Tracxn IPO to open on October 10; price band fixed at Rs 75-80
The IPO will be an offer for sale by promoters and stakeholders, and will see the founders as well as key investors offering their shares.
Bengaluru-based private market data company Technologies will open its initial public offering (IPO) from October 10 to October 12, and has fixed the issue price band at Rs 75-80.
Tracxn's IPO will comprise an offer for sale of 38,672,208 equity shares by promoters and other key shareholders. Investors can bid for a minimum of 185 equity shares, and in multiples of 185 equity shares thereafter.
Tracxn co-founders Abhishek Goyal and Neha Singh will offload up to 7,662,655 equity shares each. The IPO will also see Flipkart co-founders Binny Bansal and Sachin Bansal offloading up to 1,263,096 equity shares each.
Other stakeholders including Delhivery co-founder Sahil Barua, Elevation Capital, Accel India, etc will also be offloading their shares.
Founded in 2012, 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.
The company follows an asset-light business model and operates a software-as-a-service (SaaS) based platform. Tracxn says it has scanned over 662 million web domains and profiled over 1.84 million entities across 2,003 feeds categorised across industries, sectors, sub-sectors, geographies, affiliations and networks globally, as of June 30, 2022.
In FY22, Tracxn reported a revenue of Rs 63.45 crore from operations, a rise of 44.94% as compared to Rs 43.78 crore in fiscal 2020-21, primarily due to an increase in income from the sale of subscription services of its platform. The restated loss for FY22 stood at Rs 4.85 crore as compared to Rs 5.35 crore in FY21.
In Q1 FY23, its revenue from operations grew by 22.93%—from Rs 14.97 crore in the year-ago period to Rs 18.40 crore. It posted a net profit of Rs 0.84 crore in the same quarter, compared to a loss of Rs 0.72 crore in Q1 FY22.
The company has 3,271 users across 1,139 customer accounts in over 58 countries, as of June 30, 2022. Over 70% of the company’s revenue comes from outside India—primarily Asia-Pacific (APAC), Europe, Middle-East and Africa (EMEA), and North America.
In FY22, 29% of its revenue came from India, 27% from the US, and the rest 44% from other countries. It said it gained significant cost advantages from India-based operations as a result of lower remuneration costs.
Edited by Kanishk Singh