Tracxn Technologies made its public stock market debut today. With its shares trading at a 5.6 per cent premium on the National Stock Exchange (NSE).
On the NSE, the stock opened at Rs 84.5, compared to the issue price of Rs 80. Tracxn was listed on the Bombay Stock Exchange (BSE) at a premium of 3.75 per cent, at Rs 83.
The lukewarm debut comes amid a difficult market and bearish sentiment, both of which have impacted other startups.
The IPO of the Bengaluru-based private market data provider was open for subscription between October 10 and 12. Tracxn offered to sell 38.67 million shares at a price of Rs 75-80 per share in an offer for sale.
The Rs 309 crore IPO received a lukewarm response, being oversubscribed by more than twofold on the final day. On the third day, qualified institutional investors made bids, oversubscribing by 1.66 times.
The retail segment drew the most attention, with a 4.87 times oversubscription. Non-institutional investors were oversubscribed by 0.8 times.
Neha Singh and Abhishek Goyal founded Tracxn in 2012, and it is backed by Elevation Capital, Accel Partners, Prime Venture Partners, and KB Investments. It competes with Crunchbase, CB Insights, PrivCo, and Pitchbook, and has 3,271 users across 1,139 customer accounts in over 58 countries (as of June-end).
As of 5:00 pm on Thursday, Tracxn was trading at Rs 94.20, up 17.8 per cent on NSE.
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