Tracxn Technologies Listing Price: Tracxn Tech makes lacklustre debut, lists at 6% premium over IPO price

Shares of Tracxn Technologies made a lackluster debut in the stock market on Thursday, with the stock trading at Rs 84.5, a premium of 5.63% to its Rs 80 issue price on the National Stock Exchange (NSE).

In BSE the meter was trading at Rs 83, a premium of 3.75%.

The gray market had hinted at tepid trading yesterday as shares sold at a discount of Rs 3 a share.

The Rs.309.38 crore initial public offering (IPO) of Tracxn Technologies was open for subscription between 10th and 12th October, with the company selling its 38,672,208 shares via the Offer to Sell (OFS) route in the range of 75 -80 rupees per share sold.

Overall, the issue was subscribed to just over twice during the bidding process. The quota for private bidders was subscribed 4.87 times, while the allotment for institutional buyers was subscribed 1.66 times. The HNI part only achieved 80% bids.

The company will not receive any proceeds from the issue and the entire amount will go to the selling shareholders. The company said it intends to take advantage of the shares’ listing on the stock exchanges.

Founded in 2013, Tracxn Technologies provides market intelligence to private companies. The company has an asset-light business model and operates a Software as a Service (SaaS) based platform called Tracxn.

The company’s extensive global database and customized solutions and features enable its clients to find and track companies from different sectors and geographies to meet their needs.

For the 2021 financial year, the company recorded a total revenue of Rs.55.74 crore, which was equivalent to Rs.63.13 crore a year ago. The company reported a net loss of Rs.535 crore, down significantly from last year’s net loss of Rs.5403 crore.

Analysts were concerned about the IPO’s high valuations, less than stellar subscription numbers and the issue being fully OFS.

“Investors have to wait a few quarters before deciding whether or not to invest for the long term,” said Aayush Agrawal, senior research analyst.


(Disclaimer: Experts’ recommendations, suggestions, views and opinions are their own. These do not represent the views of Economic Times) Tracxn Technologies Listing Price: Tracxn Tech makes lacklustre debut, lists at 6% premium over IPO price

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