Tracxn Technologies' IPO subscribed 23% on Day 1

11 Oct 2022 , 11:59 AM

On the first day of the sale on Monday, 23% of Tracxn Technologies’ Initial Public Offering (IPO) was subscribed. Against the 2,12,69,714 shares that were offered, the IPO got bids for 49,56,520 shares, according to NSE statistics.

Retail Individual Investors (RIIs) bid 1.23 times the amount of subscription allocated for them. 4% of investors in the non-institutional investor group subscribed. The pricing range for the IPO of up to 3,86,72,208 equity shares is Rs75 to Rs80 per share.

Tracxn Technologies, a platform for market analytics, announced on Friday that it had secured a little over Rs139 crore from anchor investors. The IPO is anticipated to raise Rs309 crore at the top of the pricing range.

The company, which has its headquarters in Bengaluru, has a Software as a Service (SaaS) business model and is one of the top suppliers of market intelligence for data on private companies.

Neha Singh and Abhishek Goyal, who formerly worked as venture capitalists at Sequoia and Accel Partners, respectively, founded Tracxn in 2015. The offer is being managed by IIFL Securities.

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