solid #000000 0.6260872500000001pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">₹997 crore </td><td style="border-left:solid #000000 0.6260872500000001pt;border-right:solid #000000 0.6260872500000001pt;border-bottom:solid #000000 0.6260872500000001pt;border-top:solid #000000 0.6260872500000001pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">53% </td></tr></tbody><tbody></tbody><tbody></tbody></table>Source: Company reports Attrition rates worsened for the company, surging to 21.5% in Q2 from 19.7% in the previous quarter. Overall, the company’s headcount stood at 6,16,171, with a net addition of 9,480 employees in the September quarter. The company hired 20,000 freshers in Q2, an increase of 33% over the previous quarter. Overall, its H1 FY23 fresher hires came in at 35,000, down from 43,000 in H1 FY22. SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/stock-market/news/tracxn-technologies-ipo-10-things-to-know-about-this-company-as-its-ipo-opens/slidelist/94760583.cms">Tracxn Technologies IPO — 10 things to know about this company as its IPO opens</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/science/health/news/heres-how-you-can-cope-with-burnout-at-work/articleshow/94761472.cms">World Mental Health Day: Here’s how you can cope with burnout at work</a>

TCS Q2 net profit crosses ₹10,000 cr for the first time, reports 10% sequential growth

The school-to-work transition process is still facing major hurdles in India and a lack of coordinated efforts has resulted in an isolated skilling system that has not been able to achieve its maximum potential, a World Economic Forum (WEF) report stated. The report titled Education 4.0 Report', on how digital and other technologies can address learning gaps and make education accessible to all, has been launched as part of WEF's Education 4.0 India initiative. "India has more than 60 million secondary and higher secondary students, but 85 per cent of schools are yet to implement vocational courses as part of their curriculum, it said.School-to-work (S2W) transition refers to the process of making students job-ready in a rapidly evolving employment landscape. The report said, The S2W transition process is still facing major hurdles such as lack of trainers, inadequate resources and infrastructure, poor integration with the mainstream school curriculum, and poor linkages between localized skill gaps and vocational courses." "A lack of coordinated efforts has resulted in an isolated skilling ecosystem that has not been able to achieve its maximum potential," it said. The report noted that many students and parents consider vocational education to be the second-best option to mainstream education. "Employers expect students to have a high degree of competencies, skills and knowledge relevant to their work. They also prefer strong communication skills, teamwork, and problem-solving and critical-thinking abilities, it stated.According to the report, at present, school pedagogy is designed with no reference to industry needs, since there are no formal channels for industry participation. "Further, credits cannot be transferred between formal and informal education streams, so students who want to pursue higher education after vocational courses (or vice-versa) face difficulty in linking their credits. This discourages mobility between the two streams," it said.Enhancing opportunities for career awareness and exposure through internships and apprenticeships' allowing credit transferability to enable students to transfer between formal and informal channels of education and training and providing experiential learning for holistic development through STEM-based courses, language learning and life-skills coaching, are among the recommendations made in the report. The Education 4.0 India initiative was launched in May 2020 and has convened over 40 partners from the education technology, government, academic and start-up communities. The report is the result of a collaboration between the World Economic Forum, the United Nations Children's Education Fund (<keyword id="56000" type="General" weightage="20" keywordseo="unicef" source="Orion">UNICEF</keyword>) and YuWaah (Generation Unlimited India). It tracks the progress and findings of the Education 4.0 India initiative, which focuses on how the fourth industrial revolution technologies can enhance learning and reduce inequalities in access to education among children in India. The report also explores challenges and identifies solutions that can be realised as scalable interventions to enable India's youth to participate in the evolving workspace." The COVID-19 pandemic has widened the gaps in learning outcomes among school children in India. These gaps have been magnified for children, particularly from disenfranchised and vulnerable families who face innumerable socio-economic issues that also have been worsened by the pandemic," said Jeremy Jurgens, Managing Director of the World Economic Forum. "Through the Education 4.0 India initiative, the Forum, together with UNICEF India and YuWaah, aims to offer insights and recommendations that transcend the education landscape in India and can achieve global impact. This is the first partnership for the Forum and UNICEF at the country level," Jurgens added. The report also provides a framework for the development of scalable pilots that can be implemented by state governments and ecosystem partners. This includes best practices that can augment the existing education ecosystem and be useful for a wide range of stakeholders. The report identifies gaps in foundational literacy and numeracy, teacher professional development, school-to-work transition and connecting the unconnected and suggests solutions with five common building blocks curriculum, content, capacity, community and digital infrastructure. <a class="c-link c-timestamp" href="https://timesbridge.slack.com/archives/D03ELEB8TJA/p1665146009166099"></a> SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/stock-market/news/tracxn-technologies-ipo-analyst-cautious-due-to-losses-and-investor-exits/articleshow/94708410.cms">Tracxn Technologies IPO: Analyst cautious due to losses and investor exits</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/finance/banks/news/banks-to-reap-rewards-of-interest-rate-hikes-in-q2-earnings/articleshow/94706875.cms">Banks to reap rewards of interest rate hikes in Q2 earnings</a>

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