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Tracxn Technologies rises 5% in market debut after muted IPO

The public issue of Traxcn was bought just 2.01 times by investors during October 10-12, largely supported by qualified institutional buyers who had 75 percent quota in the IPO.

October 20, 2022 / 10:00 AM IST
 
 
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Tracxn Technologies shares debut on October 20 as the data provider listed at 5 percent premium after a muted initial public offering.

The stock opened at Rs 83 on the BSE, against issue price of Rs 80, and at Rs 84.50 on NSE.

The public issue of Traxcn, one of the leading players providing private market data services, was bought just 2.01 times by investors during October 10-12, largely supported by qualified institutional buyers who had 75 percent quota in the IPO.

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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. Flipkart founders Sachin Bansal and Binny Bansal exited the company, while the shareholding of promoters Abhishek Goyal and Neha Singh dropped below 35 percent after the issue.

The price band for the offer was Rs 75-80 per share.

Launching its platform in FY15, Tracxn has grown to be one of the major players in the private market data service provider space. It is among the leading global market intelligence providers for private company data and is ranked among the top five players globally by number of companies profiled across sectors and geographies.

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The company having an asset-light business model and operating a software-as-a-service based platform called Tracxn achieved breakeven and clocked profit in the quarter ended June FY23.

It recorded a profit of Rs 0.8 crore and revenue from operations of Rs 18.4 crore for the June quarter, against loss of Rs 0.7 crore and revenue of Rs 14.97 crore in same period last fiscal.

In FY22, it had posted loss of Rs 4.8 crore against loss of Rs 5.3 crore in FY21 and loss of Rs 5.4 crore in FY20, while revenue during these years grew at a compound annual rate of 30.4 percent with 70 percent of income from international operations.

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first published: Oct 20, 2022 10:00 am