Tracxn Technologies’ initial public offering (IPO) was subscribed over 2X as the IPO subscription period expired on Wednesday, given the funding climate where Indian startups are hesitant to tap into public markets.
On the final day of the three-day bidding for Tracxn IPO, the issue was subscribed 2.01 times as per the data available on the Bombay Stock Exchange (BSE).
The highest number of bids came from retail investors who bid 4.87 times, followed by qualified institutional buyers at 1.6 times, while non-institutional investors remained undersubscribed at 0.80 times.
As per the issue, Tracxn is planning to mobilise Rs 309 crore – an offer for sale – and the price band was fixed at Rs 75-80 per share.
Tracxn has raised a little more than Rs 139 crore from anchor investors. The company has decided to allocate a total of 1.74 crore equity shares to anchor investors at Rs 80 apiece, aggregating the transaction size to Rs 139.22 crore.
India Acorn Fund, BNP Paribas Arbitrage, Whiteoak Capital, Kotak Mutual Fund, ICICI Prudential MF, Nippon India MF, and Reliance General Insurance Company are among Tracxn’s anchor investors.
As per the issue, Tracxn co-founders Abhishek Goyal and Neha Singh will offload up to 7,662,655 equity shares each. The IPO will also see Flipkart co-founders Binny Bansal and Sachin Bansal offloading up to 1,263,096 equity shares each.
Other stakeholders, including Delhivery co-founder Sahil Barua, Elevation Capital, Accel India, etc., will also offload their shares.
The IPO of Tracxn Technologies comes after a happening year for the Indian startup ecosystem, where five companies—Nykaa, Policybazaar, Paytm, Freshworks, and Zomato—went public.
However, given the funding slowdown and overall market conditions, Mobikwik and OYO Rooms have postponed their IPO plans.
