Tracxn Technologies opens IPO
On the first day of the initial public offering, the portion for individual investors was subscribed 1.23 times, while the category for non-institutional investors received 4% subscription.
Hello Reader,
A surprise drop in employment rates in the US led to a tumble across global indices.
In India, both domestic indices ended in red on Monday, with the S&P BSE Sensex falling by a little over 200 points and closing at ~57,991 while the Nifty50 closed at 17,241 losing just over 73 points.
Meanwhile, the pandemic continues to wreak havoc on our lives. Singapore reported a drop in life expectancy for the first time since 1957, driven by higher mortality rates due to COVID-19. The US too suffered its largest two-year decline in life expectancy in a century due to COVID-19 and the epidemic of opioid overdoses.
Back at home, is entering the plant-based meat market with the launch of its first portfolio brand, UnCrave. On the unicorn's menu are ‘chick-n’ and ‘mutt-n’ seekh kebabs, purely vegetarian!
ICYMI: GIFs aren’t cool anymore; they are now ‘for boomers’ and ‘cringe’.
Cue shocked Pikachu face.
In today’s newsletter, we will talk about
- IPO gets stellar response
- Making use of the cloud
- Tracking water with transparency
Here’s your trivia for today: Which site did Pierre Omidyar launch in 1995?
Stock market
Tracxn IPO subscribed 23% on day one
The initial public offering of Technologies, a global market intelligence provider, received 23% subscription on the first day of offer.
While the portion for individual investors was subscribed 1.23 times, the category for non-institutional investors received a 4% subscription.
Excitement at the bourses:
- The IPO of up to 3,86,72,208 equity shares is in a price range of Rs 75-80 a share.
- The offer-for-sale will see sales of up to 76.62 lakh shares each by founders Neha Singh and Abhishek Goyal, and up to 12.63 lakh shares each held by Flipkart founders Binny Bansal and Sachin Bansal.
- Tracxn has allocated 1.74 crore equity shares to anchor investors at Rs 80 apiece.
Startup
Making use of the cloud
While working at Facebook, Kannan Muthukkaruppan realised large organisations can't use MySQL efficiently due to limitations.
He teamed up with Karthik Ranganathan and Mikhail Bautin to start , a high-performance transactional distributed SQL database for cloud-native applications.
Key points:
- Yugabyte is vertical and sector agnostic, solving for the functionality of the company's entire operation.
- Last fiscal year, Yugabyte had an ARR growth of over 500 percent year-on-year.
- It aims to become the de-facto cloud data-tier for next-generation data-driven applications.
Kanna Muthukkaruppan, Co-founder, Yugabyte
Startup
Tracking water with transparency
According to the National Statistical Office’s report of 2019, an estimated 12.2% of urban households rely on bottled water for their drinking water needs.
Enter , an IoT-powered and quality-based water delivery platform, which lets consumers not only track the quality of water but also ensure sustainability by recycling and upcycling cans.
Water, water everywhere:
- BookWater tracks the entire value chain—from purification to distribution and return.
- The B2B startup offers services to Ascott Group of Hotels, Hindustan University and Junior Kuppanna chain of restaurants, among others.
- It is delivering close to about 1,000 cans a day.
News & updates
- Not-so-festive: Hinting at darker days ahead, holiday spending during China’s Golden Week has plunged to its lowest level in seven years. Tourist spending for the week-long holiday that started on October 1 declined 26% to $40.4 billion year-on-year.
- Economics prize: Former Federal Reserve Chair Ben Bernanke, Douglas Diamond and Philip Dybvig were awarded the Nobel Prize in economics for their work on banks and financial crises.
- Welcome to Japan: After over two years, Japan is set to throw its borders open for international tourists, and will completely lift its daily cap of 50,000 arrivals and recommence visa-free independent travel.
What you should watch out for
- Meta Platforms Inc will host its annual event to showcase AR/VR offerings, likely to release a VR headset.
- India will mark the International Day of the Girl Child.
- Prime Minister Narendra Modi will address the second United Nations World Geospatial Information Congress (UNWGIC).
Which site did Pierre Omidyar launch in 1995?
Answer: AuctionWeb, which enabled direct person-to-person auctions for collectibles. He later changed the name to eBay in 1997.
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