BackIPO of Tracxn Tech, backed by Flipkart founders, to open next week. Details here
Tracxn Tech plans to raise between ₹209-309 crore through the issue. It also said that the IPO will open on October 10.
PremiumTracxn Technologies on Tuesday announced the price band for its initial public offering. The issue will open at a fixed price of ₹75-80 per equity share. Through the IPO, the private market intelligence platform plans to raise between ₹209-309 crore. It also said that the IPO to open on October 10 and will be available for subscription till October 12.
Tracxn offers customers private company data for deal sourcing, identifying M&A targets, deal diligence, analysis, and tracking emerging themes across industries and markets, among other uses, through its subscription-based platform.
As per the company's statement, the IPO is purely an offer for sale (OFS) under which promoters and investors will offload somewhat 38,672,208 equity shares, reported PTI.
At the lower price band, the company is expected to garner ₹290.04 crore from the IPO, on the other hand, the issue size aggregates to ₹309.37 crore at the upper price band.
Notably, through the OFS, promoters Neha Singh and Abhishek Goyal will sell about 76.62 lakh equity shares each, meanwhile, Flipkart founders Binny Bansal and Sachin Bansal to offload 12.63 lakh shares.
Furthermore, Elevation Capital will sell up to 1.09 crore equity shares, Accel India IV Mauritius to sell 40.2 lakh shares, SCI Investment V up to 21.81 lakh shares, and Sahil Barua to offload 2.07 lakh shares, among others.
IIFL Securities is the sole book-running lead manager for the IPO.
Launched in 2015, Tracxn Technologies is a Bengaluru-based is among the leading global market intelligence providers for private company data and ranks among the top five players globally, offering data of private market companies across sectors and geographies. They have one of the largest global coverage of private companies in emerging technology sectors including IoT, artificial intelligence, virtual reality, robotics, blockchain, and electric vehicles.
Tracxn has an asset-light business model and operates a Software as a Service (“SaaS")-based platform that scanned over 550 million web domains and profiled over 1.4 million entities through more than 1,800 feeds categorized across industry, sectors, sub-sectors, geographies, affiliations, and networks globally. The company is the research partner of choice for over 850 investors, Corporates, and Government bodies across the globe.
Tracxn was founded by Neha Singh and Abhishek Goyal.
Companies like Elevation Capital V, Accel India IV, SCI Investments V, Seabright II, and KB Global Platform Fund are institutional investors of Tracxn. While among angel investors, notable names are --- Amit Ranjan founder of Slideshare, Amit Singhal ex-head of Google Search, Milliways Fund LLC, Aneesh Reddy Boddu co-founder of Capillary Technologies, Girish Mathrubootham founder of Freshdesk, Kolluri Living Trust, 3One4Capital Trust – 3One4 Capital Fund – Scheme I, Mukul Singhal Partner Pravega Ventures, NRJN Family Trust, VH Capital, and Beenext Pte. Ltd.
Also, some of the renowned angel investors that are backing Tracxn are --- Ratan Tata the Chairman Emeritus TATA Sons, e-commerce giant Flipkart's co-founders Binny Bansal and Sachin Bansal, and Sahil Barua co-founder of Delhivery.
As of June 30, 2022, Tracxn recorded 3,271 users across 1,139 customer accounts in about 58 countries. Some of its customers are listed under Fortune 500 companies and or their affiliates.
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