The initial public offering of Tracxn Technologies, a global market intelligence provider, has garnered bids for 23 percent or 49.56 lakh shares against IPO size of 2.12 crore shares on October 10, the first day of bidding.
The company had lowered its offer size to 2.12 crore shares from 3.86 crore shares after mobilising Rs 139 crore via anchor book last Friday.
Retail investors bought 123 percent of the allotted quota, while non-institutional investors have bid for 2.07 lakh shares. Qualified institutional buyers have not started bidding yet.
The company has reserved 75 percent of its offer for qualified institutional buyers, 15 percent for non-institutional investors and the remaining for retail investors.
Also read - Tracxn Technologies IPO opens today: 10 key things to know before you buy it
Flipkart founders Sachin Bansal and Binny Bansal-backed Tracxn Technologies is set to mop up Rs 309.37 crore through its IPO at the upper end of the price band of Rs 75-80 per share. It is entirely an offer for sale so the company will not receive any funds from the issue.
Co-founders Abhishek Goyal and Neha Singh, who hold 23.81 percent shareholding each, will offload 76.62 lakh shares each via the issue. Flipkart founders will exit the company by selling 12.63 lakh shares each.
Other sellers in the issue are Sahil Barua, Deepak Singh, Elevation Capital, Kolluri Living Trust, Milliways Fund LLC, Rathnagirish Mathrubootham, Apoletto Asia, NRJN Family Trust, Manoj Kumar Gandhi, WGG International, Accel India IV (Mauritius), SCI Investments V, and Prashant Chandra.
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Elevation Capital is the third largest shareholder in the company after the founders, having 20.47 percent stake.
"The company is bringing the issue at a price band of Rs 75-80 per share at P/S multiple of 14 on FY22 basis," said Hem Securities which has a subscribe for long term rating on the issue for a couple of reasons.
First is the company being leading global provider of differentiated private market data and intelligence has diverse, long-standing and growing global customer base.
The second reason is that the firm with its scalable and secure technology platform conceptualised and developed inhouse has significant cost advantages from India-based operations along with experienced promoters, board of directors, senior management team, and marquee investors.
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