Tracxn Technologies IPO subscribed 54 percent on day 2 of offer; check GMP, other details

Tracxn Technologies' initial public offering (IPO) was subscribed 54 per cent on day 2 of the offer. The issue that commenced on October 10 will close on October 12. The Bengaluru-headquartered company is selling shares in the range of Rs 75-80 per piece and is looking to raise around Rs 310 crore.

The Flipkart founders-backed IPO received bids for 1,15,12,365 shares, which was 54 per cent of the total issue size of 2,12,69,714 shares. The retail investors' quota, which was subscribed 1.22 times on day 1, jumped to 2.6 times on day 2. Of the 38,67,220 shares available for retail individual investors (RIIs) the total bids stood at 1,00,37,545. 

Among the shareholders who put their shares on offer include founders Neha Singh and Abhishek Goyal, Flipkart founders Binny Bansal and Sachin Bansal and a few other investors. 

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The quota for non-institutional investors (Bid amount of more than two lakh rupees up to ten lakh rupees) was subscribed 40 per cent, up from 7 per cent on day 1, as 7,73,115 bids were received for 19,33,610 reserve shares. Non-Institutional Investors (Bid amount of more than ten lakh rupees) subscribed 18 per cent on day 2, up from 2 per cent on day 1. A total of 7,01,705 bids were received against 38,67,221 reserve shares for Non-Institutional Investors in the more than Rs 10 lakh category.

According to the reports, the IPO was commanding a grey market premium (GMP) of Rs 7 per share in the markets today. The company had generated Rs 139.22 crore by allocating 17,402,494 shares to anchor investors at Rs 80 a piece. The offer for sale (OFS) consists of 38,672,208 equity shares. The company reported profits in the June quarter of FY23 while it recorded losses in FY22 and FY21. 

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At the upper end of the price band, the IPO is expected to garner Rs 309 crore. Tracxn Technologies 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.