Ratan Tata-backed Tracxn Tech IPO Gets Good Retail Response

Ratan Tata-backed Tracxn Tech IPO Gets Good Retail Response

Co Raises Rs 139 crore from anchor investors

Tracxn’s customer accounts have grown at a 3 year CAGR of 30.42% due to increased visibility, trust and comprehensive data available across sectors and geographies.

MUMBAI, Oct 10 (The CONNECT) – The retail segment of Tracxn Technologies’ IPO was fully subscribed on day 1, today, of the issue by  leading global market intelligence providers for private company data.

The company received bids of 49,56,520 shares against the offered 2,12,69,714 equity shares, at a price band of ₹75-80, according to the data available on the stock exchanges. Overall, the issue was subscribed 0.23 times today.

The retail portion saw a positive response and was subscribed 1.23 times. The reserved portion for qualified institutional buyer portion didn’t see any bids and non-institutional segment saw a response of 0.04 times. The issue will close on Wednesday.

The offer is an Offer for Sale aggregating to 38,672,208 equity shares by the company's promoters and existing shareholders. Sachin Bansal and Binny Bansal are exiting fully, while Elevation Capital and the NRJN Family Trust, Rathnagirish Mathrubootham and other marquee shareholders are selling a part of their stake.

Tracxn has raised Rs 139 crore from anchor investors includes FPIs and DIIs i.e India Acorn, BNP Paribas Arbitrage- ODI, Kotak MF, Nippon MF, ICICI Prudential MF besides others

Arihant Capital and Hem Securities have recommended the issue a "Subscribe" rating giving reasons that it has cost arbitrage advantages, a high operating leverage and have developed a strong and scalable tech platform. Also mentioned that the company has achieved breakeven in the first quarter of FY23. The customer accounts have grown at a 3 year CAGR of 30.42%- all due to increased visibility, trust and comprehensive data available across sectors and geographies.

IIFL Securities Limited is the sole book running lead manager and Link Intime India Private Limited is the registrar to the issue. The equity shares are proposed to be listed on BSE and NSE.

Founded in 2012 by Neha Singh and Abhishek Goyal, Tracxn have received investments from Ratan Tata, the NRJN Family Trust, Neeraj Arora, Sachin Bansal, Binny Bansal, Amit Ranjan, Girish Mathrubootham, Anand Rajaraman, Amit Singhal and Ashish Gupta, Elevation Capital, Accel Partners, Sequoia Capital, Prime Venture Partners and KB Investments.

The company has an asset light business model and operates a Software as a Service (“SaaS”)-based platform, Tracxn, that has scanned over 662 million web domains, and profiled over 1.84 million entities across 2,003 Feeds categorized across industries, sectors, sub-sectors, geographies, affiliations and networks globally, as of June 30, 2022.

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