Tracxn Technologies is all set to make market debut on Thursday, October 20. Last heard, the issue was commanding ‘nil’ grey market premium against a discount of Rs 3-4 a day ago, hinting at a muted listing for the stock.
The listing ceremony will be held at the Atrium, NSE, Mumbai.
The 309-crore IPO, which was sold from October 10 to October 12 in the Rs 75-80 price band, got 2.01 times subscription. This was against the heavy response received by Electronics Mart India (71.93 times bids) and Harsha Engineers International (74.70 times), its two preceding IPOs. Many brokerages such as Anand Rathi, Choice Broking and Swastika Investmart had ‘avoid’ ratings on the issue.
Tracxn Technologies IPO attracted 4.87 times retail bids. The quota reserved for qualified institutional buyers was subscribed 1.66 times, but the one reserved for non-institutional investors went undersubscribed at 80 per cent.
The issue was an offer for sale aggregating 38,672,208 equity shares. Flipkart founders Sachin Bansal and Binny Bansal fully exited the company while Elevation Capital and the NRJN Family Trust, Rathnagirish Mathrubootham and other marquee shareholders sold a part of their stakes in the IPO.
Tracxn Technologies is a global provider of differentiated private market data and intelligence in a highly competitive industry. The Bengaluru-based firm posted losses in FY22 and FY21 but reported profits in June quarter of FY23.
Also read: Electronics Mart IPO listing: Stock debuts at 53% premium over issue price
Also read: Tracxn Technologies IPO share allotment today: Here’s how to check status
