Tracxn Tech IPO Opens on October 10; Price Band Fixed at Rs 75-80

The initial public offering (IPO) of Tracxn Technologies (TTL) will open for subscription on Monday, October 10. Tracxn Technologies Ltd has set price band at Rs 75-80 a share. The IPO of the Bengaluru-based analytics firm is an offer for sale (OFS) of up to 38.67 million shares by shareholders and promoters. At the upper end of the price band, the firm will raise around Rs 310 crore.

Co-founders Neha Singh and Abhishek Goyal are looking to sell up to 7.66 million shares each, Flipkart founders Binny Bansal and Sachin Bansal 1.26 million each, Elevation Capital 10.98 million, Accel India IV Mauritius 4.02 million and SCI Investments V 2.18 million shares.

Also planning to sell are Sahil Barua, Deepak Singh, Trustees, Kolluri Living Trust, Milliways Fund LLC, Rathnagirish Mathrubootham, Apoletto Asia Ltd, Trustees, NRJN Family Trust, Manoj Kumar Gandhi, and WGG International Ltd.

Sachin and Binny Bansal hold 1.26 per cent stake each, while Elevation Capital has a 21.89 per cent stake in the firm.

IIFL Securities is the sole book-running manager for the issue. Link Intime India has been appointed as the registrar for the issue. Shares of the company will be listed at both BSE and NSE.

Founded in 2012, Tracxn Technologies provides market intelligence data for private companies. The company has an asset-light business model and operates a Software as a Service (SaaS) based platform, Tracxn.

Tracxn Technologies Ltd has set price band at Rs 75-80 a share for its initial public offering (IPO) which will open for subscription on October 10 and close on October 12.

Investors can make a minimum bid for 185 equity shares and in multiples thereof. The quota for qualified institutional investors is fixed at 75 per cent of the net offer, whereas non-institutional investors will get 15 per cent shares. The remaining 10 per cent portion will be allocated to the retail bidders.

As of June 30, 2022, the platform had 3,271 users across 1,139 customer accounts in over 58 countries and its customers include several Fortune 500 companies and/or their affiliates, the company said in its DRHP.

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