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Tracxn Technologies IPO ends with decent subscription

Published on Oct 13, 2022 10:13

The initial public offer (IPO) of Tracxn Technologies (Tracxn) received bids for 4,27,30,190 shares as against 2,12,69,714 shares on offer. The issue was subscribed 2.01 times.

The Retail Individual Investors (RIIs) category was subscribed 4.87 times. The Qualified Institutional Buyers (QIBs) category was subscribed 1.66 times. The Non Institutional Investors (NIIs) category was subscribed 80%.

The issue opened for bidding on Monday (10 October 2022) and it closed on Wednesday (12 October 2022). The price band of the IPO was fixed at Rs 75-80 per share.

The objects of the offer are to achieve the benefits of listing the equity shares on the stock exchanges and the sale of up to 3,86,72,208 equity shares by the selling shareholders in the offer.

Ahead of the IPO, Tracxn Technologies on Friday, 7 October 2022, raised Rs 139.21 crore from anchor investors. The board allotted 1.74 crore shares at Rs 80 each to 15 anchor investors.

Tracxn Technologies is among the leading market intelligence providers for private company data across sectors and geographies. It has one of the largest coverages of private companies in emerging technology sectors including Internet of Things (IoT), artificial intelligence, virtual reality, robotics, blockchain and electric vehicles. The company has an asset light business model and operate a Software as a Service ("SaaS")-based platform, Tracxn. Its platform has 3,271 users across 1,139 customer accounts in over 58 countries, as of 30 June 2022.

The company reported a net profit of Rs 0.84 crore and net sales of Rs 18.40 crore in the three months ended on June 2022.

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