Shares of Technologies, the data platform company, opened on Thursday with a gain of nearly five percent. The offer-for-sale issue was priced at Rs 80 per share and the stock price showed a continuous upward rise of as much as 24 percent, defying the expectations of a muted opening given the overall market conditions.
The listing of Tracxn provides a positive vibe for the Indian startup ecosystem. While the company might not have a bumper listing like what was observed with startups in 2021, but even a 15 percent gain makes a difference in the present environment.
Tracxn Technologies Managing Director Neha Singh said, “We want to build a global iconic data platform company out of India.”
As the IPO of Tracxn Technologies was an offer for sale, the issue saw the promoters Neha Singh and Abhishek Goyal, and other key stakeholders like Accel, Elevation Capital, Sachin Bansal, Binny Bansal also offloading their shares.
The issue mobilised Rs 309 crore, which also included Rs 139 crore that it raised from the anchor investors. The IPO was subscribed 2 times.
The Bengaluru-headquartered company, founded in 2013, operates on a software-as-a-service (SaaS) model and is among the leading market intelligence providers for private company data in India.
Tracxn offers information on private companies to its customers for deal sourcing, identifying mergers and acquisitions targets, deal diligence, analysis, and tracking emerging themes across industries and markets, among other uses, through its subscription-based platform.
Tracxn reported a profit of Rs 0.80 crore for the quarter ended June on a revenue of Rs 18.4 crore. In comparison, it had registered a loss of Rs 0.70 crore with a revenue of Rs 14.97 crore in the same period last year.
For FY22, it posted a loss of Rs 4.8 crore, slightly lower when compared to Rs 5.3 crore in FY21.
