Tracxn Technologies IPO | Know the latest grey market premium, allotment and listing dates

Tracxn Technologies, a global market intelligence provider, has successfully closed its public issue with a 2.01-time subscription on October 12. This was the 22nd initial public offering in calendar year 2022.

Retail investors and qualified institutional buyers (QIBs) helped the offer get fully subscribed, putting in bids 4.87 times and 1.66 times their allotted quota, respectively. The response from non-institutional investors, who bought 80 percent shares of the quota, was muted.

The allotment date is October 17. The allotment status can be checked either through the BSE website or through the portal of the IPO registrar by these three steps.

In case of BSE website:
a) Select issue type 'equity', and issue name 'Tracxn Technologies Limited'
b) Enter either the application number or the PAN number.
c) Check box (I'm not a robot), and finally click on search button

If it’s through the website of the IPO registrar:

a) Select company name 'Tracxn Technologies Limited - IPO'
b) Select and accordingly enter either the PAN number, or application number, or DP client ID
c) Finally click on the search button to know the allotment status

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The company will credit refunds to the bank accounts by October 18 and equity shares will be credited to demat accounts by October 19.

The listing on the BSE and NSE will take place on October 20.

Tracxn Technologies had opened its public issue for Rs 309 crore on October 10, with a price band of Rs 75-80 per share.

Since it was an offer for sale (OFS), the company will not receive any funds through the offer. All the money will go to selling shareholders, including promoters, and investors, including Flipkart founders Sachin Bansal and Binny Bansal, who have offered their entire block for sale.

Its shares were available at a discount of 1-5 percent in the grey market, an unofficial platform for trading IPO shares, due to the weakness and volatility in the equity markets, said analysts.

Generally, participants consider the grey market premium to know the possible listing price of IPOs.

Tracxn claims to be among the top five players globally in terms of the number of companies profiled, and which offers data of companies for deal sourcing, M&A targets, deal diligence, analysis and tracking emerging themes across industries and markets. Tracxn is a subscription-based platform.

It has one of the largest coverage of private companies in emerging technology sectors, including IoT (internet of things), artificial intelligence, virtual reality, robotics, blockchain and electric vehicles.

Having an asset-light business model, the company operates a software as a service (SaaS)-based platform, Tracxn, launched in FY15, that scanned over 662 million web domains, and profiled over 1.84 million entities across 2,003 feeds categorised across industries, sectors, subsectors, geographies, affiliations and networks globally, as of June 2022. Its platform has 3,271 users across 1,139 customer accounts in over 58 countries.

Tracxn recorded a profit of Rs 83.59 lakh for the June FY23 quarter against a loss of Rs 72.02 lakh in same period last fiscal year. Its revenue during the same period rose by 23 percent to Rs 18.4 crore, compared to the corresponding period last year.

The company had posted a loss of Rs 4.84 crore in financial year ended 2022, narrowing from a loss of Rs 5.34 crore in the previous year, while revenue in the same years increased by 45 percent to Rs 63.45 crore.