Tracxn Technologies Limited's IPO opens today; details here
Bengaluru-based Tracxn Technologies Limited’s initial public offering (IPO) opens today (October 10) and the bidding will remain open till Wednesday (October 12). The IPO issue size is ₹309.38 crore.
Tracxn, promoted by Neha Singh and Abhishek Goyal, is a market intelligence provider which keeps track of private companies’ data. According to the company, it is tracking 1.4 million entities through 1,800 feeds categorised across industries, sectors, sub-sectors, geographies, affiliations and networks globally.
It says it is the research partner of choice for 850-plus investors, corporates and government bodies across the globe.
The company said it has a diverse base of 1,139 Customer Accounts present in over 58 countries, as of June 30, 2022. “Some of these Customer Accounts are for Customers that include ‘Fortune 500’ companies and/or their affiliates. Our global customer base helps us limit our dependency on a specific customer, industry or geography thereby reducing financial and concentration risk.”
Tracxn, which is backed by Flipkart founders Sachin Bansal and Binny Bansal, has fixed its IPO price at ₹75 to ₹80 per equity share. The promoters will sell 76.62 shares. The Bansals will sell 12.63 lakh shares.
The IPO lot size of Tracxn Technologies is set at 185 shares. An investor can apply for a minimum of one lot.
According to Religare Broking, on the financials front, the company’s revenue has grown at a CAGR (Compound annual growth rate) of 30.4%. Although the revenues have increased, EBITDA (Earnings before interest, taxes, depreciation, and amortization) and PAT (Profit Before Tax) have been in negative for the past 2 years. So, an investor needs to keep a watch on the financials for FY23.
On the risk, it stated, “Competition intensity is high across industry, and the company revenue may decline, if customers do not renew their subscription.”