Tracxn Tech IPO Gets Good Retail Traction

Tracxn Tech IPO Gets Good Retail Traction

Overall Subscription Twice the Issue Size

@ Price band of ₹75-80, the retail segment of Tracxn Technologies’ IPO was subscribed nearly 5 times.

MUMBAI, Oct 12 (The CONNECT) -  The IPO of  Ratan Tata-backedTracxn Technologies was subscribed twice over today, the last day of the issue.

The leading global market intelligence providers for private company data has received bids of 4,27,29,820 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.

The Retail Portion saw a positive response and was subscribed 4.87 times. The reserved portion for qualified institutional buyer portion was subscribed 1.66 times and non-institutional segment saw a response of 0.80 times.

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.

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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