Private intelligence and analytics firm Tracxn's last day of initial public offering (IPO) oversubscribed with total subscription at 2.01x, according to data from BSE.
The Elevation and Accel-backed firm drew bids for about 42.73 million shares against the 21.27 million shares that were allotted.
In comparison, Delhivery, which went public in May this year, was oversubscribed 1.63 times. Paytm’s IPO was oversubscribed by 1.89 times last year.
Tracxn’s IPO comes at a time when most tech startups that went public in the last year including–Paytm, Nykaa, Policybazaar, Zomato, and Freshwork–are facing the scrutiny of public markets and tough macroeconomic conditions.
The stock of Nykaa, which received an overwhelming response and an oversubscription of over 82X, is down 43% since it debuted on the stock exchange last year. Zomato’s share price has stumbled 49% since it was listed in July last year.
Tracxn had priced its offer for sale in the range of Rs 75-80 per share, to raise about Rs 309 crore. Its subscription opened on 10 October and closed on 12 October.
IIFL Securities Limited is the book running lead manager. The equity shares are proposed to be listed on stock exchanges BSE and NSE.
On the final day, the subscription received bids for 19.28 million shares from QIBs against the allotted 11.6 million shares. This portion was oversubscribed 1.66 times, with institutional investors making bids only on the final day of the subscription.
Retail portion was oversubscribed the most, with 18.83 million bids received against the offered 5.8 million. The category got oversubscribed by 4.87 times, drawing a major interest from retail investors.
The non-institutional Investors category was subscribed by 0.8 times, receiving bids for 4.61 million shares against the 5.8 million shares.
Tracxn was founded in 2012 by Neha Singh and Abhishek Goyal and is backed by Elevation Capital, Accel Partners, Prime Venture Partners and KB Investments. Flipkart founders Sachin and Binny Bansal are among investors that get an exit with the listing.
It has 3,271 users across 1,139 customer accounts in over 58 countries (as of June-end) and competes with the likes of Crunchbase, CB Insights, PrivCo and Pitchbook.
The company had raised Rs 139.2 crore from 15 anchor investors ahead of the IPO. These include India Acorn Fund, BNP Paribas Arbitrage, Whiteoak Capital, Kotak Mutual Fund , ICICI Prudential MF, Nippon India MF, and Reliance General Insurance Company. Anchor investors subscribed for 1.74 crore equity shares at a price of Rs 80 per share.
