Tracxn Technologies IPO: Latest GMP as all eyes on shares listing after allotment

The finalization of basis of share allotment of Tracxn Technologies IPO is now done and all eyes are now on the company’s stock market debut. The shares of the company are expected to list on stock exchanges BSE and NSE this week on Thursday, October 20, 2022. As per market observers, Tracxn Technologies shares are available at a discount of ₹(-) 3 in the grey market today.

Before the IPO, Tracxn had raised ₹139 crore from 15 anchor investors including India Acorn Fund, BNP Paribas Arbitrage, Whiteoak Capital, Kotak Mutual Fund, ICICI Prudential MF, Nippon India MF, and Reliance General Insurance Co.

The issue of up to 3,86,72,208 equity shares was in a price range of ₹75-80 a share. The initial share sale was entirely an offer-for-sale (OFS) of shares by promoters and investors. The OFS saw sale of up to 76.62 lakh shares each by promoters Neha Singh and Abhishek Goyal, up to 12.63 lakh shares each by Flipkart founders Binny Bansal and Sachin Bansal.

Tracxn Technologies, the Bengaluru-headquartered company, operates on a Software as a Service (SaaS) model and is among the leading market intelligence providers for private company data. Tracxn was launched in 2015 by Neha Singh and Abhishek Goyal who have had their stints as venture capitalists at Sequoia and Accel Partners, respectively. As of June this year, the company had 3,271 users across 1,139 customer accounts in over 58 countries.

“On the financials front, the company’s revenue has grown at a CAGR of 30.4%. Although the revenues have increased, EBITDA and PAT have been in negative for the past 2 years. So, an investor needs to keep a watch on the financials for FY23,” said Religare Broking research.