Tracxn Technologies on Thursday made a decent market debut, as the scrip got listed at Rs 84.50 on NSE, a 5.63 per cent premium over its issue price of Rs 80. On BSE, the stock got listed at Rs 83, up 3.75 per cent.
A global provider of differentiated private market data and intelligence, Tracxn Technologies deals in a highly competitive industry. The Bengaluru-based firm posted losses in FY22 and FY21 but clocked profits in June quarter of FY23.
Read More: Stocks in news: ITC, Asian Paints, Axis Bank, Bajaj Finance and more
Many brokerages such as Anand Rathi, Choice Broking and Swastika Investmart had ‘avoid’ ratings on the Rs 309-crore IPO, which was sold from October 10 to October 12 in the Rs 75-80 price band.
The issue had received 2.01 times subscription, largely due to retail participation, as the quota reserved for non-institutional investors went undersubscribed at 80 per cent. Tracxn Technologies IPO attracted 4.87 times retail bids. The quota reserved for qualified institutional buyers was subscribed 1.66 times.
The previous two IPOs by Electronics Mart India (71.93 times bids) and Harsha Engineers International (74.70 times) had received strong investor response. While Electronics Mart India got listed at a 53 per cent premium to issue price, Harsha Engineers Shares had debuted at a 36 per cent premium.
Tracxn Technologies was commanding ‘nil’ grey market ahead of its market debut.