Tracxn Technologies IPO: GMP, Subscription Status on Day 2 of Issue
Tracxn Technologies IPO: GMP, Subscription Status on Day 2 of IssueTraxon Technologies’ three-day initial public offering (IPO) saw 23% subscription on the first day of the offer on Monday. The price band for its Rs 309 crore public issue has been fixed at ₹75-80 per share which will close on Wednesday, October 12, 2022.
As of 1:33 pm on the second day on Tuesday, the retail investors category has 2x, NII bid 0.11 . The issue has subscrib 0.4 times, according to BSE data.
The IPO of Tracxn Technologies is an offer-for-sale (OFS) of 38,672,208 equity shares by the entire promoters and investors. The OFS will see the sale of 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.
As per the market overview, Trax Tech shares are commanding a premium (GMP) of ₹7 in the gray market today. The basis for the share allotment is likely to be finalized on Monday, October 17, 2022 . The shares of the company is expect to be list on the major stock exchanges BSE and NSE . This month on Thursday, October 20, 2022.
Prior to the IPO, Traxon had raised Rs 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 Company. Anchor investors had subscribed for it. 17.4 million shares at ₹80 per share.
Established in 2013, Bengaluru-headquartered company Tracxn Technologies operates on a software as a service (SaaS) model . Provides market intelligence data to private companies. As of June this year, the company had 3,271 users across 1,139 customer accounts in more than 58 countries.
It is a comprehensive B2B information platform that enables private market companies and startups to identify, track and analyze deal sourcing, deal diligence and has the largest global coverage in emerging technology areas such as Artificial Intelligence, Virtual Reality, Robotics and Blockchain.
“On the financial front, the company’s revenue has grown at a CAGR of 30.4%. Though the revenue has grown, EBITDA and PAT have been negative for the last 2 years. Hence, an investor needs to keep an eye on the financials of FY23,” says Religare Broking Research said.
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