Tracxn Tech IPO: Potential investors could bid for Tracxn shares in a price range of Rs 75-80 in multiples of 185 under the IPO, the subscription window for which closed on Wednesday.
Tracxn Technologies' initial public offer (IPO) worth up to Rs 309 crore concluded with an overall subscription of two times on Wednesday. Potential investors could bid for Tracxn shares under the initial share sale — entirely an offer for sale (OFS) — in a price range of Rs 75-80 in multiples of 185 under the IPO. Tracxn Tech is a Bengaluru-based provider of market intelligence data.
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By the end of the final day of the bidding process, the of Tracxn Tech IPO received bids for a total of 4.3 crore shares as against the total 2.1 crore shares on offer. The IPO saw strong participation from retail investors.
The IPO had secured an overall subscription of 54 percent on Tuesday, with the portion reserved for retail investors attracting bids for 2.6 times the shares on offer.
Out of the total issue, up to 75 percent of the shares were reserved for qualified institutional buyers, up to 15 percent for non-individual investors and up to 10 percent for retail investors.
"The company has been generating free cash flows... In FY22 (from April 2021 to March 2022), the company's free cash was at approximately Rs 5 crore ex-IPO investments," Neha Singh, Co-Founder and CEO of Tracxn Technologies, told CNBC-TV18 this week.
She said the company's business does not require heavy capex. "We can service our investors via free cash flow... Approximately 78 percent of the profit generated went directly to the bottom line," she said.
Tracxn shares are likely to debut on bourses BSE and NSE on October 20. The finalisation of the basis of allotment for the Tracxn Tech IPO is likely on October 17, and the credit of shares to demat accounts on October 19.
First Published: IST