Accel and Elevation-backed Tracxn Technologies’s initial public offering (IPO) saw total a subscription of 0.23x on the first day (10 October), according to data from BSE.
The private intelligence and analytics firm received bids of 4.96 million shares against the offered 21.26 million equity shares. The subscription closes on 12 October.
Further on day one, the retail portion of Tracxn subscribed 1.23x. However, the company received no bids from Qualified Institutional Buyers (QIBs). The Non-Institutional Investors (NIIS) allotment was subscribed 0.04 times. NIIS bid on 5.8 million shares against the 20.7 million offered.
The Bengaluru-based company is seeking to raise up to Rs 309 crore through its offer for sale (OFS) of 3.86 crore shares. The company had priced its shares in the range of Rs 75-80. Flipkart founders Sachin and Binny Bansal are among investors looking to exit Tracxn as it lists on stock markets.
The muted response on the first day of IPO comes amidst tough macroeconomic conditions. Rising interest rates, inflation and falling stocks are cause of concerns for investors. Indian startups that listed on public bourses last year are witnessing bearish investor sentiment.
The company raised Rs 139.2 crore from 15 anchor investors before 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.
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. Both the promoters, who hold about 25.46% each, aim to sell up to 7.66 million shares each for up to Rs 61.3 crore.
The company, operating as a software-as-a-service platform, offers private company data for deal sourcing, identifying merger and acquisitions targets, deal diligence, analysis and tracking. 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.
