Tracxn Technologies IPO Share Allotment Soon: The initial public offering of global market intelligence provider Tracxn Technologies has seen a muted response on the final day of bidding. Now all eyes are on the share allotment process which will happen next week.
Tracxn Technologies IPO: Subscription Status
The Rs 309-crore IPO received bids for 4.27 crore shares against 2.12 crore shares on offer, according to NSE data. The category for retail individual investors (RIIs) was subscribed 4.87 times and the portion for Qualified Institutional Buyers (QIBs) received 1.66 times subscription and the quota for non-institutional investors got subscribed 80 per cent.
Tracxn Technologies IPO: Price Band
Flipkart founders Sachin Bansal and Binny Bansal-backed Tracxn Technologies is set to mop up Rs 309.37 crore through its IPO at the upper end of the price band of Rs 75-80 per share. It is entirely an offer-for-sale and so the company will not receive any funds from the issue.
Tracxn Technologies IPO: Objectives of the Issue
The objects of the Offer are to achieve the benefits of listing the equity shares on the stock exchanges and the sale of shares by the selling shareholders (being Neha Singh, Abhishek Goyal, Elevation Capital, Accel India IV (Mauritius) Limited, SCI Investments V, Prashant Chandra, Binny Bansal, Sachin Bansal, WGG International Limited, Sahil Barua, Deepak Singh, Trustees, NRJN Family Trust, Milliways Fund LLC, Rathnagirish Mathrubootham, Trustees, Kolluri Living Trust, Apoletto Asia Ltd and Manoj Kumar Gandhi) in the offer.
The company will not get any proceeds from this public offer and the proceeds will entirely go to the promoters.
Tracxn Technologies IPO: Financials
“On the financials front, the company’s revenue has grown at a CAGR of 30.4 per cent. Although the revenues have increased, EBITDA and PAT have been in negative for the past 2 years. So, an investor needs to keep a watch on the financials for FY23,” said Religare Broking research.
Tracxn Technologies IPO: GMP Today
As per market observers, Tracxn Technologies shares have fallen from premium (GMP) and now available at a discount of Rs(-) 4 in the grey market today. The shares of the company are expected to list on stock exchanges BSE and NSE on Thursday, September 20, 2022.
Tracxn Technologies IPO: Share Allotment Process
The finalization of basis of share allotment of Tracxn Technologies IPO is expected to take place next week on Monday, October 17, 2022 and if allotted, then the credit of shares to demat account of bidders will be done on Wednesday, October 19, 2022. The registrar for this IPO is Link Intime India Private Ltd, therefore the allotment application can be checked on the registrar’s website here or on the BSE website here.
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