Shares of Traxcn Technologies ended the day at 17.8% over the issue price of Rs 80 on listing day, according to data from National Stock Exchange (NSE).
The stock opened at a premium of 5.6% at Rs 84.5 on NSE as the company debuted on the stock exchanges on Thursday.
On Bombay Stock Exchange, Elevation Capital-backed Tracxn listed at a premium of 3.75% at Rs 83 and closed at Rs 93.35, up 16.69% over the issue price.
The listing comes after a lukewarm initial public offering (IPOs) amid challenging market and bearish sentiment, which have affected other startups too.
Last week, Droom Technology withdrew its initial public offering (IPO). Meanwhile, digital payments firm Mobikwik, which filed its draft red herring prospectus in July last year, has also not gone ahead with its listing.
The stock prices of tech-startups that debuted amid a bull run in the financial markets have also slumped in the present year.
The Bengaluru-based private market data provider’s IPO had opened for subscription between October 10-12. Through an offer for sale, Tracxn offered to sell 38.67 million shares, each priced between Rs 75-80.
The company 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.
The Rs 309 crore-issue saw a tepid response, getting oversubscribed– by over 2X–only on the final day of the IPO. Qualified institutional investors made bids on the third day, oversubscribing by 1.66 times.
The retail segment garnered the most interest with an oversubscription of 4.87 times. The non-institutional investors’ category was subscribed by 0.8 times.
Tracxn was founded in 2012 by Neha Singh and Abhishek Goyal and is backed by Elevation Capital, Accel Partners, Prime Venture Partners.