Tracxn Technologies beat street expectations, stock jumps over 16% on debut

Tracxn Technologies shares reported better performance than analysts' expectations on October 20, the listing day, rising more than 16 percent at the close. The outperformance, as per experts, could be due to positive market sentiment and the breakeven reported in June FY23 quarter.

The stock settled at Rs 93.25 on the NSE, up 16.56 percent over the issue price of Rs 80. The scrip managed to stay above its issue price throughout the session as its intraday low was Rs 83, while intraday high was Rs 100.

Analysts were largely expecting either a flat or subdued listing due to muted response to its initial public offering which was subscribed 2.01 times last week.

On the BSE, the stock climbed up to its upper circuit limit of Rs 99.60 against the opening price of Rs 83. Finally, it closed with 16.7 percent gains at Rs 93.35.