Tracxn Technologies IPO shares premium listing on BSE, NSE; stock jumps 5% from IPO price on debut

Tracxn Technologies IPO shares premium listing on BSE, NSE; stock jumps 5% from IPO price on debut

Tracxn Technologies IPO shares witnessed positive listing on the both BSE and NSE as the stock listed at a premium amid a weak market. Tracxn share price was up 5% on debut despite muted IPO response. The stock opened at Rs 83 on the BSE, against issue price of Rs 80, and at Rs 84.50 on NSE. Company’s market capitalisation on BSE stood at Rs 832.57 crore at the time of listing. Tracxn Technologies IPO had received bids for 4.27 crore shares against 2.12 crore shares on offer. The category for retail individual investors (RIIs) was subscribed 4.87 times and the portion for Qualified Institutional Buyers (QIBs) received 1.66 times subscription.

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“Thus we believe that the company will find it difficult to substantially grow its client base and top line in the coming years. Additionally, the company faces significant players from private players such as Crunchbase, CBInsights, PrivCo & Pitchbook, and free online and offline sources of information on companies & businesses. Post-listing, investors must wait for a few quarters before deciding whether to invest or not for the long term. Those who applied for listing gains can maintain a stop loss of Rs 79,” he added.

The Rs 309 crore received through the IPO will go to selling shareholders (promoters and investors) as the issue was entirely an offer for sale (OFS). Flipkart founders Sachin Bansal and Binny Bansal exited the company, while the shareholding of promoters Abhishek Goyal and Neha Singh dropped below 35 per cent after the IPO.

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The Bengaluru-headquartered company, launched in 2015 by Neha Singh and Abhishek Goyal, operates on a Software as a Service (SaaS) model and is among the leading market intelligence providers for private company data. They had their stints as venture capitalists at Sequoia and Accel Partners, respectively. The firm offers customers private company data for deal sourcing, identifying M&A targets, deal diligence, analysis, and tracking emerging themes across industries and markets, through its subscription-based platform.

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