The Tracxn Technologies stock allotment is expected to take place next week. Check the latest GMP

Tracxn Technologies’ three-day initial public offering (IPO) closed twice as of Wednesday’s listing. That €309-crore IPO received bids for 4.27-crore shares versus 2.12-crore shares on offer, according to NSE data. The price range was set to €75-80 per share.

According to market watchers, shares of Tracxn Technologies have fallen from the premium (GMP) and are now available at a discount of €(-) 4 on the gray market today. The company’s shares are expected to list on the BSE and NSE stock exchanges on Thursday 20th September 2022.

Finalization of the basis for the share allotment of Tracxn Technologies’ IPO is expected to take place next week on Monday 17th October 2022 and if the shares are allotted the shares will be credited to bidders’ accounts on Wednesday 19th October 2022. The registrar for this IPO is Link Intime India Private Ltd. Therefore, the application for allocation can be viewed on the registrar’s website here or on the BSE website here.

The Tracxn Technologies IPO is entirely an offering to sell (OFS) of 38,672,208 shares by promoters and investors. OFS will sell up to 76.62 lakh shares each from promoters Neha Singh and Abhishek Goyal, and up to 12.63 lakh shares each from Flipkart founders Binny Bansal and Sachin Bansal.

“On the financial side, the company’s revenue has increased at a CAGR of 30.4%. Although sales have increased, EBITDA and PAT have been negative for the past two years. Therefore, an investor must keep an eye on financials for fiscal year 23,” according to research from Religare Broking.

Founded in 2013 and headquartered in Bengaluru, Tracxn Technologies operates on a Software-as-a-Service (SaaS) model and provides market intelligence data to private companies. As of June this year, the company had 3,271 users in 1,139 customer accounts in over 58 countries.

It is a comprehensive B2B information platform that identifies, tracks and analyzes private markets companies and startups for deal sourcing and deal diligence, and has the largest global coverage in emerging technology sectors such as artificial intelligence, virtual reality, robotics and blockchain.

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