Tracxn Technologies IPO Subscription Status Day 3: Issue oversubscribed by over 2 times; retail investors queue most

Tracxn Technologies IPO: The Initial Public Offering (IPO) of Tracxn Technologies oversubscribed by more than 2 times on the third and final day of the offer at around 05:27 PM on Wednesday. It received bids for 4,27,29,820 equity shares against 2,12,69,714 shares on offer, as per the data available on exchanges.

The Retail Individual Investors (RIIs) portion got subscribed most by around 5 times, followed by Qualified Institutional Buyers (QIBs) by 1.66 times and the category for non-institutional investors received 80 per cent subscription on the final day.

Earlier, Zee Business Managing Editor Anil Singhvi has given a Neutral rating for investment in the Private market intelligence platform. He added it's a unique platform and is the first such to be listed in India with this business model. 

The public offer is an Offer For Sale (OFS) of 38,672,208 equity shares by promoters and investors. It will see sale of up to 76.62 lakh shares each by promoters -- Neha Singh and Abhishek Goyal and up to 12.63 lakh shares each by Flipkart founders -- Binny Bansal and Sachin Bansal.

Market intelligence platform Tracxn Technologies on Friday said it has raised a little more than Rs 139 crore from anchor investors. The IPO is expected to garner Rs 309 crore at the upper end of the price band, which was set in the range of Rs 75-80 a share.

India Acorn Fund, BNP Paribas Arbitrage, Whiteoak Capital, Kotak Mutual Fund (MF), ICICI Prudential MF, Nippon India MF and Reliance General Insurance Company were among the anchor investors.

The Bengaluru-headquartered company operates on a Software-as-a-Service (SaaS) model and is among the leading market intelligence providers for private company data.

Tracxn was launched in 2015 by Neha Singh and Abhishek Goyal who have had their stints as venture capitalists at Sequoia and Accel Partners, respectively.

Incorporated in 2012, Tracxn Technologies uses an in-house developed algorithm based on a combination of technology and human analysts, to process vast amounts of data, create profiles and provide market intelligence on private market companies.

It has one of the largest coverages of private companies in emerging technology sectors including IoT, artificial intelligence, virtual reality, robotics, blockchain, and electric vehicles.