Tracxn Technologies IPO was drawn over 2X in the last day

Tracxn Technologies’ initial public offering (IPO) more than doubled as the IPO subscription period closed on Wednesday amid the funding climate in which Indian startups are reluctant to enter public markets.

On the final day of Tracxn’s three-day IPO tender, the issue drew 2.01 times, according to data available on the Bombay Stock Exchange (BSE).

Most bids came from retail investors who bid 4.87 times, followed by qualified institutional buyers at 1.6 times, while non-institutional investors remained signed at 0.80 times.

According to the issue, Tracxn plans to mobilize Rs 309 crore – an offer to sell – and the price range has been set at Rs 75-80 per share.

Tracxn has raised just over Rs 139 crore from anchor investors. The company has decided to allocate a total of 1.74 crore equity shares at Rs. 80 crore to anchor investors, bringing the transaction size to Rs. 139.22 crore.

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Tracxn’s anchor investors include India Acorn Fund, BNP Paribas Arbitrage, Whiteoak Capital, Kotak Mutual Fund, ICICI Prudential MF, Nippon India MF and Reliance General Insurance Company.

According to the issue Tracxn co-founders Abhishek Goyal and Neha Singh issue up to 7,662,655 common shares each. The IPO will also see Flipkart co-founders Binny Bansal and Sachin Bansal Issue of up to 1,263,096 common shares at a time.

Other stakeholders including Delhivery co-founder Sahil Barua, Elevation Capital, Accel India etc. will also divest their stakes.

The Tracxn Technologies IPO follows a busy year for the Indian startup ecosystem, which saw five companies – Nykaa, Policybazaar, Paytm, Freshworks and Zomato – go public.

However, given the slowdown in funding and general market conditions, Mobikwik and OYO Rooms have postponed their IPO plans.